When it comes to insurance, it’s not just about having a policy; it’s just as important to know who’s providing that coverage. With the global insurance market estimated to exceed $10 trillion by 2025, dozens of companies are vying for your business.

But among those many choices, a few standouts offer some of the best coverage and customer service. Whether you’re looking for home, auto, life, health, or business insurance (or any combination thereof!), getting to know the biggest and most reputable insurance companies is essential to ensure you’re covered correctly.

In this article, I’ll introduce you to five of the biggest insurance companies, each offering unique benefits and coverage options that fit your needs. So let’s dive right in and get to know who these insurance giants are!

The 5 Biggest Insurance Companies

An insurance company is a business that provides coverage to policyholders in exchange for premiums. Insurance companies cover losses, settle claims, and provide policyholders with customer service and support.

The five biggest insurance companies worldwide have a combined market capitalization of almost $1 trillion. This includes well-known brands such as Allianz, AXA, Ping An Insurance (Group) Co., Berkshire Hathaway, and MetLife. They cover all types of insurance products ranging from life and health to property and casualty.

When it comes to shopping for insurance, these five companies have the capacity to provide competitive quotes and robust coverage. They are also generally highly rated by independent rating agencies for their financial strength and stability.

Let’s take a quick look at the 5 biggest insurance companies in terms of Revenue as of 2023:

Berkshire Hathaway (BRK.B)

Berkshire Hathaway (BRK.B) is one of the biggest and most established insurance companies in the United States. Founded in 1839 in New Bedford, Massachusetts, United States, it is a publicly traded holding company that focuses on insurance and investments. Through its subsidiaries, Berkshire Hathaway offers a wide range of insurance services, such as automobile and homeowners policies, life, property, and casualty coverage, as well as annuity products, consumer loans, and other financial services.

• Revenue: $253.9 billion
• Net Income: -$1.3 billion
• Market Cap: $663.6 billion
• 1-Year Trailing Total Return: 4.3%
• Exchange: New York Stock Exchange

The company offers great value to its customers who are looking for truly tailored coverage options, an effective investment strategy, and competitive prices.

Ping An Insurance (Group) Co. of China Ltd. (PNGAY)

You may not know that Ping An Insurance (Group) Co. of China Ltd. (PNGAY) is one of China’s largest insurance companies. The company was founded in 1988; it was one of the first financial companies to introduce multiple products, such as life insurance, banking, asset management, and other financial services.

• Revenue: $156.2 billion
• Net Income: $14.7 billion
• Market Cap: $114.8 billion
• 1-Year Trailing Total Return: -7.5%
• Exchange: OTC Markets

Ping An Insurance has come a long way since its inception over thirty years ago; Its subsidiaries include Ping An Life, Ping An Annuity, Ping An Property & Casualty, and Ping An Health. It now has more than 180 million customers across Asia, Europe, and North America!

Allianz SE (ALIZY)

Allianz SE, or ALIZEY, is one of the biggest insurance companies in the world. It was founded in 1890 and has grown to become an international leader in the insurance and asset management sector. While they offer traditional products like life and health insurance, as well as liability and property protection, they also have more innovative services such as investment solutions, Rick management solutions, and corporate responsibility services.

• Revenue: $137.4 billion
• Net Income: $7.8 billion
• Market Cap: $85.3 billion
• 1-Year Trailing Total Return: -1.85%
• Exchange: OTC Markets

No matter what services you’re interested in exploring, Allianz SE has something for everyone!

AXA SA (AXAHY)

AXA SA (AXAHY) is one of the biggest insurance companies in the world, and its history dates back more than 200 years. The company started out in 1816 as Mutuelle de l’Assurance contre l’Incendie and has since transformed into a global insurer whose services include life, property, liability, and financial protection.

• Revenue: $107.6 billion
• Net Income: $8.2 billion
• Market Cap: $64.6 billion
• 1-Year Trailing Total Return: 5.8%
• Exchange: OTC Markets

They also offer products tailored to businesses, such as corporate liability insurance and specialized financial advice.

MetLife Inc (MET)

MetLife, Inc (MET) is one of the biggest insurance companies in the world. It’s been around since 1868, so they’ve certainly made a name for themselves over the past century and a half.

MET has grown to be an international company offering its services in 30 different countries around the world. They provide insurance products and services mainly dealing with life insurance and annuity products, but they also offer group benefits that include disability, dental, vision, accident, and medical coverage. They also have a variety of retirement options for individuals as well as employer-sponsored programs.

• Revenue: $71.6 billion
• Net Income: $2.4 billion
• Market Cap: $56.3 billion
• 1-Year Trailing Total Return: 26.2%
• Exchange: New York Stock Exchange

MET is one of the few insurance companies that also offers asset management services such as mutual funds and real estate investments. This way, customers can make sure their investments are growing safely and securely as part of a larger portfolio managed by MET.

Conclusion

All in all, when it comes to the business of insurance, there are definitely many choices out there. The five biggest insurance companies offer a range of services and products, so it’s important to take the time to shop around and find what works best for you.

Doing some research and getting quotes from different providers is a great place to start, so you can make sure you’re getting the best deal with the best coverage. It’s not just about the bottom line, however, as you want to make sure you’re getting quality customer service and reliable coverage, too.

These five top companies provide a wide range of options, so you can rest assured that you’re getting the best insurance policy possible, no matter what your needs may be.