Global insurance company ranking

Global insurance company ranking
Photo by Austin Li on Unsplash

In this article we will analyse the global insurance company ranking by premium volume in a particularly difficult context for the industry due to the COVID-19 pandemic and the restrictions adopted to combat it. Worldwide gross premiums in both life (excluding health) and non-life (fire, accident and miscellaneous risks) fell by 2.1%. This has resulted in losses valued at 80 billion, and an annual closure of 3,730 billion euros.

Worldwide insurance company ranking

The global insurance company ranking compiled by Insuramore reveals that the top ten Non-Life insurance groups accounted for 25.3% of total gross direct premiums written worldwide in 2020, slightly lower than the 25.5% in 2019.

The top five groups were State Farm, PICC, Allianz, AXA and Berkshire Hathaway Insurance. These were followed in sixth to tenth position by Ping An, Liberty Mutual, Progressive, Allstate and Tokio Marine. In total, their combined gross direct premiums amounted to approximately $480.8 billion within a global Non-Life lines market worth approximately $1.9 trillion in 2020.

Change of positions according to the ranking criteria

Nevertheless, if we look at the global insurance company ranking by total assets on the balance sheet, the ranking changes completely. According to Insuramore, China’s Ping An leads the ranking, ahead of Allianz and US-based Prudential. France’s AXA and Japan’s Nippon Life follow behind.

In terms of brand value, Ping An leads Brand Finance’s ranking of the most valuable insurers, with a brand value of $44,798 million. It is followed by China Life ($22.578 billion), Allianz ($20.204 billion), France’s AXA ($17.377 billion) and CPIC ($15.389 billion). China’s AIA, Geico, Progressive, PICC and LIC complete the top 10.

Insurance company ranking in the USA

Our ranking of the largest US insurers by premium volume is based on research data from rating agency AM Best. According to this ranking, the top US insurance companies are UnitedHealth Group Incorporated ($189.699 billion), Kaiser Foundation ($97.247 billion), Anthem ($94.73 billion), Centene Corporation ($71.714 billion), State Farm Group ($70.64 billion), Humana Inc. ($62.948 billion) and Berkshire Hathaway Inc. ($62.811 billion).

Position Insurance company Premium volume (million dollars)
1 UnitedHealth Group Incorporated 189,699
2 Kaiser Foundation 97,247
3 Anthem 94,730
4 Centene Corporation 71,714
5 State Farm Group 70,640
6 Humana Inc 62,948
7 Berkshire Hathaway Inc./td>


Source: AM Best

In terms of brand value, US insurance companies have generally completed 2021 with positive results compared to their international competitors. The two US insurance brands in Brand Finance’s Top 10, GEICO and Progressive, both recorded increases close to 1% (1.1% and 0.9% respectively) in brand value.

Insurance company ranking in Mexico

Grupo Nacional Provincial leads the insurance company ranking in Mexico with 4,313 million dollars in premiums, which gives it a market share of 2.8% in Latin America as a whole, according to the report prepared by MAPFRE Economics with data from the regional supervisory bodies in 2020.

Behind Grupo Nacional Provincial in the Mexican ranking is Banorte ($2,194m), which has recorded a rise of $217.7 million between 2019 and 2020 and maintains a market share of 1.4% across Latin America. In third place is Quálitas ($1,816m) with a 1.2% market share.

Position Insurance company Premium volume (million dollars)
1 Grupo Nacional Provincial 4,313
2 Banorte 2,194
3 Quálitas 1,816

Source: MAPFRE Economics

Mergers and acquisitions that condition the ranking

Mexico’s insurance market has seen two major mergers and one acquisition. In May, Grupo Financiero Banorte (Grupo Banorte) announced that Mexican regulators gave final approval for the merger of its Pensiones Banorte unit (Pensiones Banorte) with Pensiones Sura (Pensiones Sura), which had been announced since November 2019.

In addition, in the same month of May it also announced authorisation for the closing of the annuities portfolio assignment operation in this country that had been communicated to the market on 29 November 2019; an operation that included the transfer of 15,000 policies from the Sura group, as well as close to $574 million of assets.

In addition, Sanitas’ parent company (BUPA Mexico) announced the acquisition of the subsidiary Vitamédica from BBVA, a health services provider that manages the health policies of BBVA Mexico and Citibanamex.

Insurance company ranking in Spain

Although Mapfre is the most valuable Spanish insurance brand according to the list compiled by Brand Finance, it is in second place in the ranking of insurance companies in Spain in terms of total premium volume. With 3,865 million euros and an 8.61% market share, the company has grown by 4.21% in the last year according to the ranking prepared by ICEA with data from September 2021.

Only Vida Caixa is above Mapfre, with 5,277 million euros. The brand has registered an increase of 7.38% in 2020, which gives it 11.65% of the market share and makes it the leading insurer in Spain in terms of total premium volume.

The third position in the ranking is occupied by Segurcaixa Adeslas (3,038 million euros) with a growth of 5.03% and a 6.77% market share. It is followed by Allianz (2,167 million euros), which despite having lost 0.24% in the last year still maintains a 4.83% market share. Generali Seguros (1,488 million euros) and Axa Seguros Generales (1,430 million euros) complete the top positions in the ranking of the largest insurance companies in Spain.

Position Insurance company Premium volume (million euros)
1 Vida Caixa 5,277
2 Mapfre 3,865
3 Segurcaixa Adeslas 3,038
4 Allianz 2,167
5 Generali Seguros 1,488
6 Axa Seguros Generales 1,430

Source: ICEA

Death insurance company ranking

In terms of death insurance companies, Santalucía leads the ranking with 886 million euros in premiums and a growth of 2.2% compared to last year. It is followed in second position by Ocaso (539 million euros) with a fall of 1.74%, Mapfre (309 million euros) has grown with respect to last year by 5.39%, while Nortehispana has been severely punished and has lost 18.51% of its value in premiums (123 million euros). Segurcaixa Adeslas (91 million euros) closes the top 5 of the largest death insurance companies after registering a growth of 2.97%.

Position Insurance company Premium volume (million euros)
1 Santalucía 886
2 Ocaso 539
3 Mapfre 309
4 Nortehispana 123
5 Segurcaixa Adeslas 91

Source: ICEA

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