The Top 50 P&C Insurance Agencies in the World

Two U.S. insurers Take the Top Two Spots

State Farm and Berkshire Hathaway have topped the charts, globally. The two insurers have been named as the first and second largest Property & Casualty insurers in the world according to a S&P Global Report. In total, 20 insurers, or just under half of the list of the top featured U.S. based insurers.

S&P said that the US personal lines powerhouse State Farm Mutual Automobile Insurance Co. ranked first with approximately $87.59 billion of direct premiums earned. This is the second year in a row that the insurer has held the top spot in this ranking. State Farm was also the third-fastest growing company in the top 50 in 2023, with an increase in direct premiums earned of 18.3%.

S&P Global says that rankings were compiled using 2023 property and casualty gross premiums earned or insurance service revenues where available. The methodology has changed from past years when the key metric used to compile the list was gross premiums written.

World’s top insurer increase collective premiums

The world’s top 50 property and casualty companies increased their collective premiums by nearly 9% year over year in 2023 against a backdrop of rising prices for insurance and reinsurance coverage.

The group’s gross premiums earned, or insurance service revenues for IFRS 17 reporters, increased to a little less than $1.50 trillion in 2023 from $1.37 trillion in 2022, according to analysis by S&P Global Market Intelligence. Only one company in the top 50, Canada’s Intact Financial Corp., reported a decline in insurance service revenues.

The Largest P&C Insurers Per S&P Global

Here’s the updated table with the additional companies: