The aggregate market capitalisation (MCap) of the top 25 global insurers grew 17% to $3.5tn y-o-y during the first quarter (1Q2025) ended on 31 March 2025. Most of the stocks recorded a sharp growth in 1Q2025, benefiting from the higher premium pricing amid inflationary trends, improved investment income driven by elevated interest rates and favourable underwriting performance due to fewer large-scale catastrophic events in the period, according to research company GlobalData.
GlobalData company profiles analyst Murthy Grandhi said, “The global insurance industry showed signs of recovery in early 2024, with property and casualty insurers implementing premium increases to counter inflation and rising natural disaster claims, while life insurers continued adapting to shifting interest rate environments. The sector accelerated digital transformation efforts through AI and automation investments, expanded parametric insurance offerings for climate risks and focused on customer experience improvements.”
PICC Property and Casualty
PICC P&C, the largest non-life insurance company in mainland China, shares registered 40.5% growth in market value during the period, driven by strong FY2024 results on the back of strategic optimisation of its motor vehicle insurance business structure with 38.8% market share in household motor vehicle insurance, coupled with accelerated growth in non-motor vehicle insurance segments and enhanced operational efficiency through technology-enabled expense management.
Assicurazioni Generali
Generali’s 2024 results exceeded financial targets and completed the ‘Lifetime Partner 24’ strategic plan through consistent organic growth and successful business integrations, positioning the company to pursue its new ‘Lifetime Partner 27’ plan focusing on earnings growth, cash generation and increased shareholder returns while leveraging AI capabilities to address evolving customer needs. Consequently, the company’s market valuation also rose by 39.5%, reaching $55.1bn by the end of 1Q2025.
Mr Grandhi added, “Berkshire Hathaway witnessed a 25.7% increase in market value attributed to its strong investment portfolio performance, particularly in energy and infrastructure assets, and resilient insurance underwriting results across GEICO and Berkshire Hathaway Reinsurance Group. Furthermore, strategic investment decisions by Warren Buffett and investor confidence in the company’s substantial cash reserves perpetuated the stock’s upward trajectory, affirming Berkshire Hathaway’s status as a coveted asset.”
Elevance Health and The Cigna Group saw sharp y-o-y declines of -18.6% and -17.0%, respectively. This downturn was largely influenced by declining enrolment in individual and group health plans, elevated medical loss ratios and ongoing antitrust scrutiny affecting sentiment. Life Insurance Corporation of India (LIC) also fell 15.4% due to underwhelming policy growth, weak equity market returns in India and limited foreign institutional investment.
Mr Grandhi concludes: “Looking ahead to 2Q2025, the global insurance industry faces a nuanced outlook. The US Federal Reserve has signalled a potential pause in interest rate hikes, which could stabilise fixed-income yields and benefit life insurers’ investment portfolios. However, geopolitical developments—such as recent tariff escalations between the US and China—may pressure global trade insurance demand and raise claims risk, particularly in marine and credit insurance lines.
“Moreover, inflationary pressures in Europe and selective tightening in Asian economies could compress margins, though they also prompt upward repricing, supporting premium growth. On the positive side, increased awareness of climate and cyber risks are expected to drive further growth in specialty insurance lines.” M