S&P Global Market Intelligence releases rankings of the largest life and property and casualty insurance companies, and State Farm Mutual Automobile Insurance Company ranks as the world’s largest with direct premiums of $77.59 billion. Ranked as a non-life insurance company.
Allianz SE took the top spot as the world’s largest life insurance company, followed by China Life Insurance Co., Ltd. and Nippon Life Insurance Co., Ltd.
This was announced in the first global ranking of the 50 largest non-life insurance companies, with European-headquartered companies from six markets dominating the ranking of life insurance companies at number 21.
On the other hand, of the top 50 non-life insurance companies, eight were American companies, making up the majority.
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 list of the largest property and casualty and life insurance companies stands out most in this critical capacity at a time of geopolitical instability, climate change, and emerging from a global pandemic. The company has been identified.”
In Europe, the UK is home to the most companies on the list, with seven telecommunications companies headquartered in the UK. Asia occupies 17th place on the list of the world’s top life insurance companies, making it the second most populated region. Mainland China and Japan share the top spot in Asia, each with five companies headquartered there.
North America takes 12th place on the list, with eight companies based in the United States, two in Canada, and two in Bermuda.
In the non-life insurance sector, American companies dominated the top 50 non-life insurance companies, accounting for 20 companies worldwide and accounting for more than 40% of total insurance premiums. Mainland China accounts for the next largest share of insurance premiums at 12.4% and is also home to the world’s second-largest non-life insurance company, People’s Insurance Co., Ltd. (Group).
With US support, North America dominated the top 50 list, accounting for almost 46% of premiums. European companies accounted for 33.5% of insurance premiums, and Asian companies accounted for 20.7%.
The World’s Largest Life Insurance Company Ranking report is based on 2022 life insurance claims, accident claims, and health claims.
The world’s largest property and casualty insurance rankings are based on 2022 property and casualty gross premiums, where available. According to S&P Global, if a company does not report gross premiums written, non-life gross premiums written, net premiums written, net premiums written, or statutory direct premiums written, respectively, are used.