In this article, we will cover the 25 largest insurance companies in the world in 2024. If you want to skip our detailed analysis of the insurance industry, you can go directly to 5 Largest Insurance Companies in the World in 2024.
Insights into the Global Insurance Market
The insurance sector plays a crucial role in providing financial protection against risks, uncertainties, and unforeseen events for a diverse range of clients, including individuals and businesses. According to a report by The Business Research Company, the global insurance market was estimated to have reached a value of $7.26 trillion in 2023. Looking forward, the market is expected to grow at a compound annual growth rate (CAGR) of 7.2% from 2024 to 2028 to reach a value of $10.28 trillion by the end of the forecast period. In 2023, the North American region dominated the market while Asia-Pacific was the second-largest region, by market share, of the global insurance market.
There is a growing awareness of the importance of financial security as more people understand the risks associated with life events, property damage, and health issues. This is driving the demand for insurance products and services. Insurance businesses and corporations are increasingly shifting towards more customer-centric business models, focusing on enhancing customer experience and engagement. Insurance providers are offering comprehensive coverage, innovative policies, and exclusive discounts. The adoption of new and innovative technologies and InsurTech, especially in areas like auto, home ownership, and cyber insurance, is further augmenting market growth.
What are Some of the Biggest Insurance Companies Up To?
The insurance industry includes various types of players operating in different segments. Some of the most notable names in the global insurance market are Elevance Health Inc. (NYSE:ELV), UnitedHealth Group Inc. (NYSE:UNH), and The Progressive Corporation (NYSE:PGR).
The Progressive Corporation (NYSE:PGR) provides insurance for personal and commercial automobiles and trucks, recreational vehicles, motorcycles, boats, and homes. It is one of the best auto insurance companies and it also ranks high among the most valuable insurance companies in the US. On January 24, The Progressive Corporation (NYSE:PGR) reported strong earnings for the fiscal fourth quarter of 2023, reflecting strong demand for insurance products and services. The company reported earnings per share (EPS) of $2.97, surpassing EPS estimates by $0.55. The Progressive Corporation’s (NYSE:PGR) revenue for the quarter grew by 21.43% year-over-year and amounted to $15.13 billion.
The insurance industry is currently experiencing a significant shift towards digital transformation, with major insurance companies heavily investing in the development of innovative digital tools, products, and services. Elevance Health Inc. (NYSE:ELV) is one of the best health insurance companies heading into 2024. On January 10, Elevance Health Inc. (NYSE:ELV) announced that it will be launching a unique program offering free high-quality smartphones with unlimited data, talk, and texting services to eligible individuals enrolled in select affiliated Medicaid health plans. These smartphones will offer easy access to digital and virtual healthcare tools. This initiative aims to facilitate communication between individuals and their Medicaid health plan care team. Additionally, program participants will receive educational resources on using the device and access to a dedicated customer service call center for assistance when required.
UnitedHealth Group Inc. (NYSE:UNH) is one of the largest insurance companies in the US by market cap. On March 18, Reuters reported that UnitedHealth Group Inc. (NYSE:UNH) has provided more than $2 billion so far to support healthcare providers financially impacted following a cyberattack on the company’s technology unit, Change Healthcare. UnitedHealth Group Inc. (NYSE:UNH) has said that it will start rolling out its medical claims software to thousands of customers over the next several days. In response to the cyberattack that hit Change Healthcare on February 21, UnitedHealth Group Inc. (NYSE:UNH) has suspended certain paperwork requirements for insurance coverage approvals for outpatient services and inpatient admissions for government-backed Medicare Advantage plans to help those impacted. However, the company has restored payment processing and pharmacy network services and is actively working on restoring all services to ensure all customers are reconnected.
Now that we have discussed what’s going on in the insurance industry, let’s take a look at the 25 largest insurance companies in the world in 2024.
25 Largest Insurance Companies in the World in 2024
A business executive reviewing insurance policy documents with a customer.
Methodology
In this article, we have listed the 25 largest insurance companies in the world in 2024. To find the biggest insurance companies in the world, we sifted through various sources including industry reports, rankings available on various websites, and our own rankings, and consulted stock screeners from Yahoo Finance and Finviz. We compiled a list of the top insurance companies in the world. For companies that are publicly traded, we decided to rank them according to their market capitalization as of March 19, 2024. We used fiscal year revenues for private companies.. For foreign companies, we converted the market caps and revenues to US dollars according to their respective exchange rates. Finally, we narrowed down our selection to rank the 25 largest insurance companies in the world in 2024 based on their market capitalization and revenues, which are listed below in ascending order.
25 Largest Insurance Companies in the World in 2024
Travelers Companies Inc. (NYSE:TRV), or simply Travelers, is an American insurance company that ranks among the largest insurance companies in the world in 2024. It is a major provider of property casualty insurance for auto, home, and business. The company offers a wide range of coverage sold mainly through independent agents and brokers. As of March 19, 2024, Travelers Companies Inc. (NYSE:TRV) has a market capitalization of $51.23 billion.
American International Group Inc. (NYSE:AIG) is an American multinational finance and insurance company. It offers a wide range of property casualty insurance and other financial services. As one of the top insurance companies in the world, American International Group Inc. (NYSE:AIG) has a market capitalization of $51.4 billion as of March 19, 2024.
Metlife Inc. (NYSE:MET) is one of the world’s biggest providers of insurance, annuities, and employee benefit programs. It provides life, accident, and health insurance, as well as retirement and savings products and services. Metlife Inc. (NYSE:MET) has a market capitalization of $52.34 billion as of March 19, 2024.
Arthur J. Gallagher & Co. (NYSE:AJG) is an American multinational insurance brokerage and risk management services firm. It is one of the world’s largest insurance brokers in the world and a leading property and casualty third-party claims administrator. Arthur J. Gallagher & Co. (NYSE:AJG) has a market capitalization of $55.03 billion as of March 19, 2024.
21. New York Life Insurance Company
Revenue: $58.44 Billion
New York Life Insurance Company, also known as NYLIC, is one of the largest life insurance and mutual life insurance companies in the US. It also provides insurance and investment products to the institutional market. In 2022, New York Life Insurance Company generated a revenue of $58.44 billion.
20. Nationwide Mutual Insurance Company
Revenue: $60.3 Billion
Nationwide Mutual Insurance Company, or simply Nationwide, is a group of US insurance and financial services companies that ranks among the top 20 on our list of the largest insurance companies in the world in 2024. It offers a full range of insurance financial services across the US, including car, motorcycle, homeowners, farm, pet, life, and commercial insurance. In 2023, Nationwide Mutual Insurance Company generated a revenue of $60.3 billion.
19. Tokio Marine Holdings Inc. (TYO:8766)
Market Capitalization: $60.7 Billion
Tokio Marine Holdings Inc. (TYO:8766) is a Japanese multinational insurance holding company. It is one of the largest property and casualty insurance groups and the parent company of the Tokio Marine Group. As of March 19, 2024, Tokio Marine Holdings Inc. (TYO:8766) has a market capitalization of $60.7 billion.
Aon plc (NYSE:AON) is a British-American multinational professional services firm that offers a broad range of risk, retirement, reinsurance, and health solutions. As one of the top insurance companies in the world, Aon plc (NYSE:AON) has a market capitalization of $64 billion as of March 19, 2024.
17. Life Insurance Corporation of India (NSE:LICI)
Market Capitalization: $66.47 Billion
Life Insurance Corporation of India (NSE:LICI), commonly known as LIC, is an Indian multinational life insurance company. As an Indian state-owned insurance group and investment company, it is India’s largest insurance company. Life Insurance Corporation of India (NSE:LICI) has a market capitalization of $66.47 billion as of March 19, 2024.
16. Munich Reinsurance Company (ETR:MUV2)
Market Capitalization: $67.14 Billion
Munich Reinsurance Company (ETR:MUV2), also known as Munich Re Group or Münchener Rückversicherungs-Gesellschaft, is a German multinational insurance company. The company offers primary insurance, reinsurance, and insurance-related risk solutions. It is one of the world’s largest reinsurers. Munich Reinsurance Company (ETR:MUV2) has a market capitalization of $67.14 billion as of March 19, 2024.
15. Nippon Life Insurance
Revenue: $71.21 Billion
Nippon Life Insurance Company, also known as Nissay, is a Japanese multinational life insurance company. The company operates life insurance and asset management businesses. In 2022, Nippon Life Insurance generated a revenue of $71.21 billion. It ranks among the top 15 on our list of the largest insurance companies in the world in 2024.
14. Zurich Insurance Group AG (SWX:ZURN)
Market Capitalization: $78.8 Billion
Zurich Insurance Group AG (SWX:ZURN) is a Swiss insurance company. Serving people and businesses in over 200 countries, it is one of the world’s largest multi-line insurers. Zurich Insurance Group AG (SWX:ZURN) has a market capitalization of $78.8 billion as of March 19, 2024.
13. AIA Group Limited (HKG:1299)
Market Capitalization: $80.84 Billion
AIA Group Limited (HKG:1299), also commonly known as AIA, is a Hong Kong-based multinational insurance and finance corporation. Providing insurance solutions to both individuals and businesses, it is one of the largest life insurance groups in the Asia-Pacific region. As of March 19, 2024, AIA Group Limited (HKG:1299) has a market capitalization of $80.84 billion.
12. AXA SA (EPA:CS)
Market Capitalization: $84.77 Billion
AXA SA (EPA:CS) is a French multinational insurance company that ranks 12th on our list of the largest insurance companies in the world in 2024. As one of the world’s biggest insurance and asset management groups, it is present in more than 50 countries. AXA SA (EPA:CS) has a market capitalization of $84.77 billion as of March 19, 2024.
11. China Life Insurance Company Limited (SHA:601628)
Market Capitalization: $93.13 Billion
China Life Insurance Company Limited (SHA:601628) is a Chinese state-owned financial services and insurance company. It provides life insurance and annuity products. As of March 19, 2024, China Life Insurance Company Limited (SHA:601628) has a market capitalization of $93.13 billion.
10. Ping An Insurance (Group) Company of China Ltd. (SHA:601318)
Market Capitalization: $95.98 Billion
Ping An Insurance (Group) Company of China Ltd. (SHA:601318) is a Chinese financial services holding company that ranks among the top 10 on our list of the largest insurance companies in the world in 2024. It offers insurance, banking, asset management, and financial services. Ping An Insurance (Group) Company of China Ltd. (SHA:601318) has a market capitalization of $95.98 billion as of March 19, 2024.
Cigna Corporation (NYSE:CI) is an American multinational managed healthcare and insurance company. It offers dental, medical, disability, life, and accident insurance and related products and services through its subsidiaries. As of March 19, 2024, Cigna Corporation (NYSE:CI) has a market capitalization of $99.94 billion.
Marsh & McLennan Companies Inc. (NYSE:MMC) is a global professional services firm with businesses in risk management, investment advisory, management consulting, insurance brokerage, and reinsurance services. With a market capitalization of $101.61 billion as of March 19, 2024, Marsh & McLennan Companies Inc. (NYSE:MMC) ranks 8th on our list of the largest insurance companies in the world in 2024.
7. State Farm Insurance
Revenue: $104.2 Billion
State Farm Insurance is a group of mutual insurance companies in the US. It is one of the largest providers of property, casualty, and auto insurance in America. As one of the top insurance companies, State Farm Insurance generated a revenue of $104.2 billion in 2023.
Chubb Limited (NYSE:CB) is a leading insurance company with operations in more than 50 countries. It provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance, and life insurance products and services. Chubb Limited (NYSE:CB) has a market cap of $104.88 billion as of March 19, 2024. It ranks 6th on our list of the 25 largest insurance companies in the world in 2024.
