How many insurers ranked in the billionaires list?
![How many insurers ranked in the billionaires list?](https://www.insurancenewsmag.com/wp-content/uploads/2023/10/How-many-insurers-ranked-in-the-billionaires-list.jpg)
How many insurers ranked in the billionaires list? | Insurance Business New Zealand
Insurance News
How many insurers ranked in the billionaires list?
More than 30 newcomers also welcomed following robust results in 2022
Insurance News
By
Kenneth Araullo
Updated rankings from Insuramore revealed the “insurer billionaires” of 2022, highlighting the companies and groups that exceeded $1 billion in gross direct premiums across life/annuity, health, and property-casualty business combined.
In total, 638 insurer groups worldwide reached this milestone in 2022, showcasing the extensive reach and financial strength of these entities. When breaking down the numbers by segment, there were 304 insurance billionaires for life/annuity business, 220 for health insurance, and 275 for P&C insurance.
Specifically, within the P&C insurance segment, the numbers were further divided: 158 insurer groups surpassed $1 billion in gross direct premiums for commercial P&C lines, 153 for private P&C lines, 119 for motor insurance, and 48 for home insurance. Insuramore also noted that these numbers add up to more than 638 due to some groups achieving this threshold in multiple segments. Additionally, considering reinsurance, the count of insurer billionaires in 2022 increases to 658.
Newcomers to the billionaire club
Across the sector, 32 groups joined the ranks of insurer billionaires during 2022, having crossed the $1 billion threshold in gross direct activity, notable growth compared to 2021. These included:
Fast-growing commercial P&C insurers such as Atrium Underwriting Group, Kinsale Capital Group, and Skyward Specialty
Reinsurers expanding rapidly into direct business like RenaissanceRe and SiriusPoint
Insurer groups based in countries with strong underlying market growth such as Seguros Bolívar, State Life Insurance Corporation of Pakistan, and Wafa Assurance
The report also highlighted the dominance of UnitedHealth Group in 2022 as the world’s largest insurer group, with gross direct premiums around 80% more than Allianz, the second-ranked group by this measure. However, these were the only two groups with a market share of total worldwide insurance activity exceeding 2%.
Considering the global insurance market was worth approximately $7 trillion in gross direct business in 2022, the concentration of activity was also evident. The top 20 insurer groups accounted for 28.3% of this activity, the top 100 for 60.6%, and the top 500 for 90% of it.
For newer insurer groups, especially those in the realm of insurtech innovation, Insuramore observed that there is still a long journey ahead before joining the ranks of insurer billionaires. However, one noteworthy exception is the US-based Oscar Health, rapidly climbing the ranks despite being in the red as of mid-2023, showcasing promising growth and potential.
What are your thoughts on this story? Please feel free to share your comments below.
Related Stories
Keep up with the latest news and events
Join our mailing list, it’s free!