The Asia-Pacific region is home to nearly a fifth of the world’s top insurers, holding a substantial share of the global insurance market, according to data from Insuramore covering the period from 2019 to 2023.
The report reveals that the top 300 insurance groups globally represented 85.8% of the total gross direct premiums written (GDPW) in property and casualty (P&C) insurance. Of these top insurers, 18.7% are based in the Asia-Pacific and Australasia regions, highlighting the significant role these markets play in the global insurance landscape.
Among the leading insurers, the People’s Insurance Company of China (PICC) stands out as the only Asia-based company to make it into Insuramore’s top 10. Ranked fifth globally, PICC posted a compound annual growth rate (CAGR) of 4.1% between 2019 and 2023, holding a 2.70% share of the global market.
Insuramore’s analysis also factors in insurer groups that follow fiscal years ending outside the standard December period, including Japanese firms, whose financial year concludes in March 2024. This inclusion ensures a comprehensive representation of the industry’s global performance.
This data underscores the growing influence of the Asia-Pacific region in the insurance sector and the pivotal role it continues to play in shaping the global market.
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