The World’s Largest P&C Insurers, 2023
State Farm Mutual Automobile Insurance Co. is the largest global property and casualty insurer with $77.59 billion of direct premiums written, according to a new ranking by S&P Global Market Intelligence.
US companies dominated the top 50 nonlife insurers, taking 20 of the global spots and accounting for more than 40% of total premiums. China accounted for the next-largest share of premiums, at 12.4%, and it is also home to the world’s second-largest property and casualty (P&C) insurer: The People’s Insurance Co. (Group) of China Ltd.
Buoyed by the US, North America dominated the top 50 list, accounting for almost 46% of premiums globally. European companies accounted for 33.5%, while Asia represented 20.7% of premiums.
Top 50 global P&C insurers – based on property and casualty premiums
Rank Company Name (Ticker-Exchange) Headquarters Type of premium P&C premiums ($B)
1 State Farm Mutual Automobile Insurance Co. US DPW 77.59
2 The People’s Insurance Co. (Group) of China Ltd. (1339-SEHK) China GPW 73.09
3 Berkshire Hathaway Inc. (BRK.A-NYSE) US GPW 71.84
4 Allianz SE (ALV-XTRA) Germany GPW 71.34
5 Lloyd’s of London Ltd.2 UK GPW 57.69
6 Liberty Mutual Holding Co. Inc. US GPW 56.58
7 AXA SA (CS-ENXTPA) France GPW 53.67
8 The Progressive Corp. (PGR-NYSE) US GPW 52.34
9 The Allstate Corp. (ALL-NYSE) US GPW 50.31
10 Ping An Insurance (Group) Co. of China Ltd. (2318-SEHK) China GPW 44.37
11 Zurich Insurance Group AG (ZURN-SWX) Switzerland GPW 44.17
12 Munich Re Co. (MUV2-XTRA) Germany GPW 43.84
13 Chubb Ltd. (CB-NYSE) Switzerland GPE 43.69
14 Talanx AG (TLX-XTRA) Germany GPW 40.89
15 American International Group Inc. (AIG-NYSE) US GPW 37.93
16 The Travelers Cos. Inc. (TRV-NYSE) US GPW 37.88
17 Tokio Marine Holdings Inc. (8766-TSE)3 Japan NPW 33.07
18 Swiss Re AG (SREN-SWX) Switzerland GPW 31.40
19 Assicurazioni Generali SpA (G-BIT) Italy GPW 30.15
20 MS&AD Insurance Group Holdings Inc. (8725-TSE)3 Japan NPW 29.11
21 Fairfax Financial Holdings Ltd. (FFH-TSX) Canada GPW 27.93
22 Sompo Holdings Inc. (8630-TSE)3 Japan NPW 27.16
23 United Services Automobile Association US DPW 26.86
24 Farmers Insurance Group of Cos. US DPW 26.37
25 China Pacific Insurance (Group) Co. Ltd. (601601-SHSE) China GPW 23.51
26 Mapfre SA (MAP-BME) Spain GPW 20.38
27 Nationwide Mutual Group US DPW 20.28
28 QBE Insurance Group Ltd. (QBE-ASX) Australia GPW 20.00
29 Intact Financial Corp. (IFC-TSX) Canada GPW 17.42
30 Groupe Covéa – Société de Groupe d’Assurance Mutuelle France GPW 17.19
31 Assurant Inc. (AIZ-NYSE) US GPE 17.01
32 China Reinsurance (Group) Corp. (1508-SEHK) China GPW 16.10
33 The Hartford Financial Services Group Inc. (HIG-NYSE) US GPW 15.61
34 Arch Capital Group Ltd. (ACGL-NASDAQGS)4 Bermuda GPW 15.33
35 China Life Property & Casualty Insurance Co. Ltd. China GPW 14.64
36 CNA Financial Corp. (CNA-NYSE) US GPW 14.08
37 American Family Insurance Group US DPW 14.07
38 Everest Group Ltd. (EG-NYSE) Bermuda GPW 13.45
39 Markel Group Inc. (MKL-NYSE) US GPW 13.20
40 Aviva PLC (AV.-LSE) UK GPW 12.06
41 W. R. Berkley Corp. (WRB-NYSE) US GPW 11.91
42 Auto-Owners Insurance Group US DPW 10.75
43 SCOR SE (SCR-ENXTPA) France GPW 10.55
44 Insurance Australia Group Ltd. (IAG-ASX)5 Australia GPW 9.91
45 Old Republic International Corp. (ORI-NYSE) US GPE 9.63
46 Fidelity National Financial Inc. (FNF-NYSE) US NPE 9.34
47 RenaissanceRe Holdings Ltd. (RNR-NYSE) Bermuda GPW 9.21
48 Aéma Groupe France GPW 9.16
49 American Financial Group Inc. (AFG-NYSE) US GPW 9.06
50 China United Property Insurance Co. Ltd. China GPW 8.98
