10 largest property and casualty insurance coverage firms on this planet – Revealed

The worldwide property and casualty (P&C) sector continues to face unprecedented challenges, pushing up claims prices and making funding returns much less predictable. Many P&C insurers weathered the storm by making massive adjustments in how they conduct enterprise.

These embody the corporations on this checklist. On this article, Insurance coverage Enterprise ranks the world’s largest property and casualty insurance coverage firms based mostly on written premiums up to now yr. We can even present a region-by-region breakdown of the highest P&C insurers. The figures on this information are based mostly on the information market intelligence agency S&P World gathered.

Learn on and study extra concerning the business’s largest gamers on this article.

The 50 largest P&C insurers on this planet have written greater than $1.45 trillion in premiums up to now yr, in accordance with S&P World’s knowledge.

US-based insurance coverage firms dominated the checklist, accounting for 40% of all written premiums. China is the second-most represented nation, with insurers there contributing over 12% to the worldwide determine.

By way of area, North America is dwelling to the biggest variety of insurers at 23, chargeable for 46% of the general premiums written. Europe comes subsequent contributing 33.5% to the full. Asia follows accounting for 20.7%.

Listed below are the highest 10 largest property and casualty insurance coverage firms on this planet based mostly on the report.

1. State Farm

Nation of domicile: US

Direct written premiums: $77.59 billion

Market share: 5.34%

State Farm is the business’s largest participant, each within the US and abroad. The Bloomington, Illinois-based P&C insurance coverage large wrote virtually $78 billion value of premiums up to now yr. The corporate provides a spread of automotive, dwelling, and small enterprise insurance policies. It additionally has a sturdy portfolio of life, well being, and incapacity protection.

The insurer is well-known within the business for offering aggressive auto insurance coverage charges. Nonetheless, besides for private auto protection, State Farm has ceased writing new insurance policies in California. The corporate factors to inflation, tough reinsurance market, and rising disaster publicity as the primary causes for the pullback.

State Farm insurance policies can be found solely to US shoppers. The insurer boasts a community of 19,000 brokers nationwide.

2. PICC

Nation of domicile: China

Gross written premiums: $73.09 billion

Market share: 5.03%

Beijing-headquartered Folks’s Insurance coverage Firm (Group) of China, extra popularly often known as PICC, operates as an insurance coverage and funding holding agency. The business large runs its P&C insurance coverage enterprise by way of its subsidiary, the PICC Property and Casualty Firm.

PICC’s P&C arm provides a spread of basic insurance policies, together with motorcar, owners, industrial, legal responsibility, hull and cargo, aviation, and credit score and surety insurance coverage. Aside from being the biggest, the unit can also be the oldest non-life insurance coverage supplier in mainland China.

PICC holds license from the Chinese language Ministry of Finance to underwrite short-term export credit score insurance coverage. Up to now, it’s the solely industrial insurer within the nation’s export credit score market. PICC Property and Casualty Firm has about 4,500 branches throughout China.

3. Berkshire Hathaway

Nation of domicile: US

Gross written premiums: $71.84 billion

Market share: 4.95%

Berkshire Hathaway owns a number of insurance coverage and reinsurance subsidiaries specializing in property and casualty insurance coverage. One in all its hottest P&C manufacturers is automotive insurance coverage specialist GEICO. The Omaha, Nevada-headquartered conglomerate can also be the agency behind distinguished business gamers:

• Alleghany Company
• Berkshire Hathaway Direct
• Berkshire Hathaway GUARD
• Berkshire Hathaway Homestate Firms (BHHC)
• Berkshire Hathaway Specialty Insurance coverage
• Central States Indemnity Co. of Omaha
• biBERK
• Nationwide Indemnity Firm
• United States Legal responsibility Insurance coverage

Insurance coverage is taken into account amongst Berkshire Hathaway’s “4 giants.” The enterprise accounts for a couple of quarter of the conglomerate’s whole income. 

Berkshire Hathaway is owned by Warren Buffet, one in every of the insurance coverage business’s richest tycoons. The person who is called the “Oracle of Omaha” is a continuing fixture on Forbes’ billionaires checklist with a internet value of round $120 billion.

4. Allianz

Nation of domicile: Germany

Gross written premiums: $71.34 billion

Market share: 4.91%

Munich-headquartered Allianz SE provides a spread of property and casualty insurance coverage insurance policies by way of its subsidiaries in additional than 70 nations and territories. Its world workforce of 155,000 personnel serves over 126 million shoppers worldwide. 

A few of the P&C insurance coverage large’s most notable manufacturers are:

• Allianz World Company & Specialty (AGCS): A multinational insurer offering enterprise insurance coverage and protection for big company and specialty dangers.
• Euler Hermes: The group’s credit score insurance coverage arm providing bonding, ensures, and assortment providers for managing business-to-business (B2B) commerce receivables.

Aside from property and casualty insurance coverage, Allianz’s portfolio contains life and medical health insurance, and asset administration providers.

5. Lloyd’s of London

Nation of domicile: UK

Gross written premiums: $57.69 billion

Market share: 3.97%

Lloyd’s of London is the world’s main insurance coverage and reinsurance market, with a presence in additional than 200 nations and territories. Its member syndicates present protection to virtually each kind of threat. {The marketplace} caters to every kind of shoppers from nationwide governments and multinational conglomerates to start-ups and small enterprises.

The premiums above are mixed totals from 80 member syndicates. A few of the premiums could also be included within the general figures of insurance coverage firms within the checklist that personal Lloyd’s syndicates.

6. Liberty Mutual

Nation of domicile: US

Gross written premiums: $56.58 billion

Market share: 3.89%

One of many largest property and casualty insurance coverage firms on this planet, Liberty Mutual ranks third amongst all US insurers within the checklist. The mutual insurer boasts a forty five,000-strong workforce in about 900 areas globally. 

Liberty Mutual makes a speciality of offering cowl for various P&C dangers. Its portfolio contains:

The mutual insurer conducts enterprise by way of two models:

• World Retail Markets (GRM): The unit combines the insurer’s experience in development markets outdoors the US with sturdy and scalable US capabilities. This allows the corporate to make the most of alternatives to develop its enterprise internationally.
• World Danger Options (GRS): This consists of the agency’s property, casualty, specialty, and reinsurance services. The insurance policies are distributed by way of Liberty Mutual’s world community of insurance coverage brokers and brokers.

Liberty Mutual can also be identified for offering shoppers with versatile charges.

7. AXA

Nation of domicile: France

Gross written premiums: $53.67 billion

Market share: 3.69%

Paris-based AXA S.A. operates as a multinational insurance coverage and asset administration providers supplier. It boasts a worldwide community of 145,000 staff and distributors, making it among the many largest property and casualty insurance coverage firms worldwide.

AXA serves round 93 million shoppers in additional than 50 nations and territories. Aside from P&C insurance coverage, the corporate operates medical health insurance, life and financial savings, and asset administration divisions. North America, Western Europe, the Asia-Pacific area, and the Center East are its key markets.

8. Progressive

Nation of domicile: US

Gross written premiums: $52.34 billion

Progressive is the second largest automotive insurer within the US, trailing solely State Farm. However the Ohio-based P&C insurance coverage firm ranks on prime of the nation’s bike and specialty RV phase. The agency’s property and casualty portfolio contains:

• auto insurance coverage
• motorcar insurance coverage
• owners’ insurance coverage
• apartment insurance coverage
• renters’ insurance coverage
• industrial insurance coverage
• boat insurance coverage
• pet insurance coverage

Progressive’s insurance policies could be accessed immediately or by way of its community of 38,000 unbiased brokers. The insurer’s services are largely obtainable within the US and Canada. The corporate writes greater than 13 million auto insurance coverage insurance policies yearly.

9. Allstate

Nation of domicile: US

Gross written premiums: $50.31 billion

Market share: 3.46%

Allstate is among the largest publicly traded P&C insurers within the US, with round 16 million policyholders and 175 million insurance policies in-force. The corporate provides a spread of protection beneath the property, automobile, life, and industrial insurance coverage segments. It’s also the identify behind common insurance coverage manufacturers Reply Monetary, Embody, and Esurance.

Allstate services could be accessed primarily by way of its captive businesses. The agency has about 12,300 brokers and monetary representatives throughout the US and Canada.

10. Ping An

Nation of domicile: China

Gross written premiums: $44.37 billion

Market share: 3.05%

Shenzhen, Guangdong-headquartered Ping An is among the many largest property and casualty insurance coverage firms on this planet. It caters to greater than 220 million prospects and virtually 611 million on-line customers.

The group provides P&C insurance policies primarily by way of its subsidiary, Ping An Property & Casualty Insurance coverage Co. of China Ltd. Its merchandise embody:

• accident and medical health insurance
• auto insurance coverage
• company property and casualty insurance coverage 
• cargo insurance coverage
• engineering insurance coverage
• assure insurance coverage
• dwelling contents insurance coverage
• worldwide reinsurance
• legal responsibility insurance coverage
• commerce credit score insurance coverage

The corporate additionally has a sturdy well being and life insurance coverage portfolio delivered by way of its manufacturers Ping An Life, Ping An Annuity, and Ping An Well being. The agency employs greater than 362,000 employees worldwide.

Right here’s a abstract of the highest 10 largest property and casualty insurance coverage firms on this planet.

Largest property and casualty insurance coverage firms – region-by-region breakdown

S&P World’s knowledge could be damaged down into three main areas:

1. North America
2. Europe
3. Asia-Pacific

Listed below are the ten prime P&C insurers in every area based mostly on the figures the market intelligence agency gathered.

The most important P&C insurers from the US and Canada accounted for $636.95 billion, or virtually 44% of the premiums written globally. Of those, $474.59 billion, or a couple of third, had been from the highest 10 North American property and casualty insurance coverage firms.

The largest business gamers from Europe have written a mixed $495 billion in premiums. That is round 34% of the worldwide determine. The highest 10 firms within the area contributed virtually $446 billion to the full.

There are 11 property and casualty insurers within the prime 50 which can be based mostly within the Asia-Pacific area. These firms accounted for practically $300 billion in written premiums or a couple of fifth of the general determine.

The P&C insurance coverage phase consists of two strains:

1. Private strains insurance coverage

This kind of insurance coverage protects people and their belongings when sudden disasters strike. The phase contains:

• enterprise interruption insurance coverage
• industrial auto insurance coverage
• industrial property insurance coverage
• cyber insurance coverage
• administrators’ and officers’ legal responsibility insurance coverage
• basic legal responsibility insurance coverage
• product legal responsibility insurance coverage
• skilled legal responsibility insurance coverage
• staff’ compensation insurance coverage

If you wish to discover out which property and casualty insurance coverage firms on this planet provide one of the best safety, Our Greatest in Insurance coverage Particular Stories web page is the place to go. Not too long ago, we unveiled our five-star awardees for the World Greatest in Insurance coverage.

Right here, we acknowledged insurance coverage professionals and corporations throughout North America, the UK, and the Asia-Pacific area who’ve excelled and raised the bar to supply top-notch providers.

What do you consider the biggest property and casualty insurance coverage firms on our checklist? Do you might have expertise working with them? We’d like to see your story beneath.