The report reveals that State Farm secured its position with an impressive $77.59 billion in direct premiums written.Allianz SE emerged as the top-ranking life insurance company globally, with China Life Insurance Co. Ltd. and Nippon Life Insurance Co. following closely behind in the second and third positions, respectively.
S&P Global’s report on 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 use 2022 P&C gross premiums written data where available, resorting to alternative metrics like P&C gross premiums earned, net premiums written, net premiums earned, or statutory direct premiums written when gross premiums written data is not reported by a company.
The announcement coincides with the release of the inaugural global ranking of the 50-largest P&C insurers. The rankings underscore the dominance of European-headquartered companies across six markets in the life insurance category, securing 21 spots.In contrast, American companies dominated the P&C list, claiming a majority of the top 50 positions, with a notable eight companies making the cut. The report sheds light on the global landscape of insurance giants, showcasing the diverse strengths and market presence of leading companies in both the life and P&C sectors.
In the realm of insurance giants, the UK boasts the highest representation on the list with seven companies headquartered within its borders. Across the globe, Asia secured the second-highest number of spots on the list of top global life insurers, claiming a total of 17 positions. Notably, Mainland China and Japan share the top spot in Asia, each hosting five companies within their borders.
North America had 12 spots on the list. The US led. the data, with eight companies, followed by two in Canada and two in Bermuda.
In the Property and Casualty (P&C) segment, US-based companies assert their dominance, claiming 20 of the top 50 spots and contributing to over 40% of the total premiums. Mainland China follows closely behind, accounting for 12.4% of premiums and hosting the world’s second-largest P&C insurer, The People’s Insurance Co. (Group) of China Ltd.Collaboratively, North America, with a substantial contribution from the US, commands almost 46% of premiums on the top 50 list. European companies secure a significant share at 33.5%, while Asia represents 20.7% of total premiums.
Speaking about the findings, Tim Zawacki, Principal Research Analyst at S&P Global Market Intelligence, said, “The insurance industry continues to play a fundamental role in providing security to individuals, families and businesses around the world.”
He added: “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.”
