Global top 20 insurers report 6.8% YoY average premium growth in 2024

Written by Adam Cadle

09/07/2025

The global top 20 insurers by premiums earned reported 6.8% YoY average premium growth in 2024, largely fuelled by a higher interest rate environment and significant gains resulting from favourable developments in equity markets, new data published by GlobalData has revealed.

GlobalData said this was further supported by the ongoing digital transformation initiatives, strategic expansion into underpenetrated markets, and effective vertical integration strategies.

Of the top 20, 18 insurers reported YoY growth in premium earned in 2024, with the notable performers being Prudential Financial and Progressive.

Prudential achieved a 40% surge in premium earnings, driven by robust growth in its group disability business, including supplemental health products. Progressive has reported a 20.7% growth in premium earnings, primarily driven by a rise in new personal auto applications.

GlobalData, company profiles analyst, Murthy Grandhi said: “GlobalData anticipates the global insurance sector to encounter a more complex operating environment in 2025. The ongoing geopolitical conflicts, such as the war in Ukraine and rising tensions in the Middle East are likely to escalate political risk exposure and disrupt global reinsurance capacity. Additionally, trade frictions and tariff escalations may adversely affect the global investment sentiment and heighten exposure to supply chain risks, prompting insurers to reassess their risk pricing models.”

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