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Global motor insurance premiums reached approximately US$922.5 billion in 2023, according to a newly published ranking by Insuramore.

The ranking also highlights that State Farm has regained its position as the largest global underwriting group for motor insurance, surpassing Progressive, which held the top spot since 2021. Among the top five, other major players include Berkshire Hathaway Insurance, PICC, and Allstate.

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Nearly half of the top 200 insurance groups saw significant growth, with 96 achieving annual increases of over 10% in gross direct premiums written (GDPW). Only 20 companies experienced a decline. Rate increases to offset claims inflation were a key driver of this growth, but certain firms, such as Digit Insurance (India), Haven Insurance (UK), IDI (Israel), Incline P&C (US), and Tawuniya (Saudi Arabia), benefited from unique distribution strategies.

Insuramore estimates that global GDPW growth for motor insurance in 2023 was slightly over 9%, although this varied by region. Chinese groups in the top 200 saw an average increase of 5.3%, while French insurers posted a 4.1% rise. In contrast, Indian and US-based groups recorded stronger growth, both reaching 12.3%.

Tesla, VW

Looking ahead, the global motor insurance market faces uncertainty as competition intensifies. One development to watch is the potential market share expansion of insurers owned by automotive manufacturers. In 2023, Tesla’s US-based underwriters surpassed USD 100 million in GDPW, while Volkswagen’s joint venture with Allianz in Germany, Volkswagen Autoversicherung, exceeded USD 300 million in premiums.

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