TOP 50 World’s Largest Insurance Companies

The value of gross premiums in 2023 generated by the global insurance industry amounted to more than $5 trillion. The United States is the leading country on the insurance market in terms of value of life and non-life direct premiums written, with premiums estimated at $2.8 trillion.

UnitedHealth was to be the largest insurer globally as of July 2023, with market capitalization amounting to approximately $480 bn. When ranking global insurers by their total assets, the Chinese insurance company Ping An Insurance placed first, with assets worth approximately $1.25 trillion. Ping An Insurance was also the company with the strongest brand value among insurance companies in 2023.

TOP 50 Re/Insurers & Brokers Worldwide in 2023 by market capitalization, $ bn

CompanyCountryValue, $ bn
1UnitedHealthUnited States480.4
2Elevance HealthUnited States108.9
3AIAHong Kong103.5
4Ping An InsuranceChina103.3
5China Life InsuranceChina102.5
6CignaUnited States84.7
7Marsh & McLennan CompaniesUnited States75.5
9ProgressiveUnited States71.1
11HumanaUnited States61.6
12Zurich Insurance GroupSwitzerland60.4
13AonUnited Kingdom57.7
15MetLifeUnited States49.3
16Life Insurance Corporation of India (LIC)India48.9
18American International GroupUnited States37.8
19The Travelers CompaniesUnited States36.8
20Arthur J. Gallagher & Co.United States36.1
21Tokio MarineUnited States35.7
22Munich ReGermany33.5
23Prudential FinancialUnited States32.9
24Manulife FinancialCanada30.2
25PrudentialUnited Kingdom28.9
26People's Insurance Company of ChinaChina27.3
27Intact FinancialCanada25.4
28Sun Life FinancialCanada24.0
29SampoUnited States22.3
31Willis Towers WatsonUnited Kingdom22.0
32Swiss ReSwitzerland21.9
33The HartfordUnited States20.0
34Molina HealthcareUnited States19.0
35PrincipalUnited States18.0
36Hannover R?ckGermany17.9
37Cathay Financial HoldingTaiwan17.1
38W. R. BerkleyUnited States16.9
39Dai-ichi Life HoldingsJapan16.7
40Arch CapitalBermuda15.9
41SBI Life InsuranceIndia15.5
42MarkelUnited States14.8
43MS&AD InsuranceJapan14.8
44Cincinnati FinancialUnited States14.6
45HDFC LifeIndia13.8
46Sompo HoldingsJapan13.6
47Swiss LifeSwitzerland13.6
49Corebridge FinancialUnited States13.0
50AvivaUnited Kingdom12.6

Source: Statista

Looking ahead, core inflation is projected to start cooling in 2023. That acceleration will result from weaker global activity, a housing market correction in various regions, easing supply chain strains, further tightening of monetary policy around the world and the deflationary effects of a likely global recession.

In this environment, insurers will need to carefully monitor consumer and business purchasing trends, as well as financial conditions.

Year-on-year percentage point change in policy interest rate

Year-on-year percentage point change in policy interest rate
Source: EY

Inflation will have varying impacts across the industry. Inflation-driven increases in claims costs (e.g., repairs, replacement parts, labor) will be a particular problem for property and casualty (P&C) insurers in the US, where regulators have been turning down rate increases.

Commercial carriers have been able to pass along rate increases more consistently. Life insurers are cautiously optimistic as higher interest rates today fuel future profitability and seem to outweigh the impact of inflation.


Fact checked by Oleg Parashchak – CEO Finance Media & Editor-in-Chief at Beinsure Media