Top 25 global insurers’ market value up 8.3% QoQ in Q1 2024

Written by Adam Cadle

22/04/2024

The aggregate market capitalisation (MCap) of the top 25 global insurers grew 8.3% to $3.02trn on a quarter-on-quarter (QoQ) basis during Q1 ended on 32 March 2024, GlobalData has revealed.

Progressive Corp registered a 29.9% growth in market value during Q1 2024, and Allstate Corp recorded an 11.1% year-over-year increase in total revenue for the fiscal year ending 31 December 2023, reaching $57.1bn.

Furthermore, Berkshire Hathaway witnessed a 17% increase in MCap attributed to its positive performance for the fiscal year ended 31 December 2023.

One of the top insurers to lose market value during Q1 2024 was AIA Group, which saw its market value eroding by 23.7%. This was primarily due to actions against it by the Insurance Authority and the Independent Commission Against Corruption addressing issues of non-compliance and corruption.

Murthy Grandhi, company profiles analyst at GlobalData, commented: “The insurance sector is poised for substantial changes in 2024, propelled by fluctuating reinsurance expenses and the escalating threat of cyber risks, fuelled by rapid technological progress such as generative artificial intelligence. Industries worldwide are growing reliant on IT, IoT, operational technology, and digital services such as cloud computing, all integral components of numerous risk owners' supply chains. Nevertheless, unforeseen challenges such as natural disasters, regulatory shifts, and continuing stand-off in and around Red Sea may keep insurers on their toes. Insurers capable of adapting, diversifying, and effectively managing risks stand to capitalise on potential growth opportunities amidst these evolving dynamics.”

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