Publicly listed insurance companies around the world maintained their growth trajectory in 2023, according to GlobalData.

This growth was driven by increased awareness of insurance products and economic recovery across global markets. Average premiums earned by the top 20 global insurers increased by 6.2%, while total revenues increased by 7.8%.

Insurance companies dominate the market in 2023

Of the top 20 insurers, 16 reported year-over-year premium growth for 2023. Progressive Corporation (Progressive), UnitedHealth Group (UnitedHealth), and Humana led the way.

“Insurance companies have thrived on a confluence of strong economic headwinds, increased risk awareness and record high savings supported by buoyant markets,” said Murthy Grande, corporate profile analyst at GlobalData.

Progressive Corporation Premium Growth in 2023

GlobalData revealed that Progressive saw a 19.1% increase in premium earnings, largely due to its large share of the U.S. private passenger auto insurance market.

The company’s use of digital platforms and telecommunications has enhanced customer engagement and operational efficiency, driving market expansion.

UnitedHealth Group Premium Growth in 2023

UnitedHealth saw premiums increase within its UnitedHealthcare division, driven by strong performance in its employee and individual business, which serves more than 27 million individuals with access to medical services.

Humana Premium Growth in 2023

Humana’s strategic focus on Medicare Advantage plans led to a 13.9% increase in premiums, to $105.3 billion in fiscal 2023.

Investments in digital health solutions and strategic partnerships have further fueled its growth trajectory, making it a major player in the health insurance sector.

Underperforming Companies in the Global Insurance Market in 2023

MetLife reported an 8.5% decline in earned premiums, primarily due to a significant decline in its Retirement and Income Solutions business, following a significant pension risk transfer transaction in 2022.

Life Insurance Corp. of India saw a 1.9% decline in premiums to $59.5 billion, weighed down by economic challenges in India and increased competition from private insurers.

Grandi noted that the global insurance sector faces a rapidly evolving landscape characterised by geopolitical fragmentation, economic volatility and the accelerating impacts of climate change.

“The increasing frequency and severity of natural disasters highlights the growing risks and challenges associated with maintaining insurability. To remain relevant, insurers must expand their value propositions by offering comprehensive solutions to mitigate and avoid risks. The adoption of AI and other emerging technologies will be essential to enhance efficiency and improve customer satisfaction,” he added.