S&P Global & the Top 50 P&C Insurers
Published October 29, 2024 at 1:20 PM · News Releases and Bulletins
Like the 2022 rankings, S&P Globals annual Global Market Intelligence report says State Farm Mutual is number-one in the ranks of the 50 largest insurers in the world. In 2023, State Farm took in close to $87.6 billion in direct written premiums earned.
That’s up a staggering 18.3% from 2022.
Progressive, American Family, Berkshire Hathaway and USAA also saw their companies grow significantly in 2023. And the top 50 P&C firms took in 9% more in premiums in 2023 than they did in 2022.
Revenue rose from $1.37 trillion in 2022 to $1.5 trillion in 2023.
On the other side of the coin, at 85.8%, State Farm also had one of the highest loss ratios of all insurers in 2023. The only company with a higher loss ratio is the French insurer, Aema Groupe.
Overall, State Farm’s loss ratio for its homeowners line rose almost 12% so far in 2024. The loss ratio is 94.8.
Here are the stats for the top 10 largest insurers and the names of the next 10 and the U.S. insurers in the 50 largest insurers:
1. State Farm — United States
Value: $87.59 billion
% of change from 2022 to 2023: 18.3%
2023 loss ratio: 85.8%
2. Berkshire Hathaway — United States
Value: $80.88 billion
% of change from 2022 to 2023: 15.4%
2023 loss ratio: 73.0%
3. Alianz — Germany
Value: $74.36 billion
% of change from 2022 to 2023: 7.5%
2023 loss ratio: 69.3%
4. The People's Insurance Company of China — China
Value: $64.84 billion
% of change from 2022 to 2023: 7.9%
2023 loss ratio: NA
5. Lloyd's of London — United Kingdom
Value: $64.79 billion
% of change from 2022 to 2023: 11.7%
2023 loss ratio: 49.6%
6. Progressive — United States
Value: $59.88 billion
% of change from 2022 to 2023: 18.2%
2023 loss ratio: 77.6%
7. AXA SA — France
Value: $55.48 billion
% of change from 2022 to 2023: 2.8%
2023 loss ratio: 68.5%
8. Liberty Mutual — United States
Value: $53.75 billion
% of change from 2022 to 2023: 3.7%
2023 loss ratio: 74.6%
9. Allstate — United States
Value: $52.66 billion
% of change from 2022 to 2023: 10.2%
2023 loss ratio: 83.5%
10. Chubb — Switzerland
Value: $46.73 billion
% of change from 2022 to 2023: 6.9%
2023 loss ratio: 60.6%
11. Ping An Insurance Group of China
12. Zurich
13. Travelers — United States
14. AIG — United States
15. Talanx
16. Munich Re
17. Tokio Marine
18. Assicurazioni Generali
19. United Services Automobile Association — United States
20. MS&AD Insurance Group Holdings
Other U.S. firms in the top 50:
24. Farmers
28. Nationwide
31. Assurant
33. The Hartford
34. American Family Insurance
37. CNA
38. Markel Group
41. W.R. Berkley
42. Auto-Owners Insurance Group
47. Old Republic International
49. American Financial Group
50. Erie Insurance Exchange
Source link: Insurance Journal — https://bit.ly/4hsvEC7