China's PICC and Ping An rank among the top 10 biggest non-life insurance groups in the world in terms of P&C gross direct premiums written, according to data compiled by Insuramore, a provider of marketing services and related consultancy with a primary focus on the insurance sector.
Insuramore’s global rankings show that the top 10 non-life insurance groups accounted for 25.3% of total P&C gross direct premiums written worldwide in 2020 (down marginally from 25.5% in 2019).
In descending order, the leading five in the world were State Farm, PICC, Allianz, AXA and Berkshire Hathaway Insurance, and these were followed from sixth to tenth position by Ping An, Liberty Mutual, Progressive, Allstate and Tokio Marine. In total, their combined gross direct premiums written came to around $480.8bn within a worldwide market for P&C lines worth in the region of $1.9tn in 2020.
In respect of the split between commercial and private P&C lines, only one insurer group – PICC – was ranked among the top five insurer groups globally for both activities in 2020. Ranked second by gross direct premiums written for commercial lines and fifth for private lines, it was joined in the top five in the former segment by AXA (the sector leader) plus AIG, Allianz and Chubb, and in the latter, in descending order, by four US-based groups, namely State Farm, Allstate, Progressive and Berkshire Hathaway Insurance.
P&C insurance is defined by Insuramore as property and casualty (non-life) insurance acquired by any type of customer including accident insurance but not health insurance.
Commercial P&C insurance is that acquired by business enterprises (including the self-employed), the public sector and not-for-profit entities comprising commercial auto (motor), liability (e.g. D&O, professional) and property insurance plus other commercial lines cover including (but not limited to) business interruption, commercial cyber, group accident (but not health), legal protection, MAT (marine, aviation and transport), surety, trade credit and workers' compensation insurance.
Private P&C insurance is that acquired by private individuals comprising auto (motor) and home insurance plus other personal lines cover including (but not limited to) boat / yacht, extended service contract / warranty, legal protection, personal accident (but not health), pet, private cyber / liability, travel and unemployment insurance.