Largest Insurance Company in the World, Top-10 List

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Berkshire Hathaway Inc., with a market capitalization of $663.6 billion, is the esteemed world’s largest insurance company. Let’s examine the names of the top 10 most significant companies in this industry.

Insurance protects individuals, businesses, and assets from unexpected risks and uncertainties. In the ever-changing global economy, insurance firms are actively broadening their horizons and impact, offering a diverse range of products and services to cater to the dynamic needs of the market. This article will guide you through the world’s top 10 largest insurance companies, considering factors such as total assets, market capitalization, and global presence.

Also Read: Top 10 Best Banks in India: Discover the Leading Financial Institutions!

What is an Insurance Company?

An insurance company is a financial institution providing diverse insurance policies to individuals and businesses. In return, clients make premium payments. These policies safeguard against financial setbacks from unexpected events like accidents, illnesses, natural disasters, or death. Insurance companies evaluate risks, accumulate premiums, and reimburse policyholders for losses covered under the insurance contract terms.

World’s Largest Insurance Company 2024

Berkshire Hathaway Inc., holding an impressive market capitalization of $663.6 billion, emerges as the leading global insurance giant in 2024.

Boasting a substantial revenue of $253.9 billion, Berkshire Hathaway’s extensive portfolio spans primary insurance and reinsurance for property and casualty risks.

The company’s dominance in the insurance sector is fortified by its subsidiaries like GEICO, General Re, and National Indemnity Company.

Beyond insurance, Berkshire Hathaway extends its influence through strategic investments in diverse sectors, including rail transportation, utilities, manufacturing, services, and retailing.

Top-10 Largest Insurance Companies in the World By 2024

Berkshire Hathaway Inc., with a commanding market capitalization of $663.6 billion, proudly holds the distinction of being the world’s largest insurance company. Following closely are Ping An Insurance (Group) Co. of China Ltd. and Allianz SE in this prestigious ranking.

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

Biggest Insurance Companies in the World 2024
RankInsurance CompanyHeadquartersTickerRevenueMarket Capitalization
1.Berkshire Hathaway Omaha, Nebraska
, United States
BRK.B$253,9 B$663.6 B
2.Ping An Insurance (Group) Co. of China Ltd.Shenzhen
, China
PNGAY$156.2 B$114.8 B
3.Allianz SEMunich, GermanyALIZY$137.4 B$85.3 B
4.AXA SAMatignon, FranceAXAHY$107.6 B$64.6 B
5.MetLife Inc.New York City, New York, U.S.MET$71.6 B$56.3 B
6.Prudential PLCLondon, England, UKPUK$63.5 B$36.2 B
7.American International Group Inc.New York City, New York, U.S.AIG$59 B$46.7 B
8.Allstate Corp.Northbrook, Illinois, U.S.ALL$52.6 B$35.5 B
9.Progressive Corp.Mayfield Village, Ohio, U.SPGR$47.7 B$74.4 B
10.Chubb Ltd.Zürich
, Switzerland
CB$42.1 B$89.1 B

World’s Biggest Insurance Company – Berkshire Hathaway

  • Ticker: BRK.B
  • Revenue: $253.9 billion
  • Net Income: -$1.3 billion
  • Market Capitalization: $663.6 billion
World’s Biggest Insurance Company – Berkshire Hathaway
  • Situated on the New York Stock Exchange, Berkshire Hathaway proudly holds the title of world’s largest insurance company, with a substantial revenue of $253.9 billion.
  • Despite a net income of -$1.3 billion, the company showcases an impressive market capitalization of $663.6 billion.
  • Recognized for its diverse holdings, Berkshire is a key player in providing primary and reinsurance services spanning various sectors, such as rail transportation, utilities, energy, manufacturing, and retailing, facilitated by subsidiaries like GEICO and General Re.

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

  • Ticker: PNGAY
  • Revenue: $156.2 billion
  • Net Income: $14.7 billion
  • Country: China
  • Market Capitalization: $114.8 billion
Second Largest Insurance Company in the World – Ping An Insurance (Group) Co. of China
  • Taking the prestigious position as the world’s second-largest insurance company, Ping An Insurance (Group) Co. of China Ltd. is listed on the OTC Markets.
  • With a noteworthy revenue of $156.2 billion and a robust net income of $14.7 billion, it proudly holds a market capitalization of $114.8 billion.
  • Established in 1988, Ping An stands as China’s pioneering joint-stock insurance company, delivering a comprehensive range of insurance, financial, and banking services through subsidiaries such as Ping An Life and Ping An Property & Casualty.

Third Biggest Insurance Company in the World – Allianz SE

  • Ticker: ALIZY
  • Revenue: $137.4 billion
  • Net Income: $7.8 billion
  • Market Capitalization: $85.3 billion
Third Biggest Insurance Company in the World – Allianz
  • Securing its place as the world’s third-largest insurance company, Allianz SE, listed on the OTC Markets, discloses a substantial revenue of $137.4 billion and a commendable net income of $7.8 billion, boasting a market capitalization of $85.3 billion.
  • Headquartered in Germany, Allianz is a globally recognized financial services provider. It offers various insurance products, including property and casualty policies, health, and life insurance for corporate and individual clients. Additionally, Allianz demonstrates expertise in asset management.

Frequently Asked Questions (FAQs)

Q1. Which is the largest insurance company in the world?

The largest insurance company in the world is Berkshire Hathaway Inc., with a market capitalization of $663.6 billion.

Q2. Which is the largest insurance company in India?

The largest insurance company in India is the Life Insurance Corporation of India (LIC), with a market capitalization of Rs. 5,40,660.80 crore.

Q3. Which is the second largest insurance company in the world?

The second-largest insurance company globally is Ping An Insurance (Group) Co. of China Ltd., listed on the OTC Markets.

Q4. What are the top-5 largest insurance companies in the world?

The top 5 largest insurance companies in the world are:

1. Berkshire Hathaway Inc.
2. Ping An Insurance (Group) Co. of China Ltd.
3. Allianz SE
4. AXA SA
5. MetLife Inc.

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