Forbes 2023: Top 20 largest insurance companies in the world (2024)
The 2023 edition of "Forbes Global 2000" highlights the upward progression of insurance companies in the annual ranking of the world's leading corporations.
The leading insurer, UnitedHealth Group, moved up seven places to 15th in 2022. Ping An Insurance Group, the list's second-largest insurer, jumped one place to 16th.
Allianz, the third largest insurance company, is ranked 37th largest in the world.
Reinsurers Munich Re and Berkshire Hathaway, big names in the insurance industry, are ranked 114th and 338th in the Forbes 2023 report.
Executive Life Insurance Company (1991) - One of the largest life insurance companies in the US, it went bankrupt due to investment losses in junk bonds.
Considering State Farm and Geico are the two biggest auto insurance companies in the U.S., most drivers can find what they need from either company, whether that's minimum or full coverage. However, there are a few key differences between State Farm vs. Geico when it comes to auto insurance options.
State Farm, the nation's largest auto insurer, is also far and away the most sued, according to a recently-released report by data provider Lex Machina.
Berkshire Hathaway is the leading insurance company by revenue. Insurance companies offer policies for losses due to accidents, health issues, property damage, and professional liability.
According to a recent customer satisfaction survey conducted by independent analysts of the insurance industry, USAA, American General and Kaiser Permanente have earned the highest scores from those who purchase their products.
The company took the highest ranking in the 2022 J.D. Power Life Insurance Study for overall customer satisfaction. Additionally, the A++ AM Best rating is the highest available — showing State Farm likely has the financial backing necessary to pay life insurance claims.
1. Warren Buffett. Buffett once again secures the top spot on the list of the country's wealthiest insurance tycoons. The man known as the “Oracle of Omaha” currently sits in the tenth spot of Forbes' overall rankings with a net worth of $103.6 billion.
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The leading insurer, UnitedHealth Group, moved up seven places to 15th in 2022. Ping An Insurance Group, the list's second-largest insurer, jumped one place to 16th.