In this article, we will take a look at the 15 best property and casualty insurance companies heading into 2024. If you want to skip our detailed analysis, you can go directly to the 5 Best Property and Casualty Insurance Companies Heading into 2024.
The Global Property and Casualty Insurance Industry: A Market Analysis
According to a report by Global Market Insights, the global property and casualty insurance market was worth $1.8 trillion in 2022. The market is expected to grow at a CAGR of 5.5% over the forecasted period and reach $3.02 trillion by 2032. The market growth can be attributed to the increased GDP contribution, resulting in higher assets, property, and commercial activities. The rise in GDP leads to an increased demand for property and casualty insurance products including property, liability, and business interruption coverage. Growing urbanization is another key factor fueling the growth of the market. The demand for property and casualty insurance coverage is expected to increase due to a surge in people migrating to cities. The expansion of urban infrastructure can lead to risks such as higher traffic congestion, property thefts, and natural disasters, thereby increasing the demand for property and casualty insurance.
One of the major trends in the market is data analytics to enhance underwriting, claims processing, and risk assessment. AI-assisted and advanced analytics models provide insights into customer behaviors and risk factors. This can help companies innovate and adapt to develop tailored insurance products for their customers as per their needs. Usage-Based Insurance (UBI) is another significant trend in the market, particularly in the auto insurance sector. It offers customized insurance rates ensuring a safer driving experience and reduced premiums for low-mileage drivers. The rise in property ownership, urbanization, and climate disasters are driving the growth in the market.
Within the distribution channel, the agency segment led the market with a share of 38% in 2022, driven by the increased investment by insurers in technology to support agents. Regionally, the market was dominated by North America in 2022, accounting for a revenue share of over 30%. The high urbanization rates along with a focus on risk management are driving the growth in the region.
Key Players in the Market
Some of the key players in the global property and casualty market include The Travelers Companies, Inc. (NYSE:TRV), Tokio Marine Holdings, Inc. (OTC:TKOMY), and The Allstate Corporation (NYSE:ALL).
The Travelers Companies, Inc. (NYSE:TRV) is a leading American insurance company. On November 3, the company announced the acquisition of Corvus Insurance, a top cyber insurance provider. This transaction will allow The Travelers Companies, Inc. (NYSE:TRV) to expand its cyber insurance capabilities, providing access to top-notch technology, expertise, and an advanced cyber insurance space. The acquisition was closed at $435 million. Talking about the acquisition, Alan Schnitzer, Chairman and CEO of The Travelers Companies, Inc. (NYSE:TRV), said:
“We continue to make thoughtful investments in strategic capabilities that advance our innovation agenda. This transaction accelerates our access to cutting-edge cyber capabilities that were on our strategic roadmap, including sophisticated underwriting algorithms, advanced cyber vulnerability scanning, and digital connectivity to customers and distribution partners.”
Tokio Marine Holdings, Inc. (OTC:TKOMY) is a leading property and casualty insurance company in Japan. On November 20, the company announced the launch of its new subsidiary, Tokio Marine Smart Mobility. The new company will be responsible for providing innovative solutions to the transportation and logistics industry. The new subsidiary will help businesses improve their efficiency and productivity by adapting to new technologies and regulations.
Earlier, on November 10, Tokio Marine Holdings, Inc. (OTC:TKOMY) announced another addition to the company’s business portfolio, Tokio Marine Resilience. The new company will focus on the prevention and mitigation of disasters. The company’s services include coverage throughout the entire disaster prevention and mitigation cycle, from assessment and preparedness to evacuation and recovery/reconstruction. This addition to the group’s portfolio is a testament to its effort in building a resilient society.
The Allstate Corporation (NYSE:ALL) is a leading insurance company in the US, specializing in P&C insurance. On November 6, the company announced that it had revamped its mobile application. The updated app is equipped with a variety of valuable features. The app enables users to find the cheapest gas in their area with the help of a GasBuddy-powered gas finder. Moreover, the app utilizes a Risk Factor-powered weather risk resource to help the users understand their home’s climate. Another feature in the updated app, the Good Hands Repair Network-powered trusted repair shop finder, allows users to find reputable auto body shops. Moreover, the app also features Drivewise and crash detection services, Allstate Roadside Services, and Allstate Identity Protection services. With the help of the Allstate mobile app, users can file claims and check their policies and discounts. The app is available on both the Apple App Store and Google Play Store.
15 Best Property and Casualty Insurance Companies Heading into 2024
Methodology
To rank the 15 best property & casualty insurance companies heading into 2024, we screened the companies listed under the property & casualty insurance industry using stock screeners from Finviz and Yahoo Finance. Then, we sourced the market cap of each company from Yahoo Finance. Finally, we ranked the 15 biggest property & casualty insurance companies in ascending order of their market cap, as of December 12.
15 Best Property and Casualty Insurance Companies Heading into 2024
15. Admiral Group plc (OTC:AMIGF)
Market Cap as of December 12: $10.75 billion
Admiral Group plc (OTC:AMIGY) is a top British multinational insurance services company, headquartered in Cardiff, Wales. The company offers a variety of insurance products including Admiral Money, Diamond, bell, Connect, and Gladiator. It offers commercial property and casualty insurance to businesses. As of December 12, Admiral Group plc (OTC:AMIGY) has a market cap of $10.75 billion.
14. CNA Financial Corporation (NYSE:CNA)
Market Cap as of December 12: $11.29 billion
CNA Financial Corporation (NYSE:CNA) is a leading financial services company, offering insurance services. The company’s primary casualty insurance covers automobiles, physical damage, worker compensation, and general liability. The company also offers commercial property insurance plans including Shared and Layered Placement and Monoline Placement. CNA Connect, CNA Paramount, and CNA Signature are some of the top insurance products of the company. As of December 12, CNA Financial Corporation (NYSE:CNA) boasts a market cap of $11.29 billion. It is ranked 14th on our list.
13. Loews Corporation (NYSE:L)
Market Cap as of December 12: $15.56 billion
Loews Corporation (NYSE:L) is a top investment management and insurance company, headquartered in New York. It offers a variety of insurance products and services across various segments including commercial property and casualty insurance, business insurance, equipment insurance, and workers’ compensation insurance among others. Loews Corporation (NYSE:L) is ranked among the best property and casualty companies and is valued at $15.56 billion, as of December 12.
12. Cincinnati Financial Corporation (NASDAQ:CINF)
Market Cap as of December 12: $16.30 billion
Cincinnati Financial Corporation (NASDAQ:CINF) is one of the best insurance companies, specializing in property casualty insurance, life insurance, and excess and surplus. The company offers flexible and affordable property and casualty insurance plans. Cincinnati Financial Corporation (NASDAQ:CINF) is ranked 12th on our list, reporting a market cap of $16.30 billion as of December 12.
11. Sompo Holdings, Inc. (OTC:SMPNY)
Market Cap as of December 12: $16.45 billion
Sompo Holdings, Inc. (OTC:SMPNY) is ranked 11th on our list of the best property and casualty insurance companies. It offers products and services across multiple business portfolios including domestic P&C insurance, overseas insurance and reinsurance, domestic life insurance, nursing care & seniors, and digital insurance. As of December 12, Sompo Holdings, Inc. (OTC:SMPNY) boasts a market cap of $16.45 billion.
10. Markel Group Inc. (NYSE:MKL)
Market Cap as of December 12: $18.42 billion
Markel Group Inc. (NYSE:MKL) is a holding company, with insurance as its core business. The company has its insurance operations in the US, Bermuda, Asia, and Europe. It offers a diverse range of commercial property and casualty solutions. Markel Group Inc. (NYSE:MKL) is ranked 10th on our list and is valued at $18.42 billion, as of December 12.
9. W. R. Berkley Corporation (NYSE:WRB)
Market Cap as of December 12: $18.78 billion
W. R. Berkley Corporation (NYSE:WRB) is a top insurance holding company, operating worldwide across two business segments of property casualty insurance business, insurance and reinsurance. W. R. Berkley Corporation’s (NYSE:WRB) Vela Insurance Services provides insurance for property, casualty, personal liability, and small businesses. As of December 12, it boasts a market cap of $18.78 billion and is ranked among the best property and casualty insurance companies.
8. MS&AD Insurance Group Holdings, Inc. (OTC:MSADY)
Market Cap as of December 12: $20.57 billion
MS&AD Insurance Group Holdings, Inc. (OTC:MSADY) is a leading insurance provider, headquartered in Tokyo. The company operates in more than 48 countries and territories. It offers a variety of property and casualty insurance services including fire, marine, accident, and automobile liability insurance. As of December 12, MS&AD Insurance Group Holdings, Inc. (OTC:MSADY) boasts a market cap of $20.57 billion.
7. The Hartford Financial Services Group, Inc. (NYSE:HIG)
Market Cap as of December 12: $23.70 billion
The Hartford Financial Services Group, Inc. (NYSE:HIG) is a US financial services company, specializing in property and casualty insurance, mutual funds, and group benefits. Property Choice and General Liability are some of the key products of the company, As of December 12, The Hartford Financial Services Group, Inc. (NYSE:HIG) boasts a market cap of $23.70 billion.
6. PICC Property and Casualty Company Limited (OTC:PPCCY)
Market Cap as of December 12: $24.85 billion
PICC Property and Casualty Company Limited (OTC:PPCCY) is one of the largest Chinese non-life insurance companies, specializing in property and casualty insurance. The company offers diverse products across segments including motor vehicle insurance, commercial property insurance, cargo insurance, liability insurance, and accidental injury among others. As of December 12, PICC Property and Casualty Company Limited (OTC:PPCCY) boasts a market cap of $24.85 billion.
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Disclosure: None. 15 Best Property and Casualty Insurance Companies Heading into 2024 is originally published on Insider Monkey.
