Leading countries globally by value of premiums 2022 | Statista (2024)

FAQs

Leading countries globally by value of premiums 2022 | Statista? ›

In 2022, the United States was the largest insurance market worldwide with 2.96 trillion U.S. dollars in premiums written. The People's Republic of China and the United Kingdom followed behind with direct premiums worth approximately 698 billion and 363 billion U.S. dollars, respectively.

The US remains the largest insurance market in the world, with total premiums (non-life and life) of USD 2.8 trillion.

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.

Total global insurance premium income amounted to nearly €5.6 trillion (about $6.05 trillion) last year, according to a new report by Allianz Trade.

In 2022, the United States was the largest insurance market worldwide with 2.96 trillion U.S. dollars in premiums written. The People's Republic of China and the United Kingdom followed behind with direct premiums worth approximately 698 billion and 363 billion U.S. dollars, respectively.

Market size

While estimates can vary, most sources put the figure at around 5.5 trillion U.S. dollars of insurance premiums written in 2021.

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.

Premium volume is the insurer's direct premiums earned (if Property/Casualty) or received (if Life/Health) during the previous calendar year.

Who is the #1 insurance company in the USA? ›

State Farm is the biggest auto insurance company in the country by market share, while Progressive, Geico and Allstate are the next three.

India is forecast to have the fastest growing insurance sector of all G20 countries in the coming five years.

The study revealed that the top five markets with the most insurance potential in the life sector are China, the US, India, Indonesia, and Russia. Meanwhile, the top five markets in the non-life sector are China, India, the United States, Indonesia, and Japan.