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Both the number and cost of global risks are rising due to drivers, such as climate change and cyber crime, and these trends are impacting in the insurance industry. The global insurance market was worth almost six trillion U.S. dollars in 2022, but this looks set to increase substantially in the coming years. Cyber crime is consistently seen as a leading risk to global business by risk management experts. Meanwhile, the cost of natural disaster losses rose over the past two decades. These risks are likely to grow in the future, which will sustain the growth of the insurance sector.
Which markets are the largest?
The United States is the largest insurance market globally by a wide margin. In 2022, the highest value of life and non-life direct premiums was written on the U.S. insurance market. China was the second largest market, though the U.S. market was more than four times the size of the Chinese market. The UK, Germany, Japan, and France were the next largest OECD insurance markets after the United States. Insurance companies from these countries were among the largest globally in terms of market cap.
Who are the world’s leading insurers?
Unsurprisingly, in terms of market capitalization, the global insurance market was led by U.S.-based insurers. Premiums written describe the total amount customers pay for insurance coverage and are an insurer’s main source of revenue. In 2022, U.S. insurer, Berkshire Hathaway, generated the highest revenue worldwide, reaching well over 300 billion U.S. dollars. Two Chinese companies, Ping An Insurance and China Life Insurance, rounded out the top three insurers.
This text provides general information. Statista assumes no liability for the information given being complete or correct. Due to varying update cycles, statistics can display more up-to-date data than referenced in the text.
Jennifer Rudden Research Lead Financial Services & Real estate 
Key insights
- Global insurance penetration
- 6.7%
Detailed statistics
Life and non-life insurance penetration in selected regions globally 2020-2022
- Largest insurer by market cap
- UnitedHealth
Detailed statistics
Biggest 50 insurance companies worldwide May 2023, by market cap
- Value of global reinsurance premiums
- 400bn USD
Detailed statistics
Value of global reinsurance premiums 2013-2022
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Editor’s Picks Current statistics on this topic
Further recommended statistics
Market overview
5
- Premium Statistic Market share of the total insurance market worldwide 2000-2022, by country
- Premium Statistic Gross premiums of the insurance industry worldwide 2000-2022
- Premium Statistic Value of global reinsurance capital 2013-2022
- Premium Statistic Insurance search ad spend worldwide 2020-2021
- Premium Statistic ESG scores of the worlds' largest insurance companies 2023, by provider
Market overview
- Premium Statistic Market share of the total insurance market worldwide 2000-2022, by country
Market share of the total insurance market worldwide 2000-2022, by country
Market share of the total insurance market worldwide from 2000 to 2022, by country
- Premium Statistic Gross premiums of the insurance industry worldwide 2000-2022
Gross premiums of the insurance industry worldwide 2000-2022
Gross premiums written by the insurance industry worldwide 2000 to 2022 (in trillion U.S. dollars)
- Premium Statistic Value of global reinsurance capital 2013-2022
Value of global reinsurance capital 2013-2022
Value of global reinsurance capital from 2013 to 2022 (in billion U.S. dollars)
- Premium Statistic Insurance search ad spend worldwide 2020-2021
Insurance search ad spend worldwide 2020-2021
Paid search advertising spending of the insurance industry worldwide in 2020 and 2021 (in million U.S. dollars)
- Premium Statistic ESG scores of the worlds' largest insurance companies 2023, by provider
ESG scores of the worlds' largest insurance companies 2023, by provider
Comparison of the environmental, social and governance (ESG) scores of the 26 largest insurance companies by market capitalization worldwide in 2023, by ESG score provider
Segments
6
- Premium Statistic Leading premium writing countries globally 2022, by premiums
- Premium Statistic Share of insurance direct premiums written globally 2008-2023, by segment
- Premium Statistic Share of insurance premiums globally 2021, by region
- Premium Statistic Life and nonlife direct premium writing countries globally 2022, by value of premiums
- Premium Statistic COVID-19 insurance claims made globally until June 2021, by segment
- Premium Statistic Share of global population ready for open insurance 2022, by country
Segments
- Premium Statistic Leading premium writing countries globally 2022, by premiums
Leading premium writing countries globally 2022, by premiums
Leading life and non-life direct premium writing countries globally in 2022, by premiums (in billion U.S. dollars)
- Premium Statistic Share of insurance direct premiums written globally 2008-2023, by segment
Share of insurance direct premiums written globally 2008-2023, by segment
See AlsocapacityDistribution of life and health, and property and casualty insurance direct premiums written globally from 2008 to 2023
- Premium Statistic Share of insurance premiums globally 2021, by region
Share of insurance premiums globally 2021, by region
Distribution of insurance premiums worldwide in 2021, by region
- Premium Statistic Life and nonlife direct premium writing countries globally 2022, by value of premiums
Life and nonlife direct premium writing countries globally 2022, by value of premiums
Leading life and nonlife direct premium writing countries globally in 2022, by value of premiums (in billion U.S. dollars)
- Premium Statistic COVID-19 insurance claims made globally until June 2021, by segment
COVID-19 insurance claims made globally until June 2021, by segment
Breakdown of COVID-19 insurance claims worldwide from 2020 to June 2021, by business segment
- Premium Statistic Share of global population ready for open insurance 2022, by country
Share of global population ready for open insurance 2022, by country
Distribution of open insurance-ready users worldwide in 2022, by country
Leading companies
5
- Premium Statistic Biggest 50 insurance companies worldwide May 2023, by market cap
- Premium Statistic Largest life insurance companies globally December 2023, by market capitalization
- Premium Statistic Leading insurance companies worldwide 2023, by total assets
- Premium Statistic Leading insurance companies globally 2022, by revenue
- Premium Statistic Leading global P/C reinsurers 2019-2022, by gross reinsurance premiums written
Leading companies
- Premium Statistic Biggest 50 insurance companies worldwide May 2023, by market cap
Biggest 50 insurance companies worldwide May 2023, by market cap
Largest insurance companies worldwide as of May 2023, by market capitalization (in billion U.S. dollars)
- Premium Statistic Largest life insurance companies globally December 2023, by market capitalization
Largest life insurance companies globally December 2023, by market capitalization
Largest life insurance companies worldwide as of December 2023, by market capitalization (in billion U.S. dollars)
- Premium Statistic Leading insurance companies worldwide 2023, by total assets
Leading insurance companies worldwide 2023, by total assets
Largest insurance companies worldwide as of May 2023, by total assets (in billion U.S. dollars)
- Premium Statistic Leading insurance companies globally 2022, by revenue
Leading insurance companies globally 2022, by revenue
Leading global insurance companies worldwide in 2022, by revenue (in billion U.S. dollars)
- Premium Statistic Leading global P/C reinsurers 2019-2022, by gross reinsurance premiums written
Leading global P/C reinsurers 2019-2022, by gross reinsurance premiums written
Leading property/casualty reinsurers globally, by gross reinsurance premiums written from 2019 to 2022 (in billion U.S. dollars)
Sales metrics/consumption
6
- Premium Statistic Share of consumers who sought and purchased insurance worldwide 2022
- Premium Statistic Life and non-life insurance penetration in selected regions globally 2020-2022
- Premium Statistic Price change in commercial insurance worldwide 2015-2023
- Premium Statistic Price change in commercial property insurance worldwide 2018-2023
- Premium Statistic Price change in commercial casualty insurance worldwide 2018-2023
- Premium Statistic Price change in finpro liability insurance worldwide 2018-2022
Sales metrics/consumption
- Premium Statistic Share of consumers who sought and purchased insurance worldwide 2022
Share of consumers who sought and purchased insurance worldwide 2022
Share of consumers who searched for and bought insurance in selected countries in 2022
- Premium Statistic Life and non-life insurance penetration in selected regions globally 2020-2022
Life and non-life insurance penetration in selected regions globally 2020-2022
Life and non-life insurance penetration in selected countries and territories worldwide from 2020 to 2022
- Premium Statistic Price change in commercial insurance worldwide 2015-2023
Price change in commercial insurance worldwide 2015-2023
Percentage change in commercial insurance pricing worldwide from Q1 2015 to Q4 2023
- Premium Statistic Price change in commercial property insurance worldwide 2018-2023
Price change in commercial property insurance worldwide 2018-2023
Percentage change in commercial property insurance pricing worldwide from Q2 2018 to Q4 2023
- Premium Statistic Price change in commercial casualty insurance worldwide 2018-2023
Price change in commercial casualty insurance worldwide 2018-2023
Percentage change in commercial casualty insurance pricing worldwide from Q2 2018 to Q4 2023
- Premium Statistic Price change in finpro liability insurance worldwide 2018-2022
Price change in finpro liability insurance worldwide 2018-2022
Percentage change in financial and professional liability insurance pricing worldwide from Q2 2018 to Q4 2022
Outlook
4
- Premium Statistic Estimated size of the global insurance market 2017-2023, with forecasts until 2028
- Premium Statistic Hiring freezes, downsizing and outsourcing plans in the global insurance sector 2022
- Premium Statistic Cyber insurance market size worldwide 2017-2022, with forecast for 2025
- Premium Statistic Number of open insurance users globally 2021, with forecasts for 2024 and 2032
Outlook
- Premium Statistic Estimated size of the global insurance market 2017-2023, with forecasts until 2028
Estimated size of the global insurance market 2017-2023, with forecasts until 2028
Value of gross written premiums worldwide from 2017 to 2023, with forecasts from 2024 to 2028 (in trillion U.S. dollars)
- Premium Statistic Hiring freezes, downsizing and outsourcing plans in the global insurance sector 2022
Hiring freezes, downsizing and outsourcing plans in the global insurance sector 2022
Share of insurance CEOs planning selected actions to prepare for an anticipated recession in the next six months worldwide in 2022
- Premium Statistic Cyber insurance market size worldwide 2017-2022, with forecast for 2025
Cyber insurance market size worldwide 2017-2022, with forecast for 2025
Global cyber insurance market size from 2017 to 2022, with forecast till 2025 (in billion U.S. dollars)
- Premium Statistic Number of open insurance users globally 2021, with forecasts for 2024 and 2032
Number of open insurance users globally 2021, with forecasts for 2024 and 2032
Number of open insurance users worldwide in 2021, with forecasts for 2024 and 2032 (in millions)
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