In 2020, life insurance premiums written in the United States were valued at 632.7 billion U.S. dollars. Non-life insurance premiums written in the U.S. amounted to 1.9 trillion U.S. dollars in that year, however unlike most countries this amount includes basic health cover, meaning the U.S. is over 1.5 trillion U.S. dollars higher than second-placed China, who recorded non-life insurance premiums of 308.3 billion U.S. dollars.
Berkshire Hathaway is the largest global insurer
Berkshire Hathaway, which is owned by Warren Buffett and headquartered in the US state of Nebraska, was the largest insurer worldwide in terms of revenue in 2020. However, the next largest insurer was Ping An Insurance, which is based in the rapidly growing Chinese city of Shenzhen.
Berkshire Hathaway vs Ping An Insurance
The revenues of both insurers have been steadily growing over the past decade. However, the growth of Ping An Insurance has been more rapid for Ping An than for Berkshire Hathaway, which may indicate that the former will some day catch up with the latter.
Leading life and non-life direct premium writing countries globally in 2020, by premiums
(in billion U.S. dollars)
United States: Nonlife premiums include private medical insurance and state funds; life premiums include an estimate of group pension business; Life premiums are estimated.
Japan: Estimated or provisional; April 1, 2020 to March 31, 2021.
United Kingdom: Estimated or provisional.
France: Estimated or provisional.
Germany: Estimated or provisional.
Italy: Estimated or provisional.
South Korea: Estimated or provisional; April 1, 2020 to March 31, 2021.
Canada: Estimated or provisional; Life premiums are net premiums.
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Insurance Information Institute. (September 16, 2021). Leading life and non-life direct premium writing countries globally in 2020, by premiums (in billion U.S. dollars) [Graph]. In Statista. Retrieved July 02, 2022, from https://www.statista.com/statistics/217257/leading-countries-by-life-and-nonlife-premiums-written/
Insurance Information Institute. "Leading life and non-life direct premium writing countries globally in 2020, by premiums (in billion U.S. dollars)." Chart. September 16, 2021. Statista. Accessed July 02, 2022. https://www.statista.com/statistics/217257/leading-countries-by-life-and-nonlife-premiums-written/
Insurance Information Institute. (2021). Leading life and non-life direct premium writing countries globally in 2020, by premiums (in billion U.S. dollars). Statista. Statista Inc.. Accessed: July 02, 2022. https://www.statista.com/statistics/217257/leading-countries-by-life-and-nonlife-premiums-written/
Insurance Information Institute. "Leading Life and Non-life Direct Premium Writing Countries Globally in 2020, by Premiums (in Billion U.S. Dollars)." Statista, Statista Inc., 16 Sep 2021, https://www.statista.com/statistics/217257/leading-countries-by-life-and-nonlife-premiums-written/
Insurance Information Institute, Leading life and non-life direct premium writing countries globally in 2020, by premiums (in billion U.S. dollars) Statista, https://www.statista.com/statistics/217257/leading-countries-by-life-and-nonlife-premiums-written/ (last visited July 02, 2022)