What is the total P&C insurance market size?
The global property and casualty insurance market size was estimated at USD 3,674.46 billion in 2023 and is expected to reach USD 3,916.99 billion in 2024. What is the property and casualty insurance market growth?
The global property and casualty insurance market size is anticipated to grow from USD 700 billion to USD 1036.17 billion in 10 years. The market will experience rapid growth due to technological advancements in property and casualty insurance during the forecast period.
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The global market for insurance was valued at $9.8 trillion in 2021 and is estimated to grow from $5.6 trillion in 2022 to $9.8 trillion 2027, with a compound annual growth rate (CAGR) of 12% for the period of 2022-2027.
1. State Farm. State Farm is the industry's biggest player, both in the US and overseas. The Bloomington, Illinois-based P&C insurance giant wrote almost $78 billion worth of premiums in the past year.
Alera Group's recent P&C Market Outlook shows that prices will continue to go up in 2024, with most lines of business likely to experience a 1%-10% increase.
According to Statistica, the market size for P&C and Direct insurance is at an all time high, up to $843.63 billion, and up by $22 billion from the previous year in 2023.
There are 927,600 licensed agencies and brokers working in the US. 2023 totals show 902,500 life and health insurance agents and 686,300 property/casualty insurance agents.
The United States is the largest insurance market globally by a wide margin. In 2022, the highest value of life and non-life direct premiums was written on the U.S. insurance market. China was the second largest market, though the U.S. market was more than four times the size of the Chinese market.
In addition to policy premiums, insurance companies make money from investment profits. This situation allows insurance companies to invest the money while it's not being used. When insurers receive premiums they put that money into an investment pool.
How big is the property and casualty industry?
| Line of Business | 2021 Written Premium (in billions) | 2022 Written Premium (in billions) |
|---|---|---|
| Fire | $1.4 | $1.6 |
| Homeowners | $10.9 | $12.1 |
| Workers' Compensation | $10.4 | $11.6 |
| Private Passenger Auto (Liability & Physical Damage Combined) | $31.7 | $32.7 |
The Global Property and Casualty Insurance market is anticipated to rise at a considerable rate during the forecast period, between 2023 and 2031. In 2022, the market is growing at a steady rate and with the rising adoption of strategies by key players, the market is expected to rise over the projected horizon.
Market size is the total potential demand for a product or service. This number usually calculates the number of potential customers, units sold, or revenue generated.
1752 The Philadelphia Contributionship for the Insurance of Houses from Loss by Fire, the oldest insurance carrier in continuous operation in the United States, was established.
- #1: United Health Group (UNH)
- #2: Berkshire Hathaway Inc. ( BRK.B)
- #3: CVS Health Corp Group (CVS)
- #4: The Cigna Group (CI)
- #5: Elevance Health Inc. ( ELV)
- #6: Centene (CNC)
- #7: Ping An Insurance (PNGAY)
- #8: Allianz (ALIZY)
US P&C underwriting outlook
In the realm of underwriting, the industry is witnessing an increase in the combined ratio forecast for 2023, revised to 102%. The industry net combined ratio surged to 107.3% in Q2 2023, with natural catastrophes adding 11.8 percentage points, well above the 10-year average of 6.3%.
The 2023 net combined ratio for the property/casualty industry is forecast to be 103.9, with commercial lines at 97.7 and personal lines at 109.9, according to the latest underwriting projections by actuaries at the Insurance Information Institute (Triple-I) and Milliman.
It is forecast that the global insurance market will grow by about 10 percent from 2021 to 2022, reaching almost six trillion U.S. dollars. Following this, it is predicted that the industry will grow at a compound rate of around nine percent per year, reaching almost 8.4 trillion U.S. dollars in 2026.
Property/casualty insurers invest primarily in safe, liquid securities, mainly bonds. These provide stability against underwriting results, which can vary considerably from year to year. The majority of bonds are government issued or are high-grade corporates.
What is the most profitable insurance to sell?
Life insurance is the most profitable—and the hardest—type of insurance to sell. With the highest premiums and the longest-running contract, it brings in cash over a long period of time. In the first year, agents make the largest annual sum on a policy, bringing in anywhere from 40–120% of the policy premium.
- #1: USAA »
- #2: Auto-Owners »
- #3: Nationwide »
- #4: State Farm »
- #5: Geico »
Insurance market size in the U.S. 2009-2022
In 2022, insurance premiums written in the United States amounted to 1.48 trillion U.S. dollars, which includes property/casualty premiums in addition to life/annuity premiums.
| Rank | Company | Total assets (US$ Billion) |
|---|---|---|
| 1 | Allianz | 1,261.9 |
| 2 | Axa | 950.6 |
| 3 | Prudential Financial | 940.7 |
| 4 | Ping An Insurance | 883.9 |
