Furthermore, at 103, just over a half of the top 200 groups recorded a double-digit increase in their commercial lines business.
According Insuramore, of these 200 insurer groups:
- 66 are from Africa / Europe or Middle East
- 41 are from Asia-Pacific & Australasia,
- 93 are from Americas & Caribbean.
Allianz had the highest GDPW from commercial P&C insurance in 2021, followed in descending order by AXA, PICC, Zurich and Chubb. Together, these five largest groups had a combined global market share of commercial lines GDPW of 15.9%.
For the Year-end 2022, Insuramore estimates that total worldwide business in the commercial lines market seem highly likely to exceed USD 1 trillion in value for the first time.
"Growth is occurring because of several factors including a buoyant commercial specialty market (particularly in North America), rising premiums brought on by the increasing incidence of severe weather events (e.g. insurance for agricultural enterprises) and, of course, inflation. On the other hand, a deteriorating economic environment could subdue progress in standard commercial lines cover acquired by small and medium-sized businesses, in 2023 if not in 2022".
Another factor that may cause the global market value to move ahead less strongly in 2022 than might otherwise have been the case is the strength of the US dollar relative to most other major currencies. "Many insurer groups reporting results in currencies other than US dollars and with little or no exposure to the US insurance market will slip down the global ranking as their GDPW will be worth less in US dollar terms when converted; in contrast, groups headquartered in the US and Bermuda, which accounted for 78 of the top 200 commercial lines competitors in 2021, are set to become more numerous in the next ranking".