Estimated size of the global insurance market 2017-2023, with forecasts until 2028

It is forecast that the global insurance market will grow by about one trillion U.S. dollars between 2023 and 2028, reaching almost 10 trillion U.S. dollars. 

How have gross premiums written evolved?

Gross premiums written signify the total premiums collected by an insurer before deducting reinsurance and other related expenses. Between 2000 and 2020, the value of gross premiums written worldwide had more than doubled. The value of premiums written hit its peak in 2017, at approximately 5.31 billion U.S. dollars, after which it continued to decline for the following years until 2019. However, in 2020, this figure grew by nearly four percent as compared to the previous year. 

Which companies dominate the insurance market?

In 2022, the leading global insurance companies by revenue were Berkshire Hathaway, Ping An Insurance and China Life Insurance. Considering the market capitalization of the largest insurance companies, Allianz occupied the first position with a valuation of nearly 103 billion U.S. dollars. These industry titans, along with others such as AXA, AIA, MetLife, Chubb, etc., collectively shape the global insurance narrative through their extensive reach, diverse offerings, and significant market influence.