There are several ways to rank the size of insurance companies. Companies can be measured by their market capitalization (the company’s value on the stock exchange) or by using sales figures, such as net premiums written off or how many policies were sold in a year. Here, we examine the top 10 largest insurance companies based on market capitalization, market share, and revenue.
Largest insurance companies by market capitalization
Market capitalization, or market cap, is the total value of a company’s stock, and is calculated by multiplying the number of shares outstanding by the current share price. It is a quick way to determine the value of a company in the eyes of investors.
Companies with large market caps usually set up conservative investments. They potentially experience steady growth
Possibility. Investing in these companies carries the biggest risk as they are more vulnerable to economic slowdown than more established large and mid-cap companies.
Investors can buy shares of publicly traded companies in the insurance industry. The largest non-health insurance companies by market capitalization on world stock exchanges as of Q1 2022 are:
Largest Insurance Companies by Sales and Product Line
It is useful to differentiate between the type of insurance, or line, that is being considered when considering the largest insurance companies. Using sales data is helpful as some of the largest insurance companies in the United States are not publicly traded and therefore their market value is not easily ascertained.
Property & Casualty
Property and casualty insurers write policies covering property such as real estate, dwellings, cars, and other vehicles. They also write policies dealing with liabilities that may be incurred by accident or negligence related to those properties to defray the cost of lawsuits or medical damages resulting from such incidents.
The top U.S. property and casualty companies in 2020 by net premiums written (the amount of money that non-life policies can expect to receive over the life of the contract, less commissions and costs) are:
Publicly Traded Non-health Insurance Companies
|Company Name||Market Capitalization|
|Berkshire Hathaway (U.S.)||$714 billion|
|Ping An Insurance (China)||$141 billion|
|AIA Group (Hong Kong)||$123 billion|
|China Life Insurance (China)||$106 billion|
|Allianz (Germany)||$89 billion|
|Cigna (US)||$76 billion|
|Zurich Insurance (Switzerland)||$67 billion|
|AXA (France)||$65 billion|
|Humana (U.S.)||$55 billion|
|Munich (Germany)||$39 billion|
Health Insurance Companies
Health insurance companies provide policies to cover all or part of the policyholder’s health and medical costs. Policies may be purchased individually or through an employer. Technically, the United States government is the largest health insurance provider in America through the Medicare program, Social Security, and Medicaid administered by individual states.
Based on the National Association of Insurance Commissioners (NAIC) 2020 report, the largest non-government sponsored U.S. health insurance companies measured by total direct premium collected were:
|Company||Net Premiums Written|
|State Farm Group||$66.2 billion|
|Berkshire Hathaway (BRK.A)||$46.4 billion|
|Progressive Insurance Group (PGR)||$41.7 billion|
|Allstate Insurance Group (ALL)||$39.2 billion|
|Liberty Mutual||$36.2 billion|
|Travelers Group (TRV)||$28.8 billion|
|USAA Group||$24.6 billion|
|Chubb (CB)||$24.2 billion|
|Farmers Insurance Group||$20.1 billion|
The largest investors in insurance companies are generally other institutions. For example, UnitedHealth Group (UNH) has 4,124 institutional owners, who hold more than one billion shares.
The five largest homeowners insurance companies in the U.S. are State Farm, Allstate, USAA, Liberty Mutual, and Farmers.6 Together, these companies hold more than 45% of the homeowners’ insurance market share.
The five largest insurance companies in Canada are Manulife Financial Corporation, Great-West Lifeco, Desjardins, Sun Life Financial, and Fairfax Financial.7 Manulife is Canada’s largest insurance company, employing over 35,000 employees and serving more than 30 million customers.