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. This market has been steadily expanding since 2009, however saw a decline in 2020 owing to the economic effects of the coronavirus (COVID-19) pandemic. The amount of money charged to the organization or person for the insurance coverage is known as the premium. Between 2019 and 2020, the value of gross premiums written in all 38 OECD countries grew by 200 billion U.S. dollars.
Which country leads the global insurance market?
The United States was the leading direct premium writing country worldwide in terms of the value of written premiums. The non-life insurance sector turned out to be larger than the life sector in the United States. In 2020, the value of both life and non-life insurance premiums in the United States was estimated to account for approximately 40 percent of the global market share. China was ranked second with a 10.4 percent share of the global market.
Leading insurance companies globally by revenue
The Berkshire Hathaway Corporation, which is owned by Warren Buffett and has its headquarters in the United States state of Nebraska, ranked as the largest insurance company globally in 2022, with revenues exceeding 302 billion U.S. dollars. Nonetheless, the subsequent largest insurer was Ping An Insurance, which is situated in the rapidly expanding Chinese city of Shenzhen.
