According to recently updated global rankings by Insuramore, 638 insurer groups worldwide, across life/annuity, health and, P&C, were “insurer billionaires” in 2022, with gross direct premiums for the year of more than $1 billion.
The analysis shows that there were 32 groups that became “insurer billionaires” in 2022 including several based in fast-developing markets.
Overall, and within a global insurance market worth around $7 trillion in gross direct business in 2022, the top 20 insurer groups accounted for 28.3% of this activity, the top 100 60.6%, and the top 500 90%.
Divided by segment, 304 insurer billionaires were life/annuity business, 220 for health insurance, and 275 for P&C insurance.
Insuramore notes that in the P&C segment this includes 158 insurer groups exceeding $1 billion in gross direct premiums for commercial P&C lines, 153 for private P&C lines, 119 for auto insurance, and 48 for home insurance.
With the addition of reinsurance assumed, Insuramore finds that the number of insurer billionaires in 2022 will increases by 20 to 658.
Interestingly, the data shows that the groups that became insurer billionaires in 2022 were below the threshold of $1 billion in gross direct activity in 2021.
Growth in 2022 came from the likes of Atrium Underwriting Group, Kinsale Capital Group, and Skyward Specialty.
Additionally, Insuramore highlights the expansion of reinsurers such as RenaissanceRe and SiriusPoint into direct business.
Groups based in countries with a strong underlying growth market also excelled in 2022, including Seguros Bolívar, State Life Insurance Corporation of Pakistan, and Wafa Assurance.
