Home   »   General Studies   »   World's Largest Insurance Companies 2024

Largest Insurance Company in the World, List of Top-10

Insurance plays a pivotal role in safeguarding individuals, businesses, and assets against unforeseen risks and uncertainties. As the global economy evolves, insurance companies continue to expand their reach and influence, offering a diverse array of products and services to meet the needs of a dynamic market. In this article, we explore the world’s top 10 largest insurance companies, based on their total assets, market capitalization, and global presence.

What is an Insurance Company?

An insurance company is a financial institution that offers various types of insurance policies to individuals and businesses in exchange for premium payments. These policies provide protection against financial losses resulting from unforeseen events, such as accidents, illnesses, natural disasters, or death. Insurance companies assess risks, pool premiums, and compensate policyholders for covered losses according to the terms of the insurance contract.

World’s Largest Insurance Company 2024

Berkshire Hathaway Inc., valued at a staggering $663.6 billion in market capitalization, stands as the foremost insurance giant globally in 2024. With a commanding revenue of $253.9 billion, Berkshire Hathaway’s diverse portfolio encompasses primary insurance and reinsurance of property and casualty risks. Its subsidiaries, including GEICO, General Re, and National Indemnity Company, solidify its dominance in the insurance sector, complemented by investments across rail transportation, utilities, manufacturing, services, and retailing.

Top-10 Largest Insurance Companies in the World By 2024

Berkshire Hathaway Inc., with the market capitalization of $663.6 billion, claims the title of the largest insurance company in the world, followed by Ping An Insurance (Group) Co. of China Ltd., and Allianz SE.

Here is the list of top-10 biggest insurance companies in the world by 2024:

Biggest Insurance Companies in the World 2024
Rank Insurance Company Ticker Revenue Market Capitalization
1. Berkshire Hathaway BRK.B $253,9 B $663.6 B
2. Ping An Insurance (Group) Co. of China Ltd. PNGAY $156.2 B $114.8 B
3. Allianz SE ALIZY $137.4 B $85.3 B
4. AXA SA AXAHY $107.6 B $64.6 B
5. MetLife Inc. MET $71.6 B $56.3 B
6. Prudential PLC PUK $63.5 B $36.2 B
7. American International Group Inc. AIG $59 B $46.7 B
8. Allstate Corp. ALL $52.6 B $35.5 B
9. Progressive Corp. PGR $47.7 B $74.4 B
10. Chubb Ltd. CB $42.1 B $89.1 B

World’s Biggest Insurance Company – Berkshire Hathaway

Largest Insurance Company in the World, List of Top-10_40.1

Ticker: BRK.B

Revenue: $253.9 billion

Net Income: -$1.3 billion

Market Capitalization: $663.6 billion

Berkshire Hathaway, listed on the New York Stock Exchange, stands as the world’s largest insurance company with a revenue of $253.9 billion. Despite a net income of -$1.3 billion, its market cap is an impressive $663.6 billion. Renowned for its diverse holdings, Berkshire provides primary and reinsurance services across various sectors, including rail transportation, utilities, energy, manufacturing, and retailing, through subsidiaries like GEICO and General Re.

Second Largest Insurance Company in the World – Ping An Insurance (Group) Co. of China

Largest Insurance Company in the World, List of Top-10_50.1

Ticker: PNGAY

Revenue: $156.2 billion

Net Income: $14.7 billion

Market Capitalization: $114.8 billion

Ping An Insurance (Group) Co. of China Ltd. ranks as the world’s second-largest insurance company, listed on the OTC Markets. With a revenue of $156.2 billion and a net income of $14.7 billion, it boasts a market cap of $114.8 billion. Founded in 1988, Ping An is China’s pioneering joint-stock insurance company, offering a spectrum of insurance, financial, and banking services through subsidiaries like Ping An Life and Ping An Property & Casualty.

Third Biggest Insurance Company in the World – Allianz SE

Largest Insurance Company in the World, List of Top-10_60.1

Ticker: ALIZY

Revenue: $137.4 billion

Net Income: $7.8 billion

Market Capitalization: $85.3 billion

Ranked as the world’s third-largest insurance company, Allianz SE, listed on the OTC Markets, reports a revenue of $137.4 billion and a net income of $7.8 billion, with a market cap standing at $85.3 billion. Headquartered in Germany, Allianz is a renowned global financial services provider, offering a wide array of insurance products from property and casualty policies to health and life insurance for both corporate and individual clients, alongside its expertise in asset management.

Largest Insurance Company in the World, List of Top-10_70.1

FAQs

Which is the largest insurance company in the world?

Berkshire Hathaway Inc., with the market capitalization of $663.6 billion, claims the title of the largest insurance company in the world.

Which is the largest insurance company in India?

Life Insurance Corporation of India (LIC), with the market capitalization of Rs. 5,40,660.80 crore, holds the title of the biggest life insurance company in India.

Which is the second largest insurance company in the world?

Ping An Insurance (Group) Co. of China Ltd. ranks as the world's second-largest insurance company, listed on the OTC Markets.

Name the top-5 largest insurance companies in the world.

The top-5 largest insurance companies in the world are: Berkshire Hathaway, Ping An Insurance (Group) Co. of China Ltd., Allianz SE, AXA SA, and MetLife Inc..