S&P — The World’s Largest Insurers

S&P’s Global Market Insights just released a report on some insurance insights. The property and casualty insurance market was valued at $1.8 trillion in 2023. Though this year’s figures haven’t been calculated, the Global Market Insights report predicts record growth of 5.5% between 2024 and 2032.

An increasing gross domestic product (GDP) is contributing to that expansion.

“As GDP rises, individuals and businesses have more to protect, leading to an increased demand for P&C insurance products such as property, liability, and business interruption coverage,” the report noted. “Rising urbanization is propelling the market by increasing the concentration of properties and businesses in urban areas. The demand for insurance coverage on properties, homes, commercial enterprises, and vehicles will surge as more people migrate to cities and urban infrastructure expands.”

Looking at the whole global picture, in 2023, the property and casualty insurance market in North America had over 30% of the revenue share.

Other items found in the report:

• More insurers are harnessing data analytics to enhance underwriting, the processing of claims and the assessment of risk
• Advanced analytics and AI are driving more, and deeper, insights into the behavior of consumers and the risk factors presented
• The advanced analytics and AI is driving more accurate pricing and the ability to customize policies and products
• Usage-based insurance is a growing trend

Here are 10 most valuable insurance companies in the world:

1. State Farm — worth $87.59 billion

2. Berkshire Hathaway — worth $80.88 billion

3. Allianz — worth $77.36 billion

4. The People Insurance Company of China — worth $64.84 billion

5. Lloyd's of London — worth $64.79 billion

6. Progressive — worth $59.88 billion

7. AXA SA — worth $55.48 billion

8. Liberty Mutual — worth $53.75 billion

9; Allstate — worth $52.66 billion

10. Chubb — worth $46.73 billion

Source link: PropertyCasualty360.com — https://bit.ly/4iBmkg6