S&P Global Market Intelligence has reported on the largest Life and Property and Casualty Insurer Rankings, with State Farm Mutual Automobile Insurance Co. ranked as the largest global P&C insurer, with $77.59 billion of direct premiums written.
Allianz SE took the top spot as the largest life insurance company in the world followed by China Life Insurance Co. Ltd. and Nippon Life Insurance Co.
This was published in an inaugural global ranking of the 50-largest P&C insurers, where the European-headquartered companies from six markets dominated the rankings of life insurance companies taking 21 spots.
Meanwhile, American companies took a majority of the top 50 spots on the P&C list, with eight.
Tim Zawacki, Principal Research Analyst at S&P Global Market Intelligence, commented, “The insurance industry continues to play a fundamental role in providing security to individuals, families and businesses around the world.
“Our lists of the largest P&C and life insurers identify those companies that figure most prominently in this critical capacity at a time of geopolitical unease, a changing climate and emergence from a global pandemic.”
In Europe, the United Kingdom is home to the most companies on the list with seven carriers headquartered there. Asia accounted for 17 spots on the list of top global life insurers, making it the region with the second-highest number. Mainland China and Japan share the top spot in Asia, each with five companies headquartered there.
North America took 12 spots on the list with eight companies based in the US, two in Canada and two in Bermuda.
For the P&C segment, US companies dominated the top 50 non-life insurers, taking 20 of the global spots and accounting for more than 40% of total premiums. Mainland China accounted for the next-largest share of premiums, at 12.4%, and is the domicile of the world’s second-largest P&C insurer, The People’s Insurance Co. (Group) of China Ltd.
With the help of the US, North America dominated the top 50 list, accounting for almost 46% of premiums. European companies accounted for 33.5%, while Asia represented 20.7% of premiums.
The report of The World’s Largest Life Insurers Rankings is based on 2022 life and accident & health reserves.
The World’s Largest Property and Casualty Insurance Rankings are based on 2022 P&C gross premiums written where available; P&C gross premiums earned, net premiums written, net premiums earned, or statutory direct premiums written are used respectively when a company did not report gross premiums written, according to S&P Global.
