April 11, 2025 – Global — The world’s leading insurers reported significant market capitalization gains in the first quarter of 2025, with the combined value of the top 25 companies rising 17% year-on-year to reach $3.5 trillion, according to data from GlobalData.
PICC Property and Casualty, China’s leading insurer, topped the list with a remarkable 40.5% increase in market value, fueled by strong performance in 2024. The company’s growth was driven by improved results in both motor and non-motor vehicle insurance sectors, along with greater operational efficiency through technology-driven cost controls. As of March 2025, PICC held a dominant 38.8% share of China’s household motor vehicle insurance market.
European insurer Assicurazioni Generali also saw a strong performance, with its valuation rising by 39.5% to $55.1 billion by the end of Q1. In the United States, Berkshire Hathaway reported a 25.7% increase in market value, thanks to solid returns from its energy and infrastructure investments.
On the other hand, Elevance Health and The Cigna Group experienced declines, with their market values dropping 18.6% and 17.0%, respectively. These decreases were attributed to reduced enrollment, higher medical loss ratios, and increased regulatory scrutiny.
Meanwhile, India’s Life Insurance Corporation of India (LIC) faced a 15.4% drop, reflecting weak policy growth, poor equity market performance in India, and limited foreign investment.
Looking ahead, GlobalData’s analyst Murthy Grandhi noted that the potential pause in US Federal Reserve rate hikes could help stabilize yields, providing support for life insurers’ investment portfolios. However, trade tensions between the US and China may negatively impact global trade insurance demand. Additionally, inflation and monetary tightening in Europe and Asia could put pressure on insurers’ margins, though efforts to adjust pricing could support premium growth.
There is also an anticipated increase in demand for specialty insurance lines, particularly those related to climate and cyber risks.
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