Forbes 2023: Top 20 largest insurance companies in the world (2024)

The 2023 edition of "Forbes Global 2000" highlights the upward progression of insurance companies in the annual ranking of the world's leading corporations.

Forbes 2023: Top 20 largest insurance companies in the world (1)The leading insurer, UnitedHealth Group, moved up seven places to 15th in 2022. Ping An Insurance Group, the list's second-largest insurer, jumped one place to 16th.

Allianz, the third largest insurance company, is ranked 37th largest in the world.

Reinsurers Munich Re and Berkshire Hathaway, big names in the insurance industry, are ranked 114th and 338th in the Forbes 2023 report.

Ranking of the 20 largest insurance companies according to Forbes

In billions USD

RankCompanyGlobal rankingCountryClass of businessTurnoverProfitsAssetsMarket value
1UnitedHealth Group15United StatesLife and health335.9420.7283.68460.19
2Ping An Insurance Group16ChinaLife and non-life166.3712.641598.49138.56
3Allianz37GermanyLife and non-life134.267.081 139.4995.45
4AXA Group48FranceLife and non-life110.926.83701.2570.07
5China Life Insurance62ChinaLife and health124.434.87754.9555.83
6Cigna68United StatesLife and health182.86.75142.6977.45
7Elevance Health78United StatesHealth160.676.21109.04110.11
8Zurich Insurance Group106SwitzerlandLife and non-life41.894.61352.1270.97
10Munich Re114GermanyLife and non-life79.523.61324.7551.22
11American International Group123United StatesLife and non-life51.426.05463.7739.49
12Generali Group152ItalyLife and non-life91.783.06552.8931.51
13China Pacific Insurance156ChinaLife and non-life68.074.16300.5231.02
14MetLife169United StatesLife and non-life69.531.95674.2741.86
15Tokio Marine Holdings193JapanLife and non-life48.672.42216.9339.82
16ING Group200NetherlandsLife and non-life19.513.861032.943.32
17Humana201United StatesHealth95.643.1254.7866.85
18Travelers222United StatesNon-life37.792.78108.942.11
19Sun Life Financial250CanadaLife31.562.4240.6828.42
20Centene259United StatesHealth146.251.4882.9837.53

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Forbes 2023: Top 20 largest insurance companies in the world (2024)


What is the best insurance company in the world 2023? ›

Being the #1 insurer is just the beginning. Allianz is looking beyond the industry and aspires to compete with the world's most valuable brands. For the fifth year in a row, Allianz has been named the world's number one insurance brand in Interbrand's 2023 Best Global Brands ranking.

What are the world's largest insurance companies? ›

By assets
RankCompanyTotal assets (US$ Billion)
3Prudential Financial940.7
4Ping An Insurance883.9
21 more rows

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.

Who is the most trustworthy insurance company? ›

Best Car Insurance Companies of June 2024
Best car insurance categoryCompany winner
Best insurance company overallTravelers
Best insurance company for affordabilityNJM
Best insurance company for accident forgivenessGeico
Best insurance company for having few customer complaintsAmerican Family
4 more rows
4 days ago

Who is the richest insurance company? ›

World's largest insurance companies by net non-banking assets
RankingInsurance Company Name2022 Net Non-Banking Assets (US $ 000)
1Allianz SE1,050,762,471
2Ping An Ins (Group) Co of China Ltd.960,678,448
3Berkshire Hathaway Inc.948,452,000
4China Life Insurance (Group) Company885,019,438
21 more rows

What is the strongest insurance brand in the world? ›

Life Insurance Corporation of India (LIC) is termed as the strongest insurance brand with a steady brand value of $9.8 billion, a brand strength index score of 88.3, and an associated AAA brand strength rating, notes a report by Brand Finance Insurance 100 2024.

What is the 2nd largest insurance company? ›

  • #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)

Which insurance companies have the best claims? ›

In terms of number of policies settled during 2022-23, Max Life Insurance has the highest claim settlement ratio of 99.51%. With a 99.39% claim settlement ratio, HDFC Life Insurance came second on the list. Aegon Life Insurance bagged the third position with a 99.37% claim settlement ratio.

Which insurance makes the most money? ›

While there are many kinds of insurance (ranging from auto insurance to health insurance), the most lucrative career in the insurance field is for those selling life insurance.

Who is State Farm's biggest competitor? ›

Largest Car Insurance Companies: A Closer Look
  • #1 State Farm: Editor's Choice. ...
  • #2 Geico: Affordable for Most Drivers. ...
  • #3 Progressive: Low Rates for High-Risk Drivers. ...
  • #4 Allstate. ...
  • #5 USAA: Low Rates for Military. ...
  • #6 Liberty Mutual: Good Programs for Young Drivers. ...
  • #7 Farmers Insurance. ...
  • #8 Travelers: Most Coverage Options.
Apr 11, 2024

Who owns Geico and Progressive? ›

Is Geico owned by Progressive? Geico is not owned by Progressive. Berkshire Hathaway owns Geico, while the Progressive Corporation is an independent company. Progressive is the second-largest auto insurance company in the U.S., according to the NAIC.

What is the oldest insurance company in America? ›

1735 The Friendly Society, the first insurance company in the United States, was established in Charleston, South Carolina.

What insurance company has the most complaints? ›

Popular Insurance Companies with the Most Complaints
  • AAA (15.46)
  • Allstate (2.70)
  • USAA (2.27)
  • Liberty Mutual (2.66)
  • Farmers (0.73)
Feb 8, 2023

Which insurance company has the highest customer satisfaction? ›

Read on to learn how the top insurance companies ranked and what affected claims satisfaction in 2024.
  • Amica, AIG, and Erie Insurance top the list for consumer satisfaction with property claims, according to a 2024 study by J.D. Power.
  • Travelers and Homesite are rated at the bottom for customer service during claims.
May 9, 2024

What is the number 1 global insurance brand? ›

Allianz is the #1 insurance brand globally.

What is the most trusted life insurance company in 2023? ›

Northwestern Mutual won the 2023 Bankrate Award for Best Universal Life Insurance Company due to its high financial strength rating, highly-rated customer satisfaction and available financial planning services.

What is the best insurance in the world? ›

The top five international insurance companies are:
  • Cigna Global.
  • GeoBlue Global Medical.
  • International Medical Group.
  • William Russell.
  • Now Health International.

Who is the top five life insurance company? ›

Summary: Best Life Insurance Companies
Our expert takeCompanyForbes Advisor Rating
Best for universal life insurancePenn Mutual4.7
Great for reliable policy illustrationsTransamerica4.7
Best for term life insuranceSymetra4.5
Great for estate planningLincoln Financial4.3
6 more rows
3 days ago

What is the future of the insurance industry in 2023? ›

Rates will continue to go up throughout 2023

There has already been a huge jump in insurance prices from 2022. The average American paid $1,759 for insurance, which was a 15% increase over the previous year. In fact, rates have consistently gone up quarter over quarter and are predicted to continue into 2023.


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