Private P&C grew at 9.2%, higher than commercial for first time in years: Insuramore

According to Insuramore analysis, the value of the global market for property and casualty (P&C) insurance rose by 8.6% in 2023, before adjusting for inflation with private P&C lines at 9.2% outgrowing commercial P&C lines with 8.0% for the first time in several years

Insuramore’s global rankings disclosed that the top ten P&C (non-life) insurer groups accounted for 26.2% of total P&C gross direct premiums written worldwide in 2023, a slight increase from 2022’s 25.9%.

In descending order, the top ten were State Farm, Allianz, Progressive, Berkshire Hathaway Insurance, and PICC, followed by Allstate, Liberty Mutual, AXA, Chubb and Zurich.

Together their combined GDPW was around $595.5 billion within a worldwide market for P&C lines worth around $2.275 trillion in 2023.

Insuramore further reveals that Allianz was the only group to rank in the global top five by both commercial and private P&C (non-life) GDPW among the top 300 groups by total P&C GDPW, while Convex Group advanced most rapidly with a compound annual growth rate of well over 100%.

Allianz was ranked first by GDPW for commercial lines and fifth for private lines, it was joined in the top five in the former segment, namely Chubb, Zurich, AXA and PICC. In the latter category, the insurer was joined by four US-based groups, namely State Farm, Progressive, Allstate and Berkshire Hathaway Insurance.

Now, excluding groups based in Argentina and Turkey, countries that have experienced hyperinflation, Citizens Property Insurance Corporation, Fidelis Insurance Holdings, R&Q and Trisura showed a compound annual growth rate of more than 50%.

Segment-wise, 81.7% of GDPW globally was driven by private P&C insurance and commercial P&C made up 84.9%. Despite private P&C insurance being composed primarily of personal auto (motor) and home insurance, the market for commercial P&C business is more fragmented across multiple diverse lines.

On the other hand, despite the generally strong progress made by worldwide P&C insurance markets between 2019 and 2023, as many as 22 of the top 300 groups experienced a decline in their total P&C GDPW even without adjusting for inflation.

It is of note that Lloyd’s of London had GDPW for commercial P&C insurance of over $41.7 billion in 2023.

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