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According to the Sigma study (No. 3/2024), conducted by the Swiss Re Institute, the premium volume of the global insurance market reached 7 186 billion USD in 2023, an increase of 6.1% over one year.
The United States and China remain the world's largest insurance markets, ranking first and second respectively.
A strong premium growth enabled the United Kingdom to move to the third place, overtaking Japan, which now holds the fourth position.
In its report, Swiss Re forecasts that India, currently ranked 10th, will become one of the fastest-growing insurance markets within the next five years.
Top 20 insurance markets in the world: ranking by turnover 2023
Figures in billions USD
| Rank | Country | Premiums | Evolution 2022-2023 | Market share 2023 | |
|---|---|---|---|---|---|
| 2023 | 2022 | ||||
| 1 | United States | 3 227 | 2 988 | 8% | 44.90% |
| 2 | China | 724 | 698 | 3.70% | 10.10% |
| 3 | United Kingdom | 375 | 337 | 11.30% | 5.20% |
| 4 | Japan | 363 | 361 | 0.60% | 5% |
| 5 | France | 283 | 259 | 9.30% | 3.90% |
| 6 | Germany | 245 | 237 | 3.60% | 3.40% |
| 7 | South Korea | 186 | 192 | -3.20% | 2.60% |
| 8 | Canada | 171 | 166 | 2.80% | 2.40% |
| 9 | Italy | 159 | 155 | 3.20% | 2.20% |
| 10 | India | 136 | 130 | 4.80% | 1.90% |
| 11 | Netherlands | 93 | 84 | 11.10% | 1.30% |
| 12 | Brazil | 84 | 75 | 13.10% | 1.20% |
| 13 | Spain | 83 | 68 | 22.10% | 1.20% |
| 14 | Taiwan | 78 | 86 | -8.90% | 1.10% |
| 15 | Australia | 74 | 72 | 2.60% | 1% |
| 16 | Hong Kong | 66 | 66 | -1.20% | 0.90% |
| 17 | Switzerland | 61 | 57 | 8.30% | 0.90% |
| 18 | Mexico | 45 | 34 | 31.60% | 0.60% |
| 19 | Denmark | 44 | 41 | 7.30% | 0.60% |
| 20 | Sweden | 44 | 46 | -3.30% | 0.60% |
| Total top 20 | 6 541 | 6 152 | 6.40% | 91.00% | |
| Rest of the market | 645 | 621 | 3.40% | 9% | |
| Grand total | 7 186 | 6 773 | 6.10% | 100% | |
Read also | Global insurance market growth by 2028
