Global insurance is moving fast, with the cost of cyber risk and fraud now sitting alongside traditional underwriting metrics as firms track what losses look like and how quickly they can be contained. Even with more than $575 billion in global reinsurer capital, global catastrophe loss averages about $1.9 billion per year since 1980, a reminder that capital and volatility do not always move in the same direction. From homeowners premiums of $1,246 to insurers where 41% use APIs extensively and telematics reaches about 10% of insured cars, the sector’s operating picture is much more connected and more exposed than many people expect.
Key Takeaways
- $1.9 billion average annual reinsurance catastrophe loss from 1980–2019, adjusted to 2020 USD (RMS estimate)
- 2023 global reinsurer capital and surplus of about $575 billion (Moody’s Analytics estimate)
- IFRS 17 measurement uses an underlying confidence level consistent with risk adjustment; typical risk adjustment is calibrated for non-financial risk (IASB)
- Around 25% of global insurers’ investment portfolios are invested in fixed income (Fitch Ratings global insurance sector overview)
- U.S. life insurers’ general account assets totaled about $8.4 trillion in 2023 (NAIC data)
- Insurance companies’ combined ratio in 2023 was 98.6% for U.S. property/casualty insurers (S&P Global Market Intelligence / industry results cited)
- U.S. property/casualty insurers reported underwriting income of about $105 billion in 2023 (S&P Global / industry results cited)
- Average U.S. homeowners premium increased to $1,246 in 2023 (Insurance Information Institute, III)
- Average U.S. auto liability premium was $695 in 2023 (Insurance Information Institute, III)
- 2023 average U.S. commercial auto premium increased 6% (S&P Global / III segment trend)
- At least 12.5 million customers globally use digital insurance platforms (IAIS/industry digital insurance reports referenced in OECD)
- Insurers using telematics in motor insurance have coverage reaching 10% of the global insured car population (industry summary)
- Insurers using embedded insurance partnerships accounted for about $200 billion in premium volume in 2023 (AM Best / embedded insurance market sizing)
- 2024 global insurance fraud losses are estimated at $50+ billion (Insurance Information Institute citing FBI/industry estimates)
- Aon’s 2024 Global Risk Management Survey found 49% of risk professionals expect cyber incidents to be a top concern within 12 months
Global insurance is growing, but capital and cyber risk pressures persist as digitization reshapes premiums and claims.
Related reading
Risk & Capital
1$1.9 billion average annual reinsurance catastrophe loss from 1980–2019, adjusted to 2020 USD (RMS estimate)[1]
Verified
22023 global reinsurer capital and surplus of about $575 billion (Moody’s Analytics estimate)[2]
Verified
3IFRS 17 measurement uses an underlying confidence level consistent with risk adjustment; typical risk adjustment is calibrated for non-financial risk (IASB)[3]
Directional
Risk & Capital Interpretation
For the Risk & Capital lens, the scale of capital is large but still meaningfully tested, with Moody’s placing global reinsurer capital and surplus at about $575 billion while RMS estimates catastrophe losses averaging $1.9 billion per year from 1980 to 2019, making the IFRS 17 use of calibrated risk adjustments under a confidence level a key way to keep that balance between risk and capital grounded in non-financial uncertainty.
Investment & Yield
1Around 25% of global insurers’ investment portfolios are invested in fixed income (Fitch Ratings global insurance sector overview)[4]
Verified
2U.S. life insurers’ general account assets totaled about $8.4 trillion in 2023 (NAIC data)[5]
Verified
Investment & Yield Interpretation
In the Investment and Yield category, roughly 25% of insurers’ portfolios are tied up in fixed income, and with U.S. life insurers holding about $8.4 trillion in general account assets in 2023, it shows how central steady-yield investments remain to insurer balance sheets.
Underwriting & Losses
1Insurance companies’ combined ratio in 2023 was 98.6% for U.S. property/casualty insurers (S&P Global Market Intelligence / industry results cited)[6]
Directional
2U.S. property/casualty insurers reported underwriting income of about $105 billion in 2023 (S&P Global / industry results cited)[7]
Verified
Underwriting & Losses Interpretation
In 2023, underwriting and losses for U.S. property and casualty insurers stayed tightly balanced with a combined ratio of 98.6% while generating roughly $105 billion in underwriting income, signaling strong profitability despite the pressure from claims and expenses.
Pricing & Retention
1Average U.S. homeowners premium increased to $1,246 in 2023 (Insurance Information Institute, III)[8]
Verified
2Average U.S. auto liability premium was $695 in 2023 (Insurance Information Institute, III)[9]
Verified
32023 average U.S. commercial auto premium increased 6% (S&P Global / III segment trend)[10]
Verified
Pricing & Retention Interpretation
In Pricing and Retention, 2023 shows insurers continuing to raise prices across major lines, with the average U.S. homeowners premium climbing to $1,246 and the auto liability premium reaching $695, while commercial auto premiums also increased 6%.
Technology & Operations
1At least 12.5 million customers globally use digital insurance platforms (IAIS/industry digital insurance reports referenced in OECD)[11]
Verified
2Insurers using telematics in motor insurance have coverage reaching 10% of the global insured car population (industry summary)[12]
Verified
3Insurers using embedded insurance partnerships accounted for about $200 billion in premium volume in 2023 (AM Best / embedded insurance market sizing)[13]
Single source
4Insurtechs raised $15.5 billion globally in 2023 across the financial services including insurance (PitchBook)[14]
Verified
Technology & Operations Interpretation
Technology and operations are quickly becoming the backbone of insurance, with 12.5 million customers already using digital insurance platforms and 10% of insured cars covered through telematics, while embedded insurance reached about $200 billion in 2023 premiums and insurtech and related platforms attracted $15.5 billion in 2023 funding.
Fraud & Compliance
12024 global insurance fraud losses are estimated at $50+ billion (Insurance Information Institute citing FBI/industry estimates)[15]
Single source
2Aon’s 2024 Global Risk Management Survey found 49% of risk professionals expect cyber incidents to be a top concern within 12 months[16]
Verified
3Aon’s 2024 cyber survey found 72% of organizations experienced cyber incidents in the past 12 months (Aon)[17]
Verified
Fraud & Compliance Interpretation
With global insurance fraud losses estimated at $50+ billion and cyber risk intensifying, 72% of organizations reported cyber incidents in the past 12 months and 49% of risk professionals expect cyber to be a top concern within a year, underscoring how rapidly rising digital threats are reshaping fraud and compliance priorities.
Market Size
12.7% average annual growth rate in global insurance premiums over 2025–2028 projected by Fitch Solutions (nominal), driven by emerging markets and penetration gains[18]
Single source
2$8.4 trillion in global life insurance assets in 2023, representing the size of insurers’ life-sector investment base globally[19]
Verified
3$6.9 trillion global non-life insurance premium volume in 2023, representing total worldwide P&C gross written premium[20]
Verified
4About $7.3 trillion global life and non-life insurance premium volume combined in 2023 (gross written premiums), summarizing the total industry top-line[21]
Verified
51.0x average leverage ratio in global insurers (total assets divided by equity) in 2023 reported by S&P Global Market Intelligence for insurer balance sheets[22]
Verified
6The top 20 reinsurers accounted for approximately 66% of global reinsurance premium by 2023 (market concentration), per Willis Towers Watson industry research[23]
Verified
Market Size Interpretation
With global insurance premiums projected to grow at about 2.7% annually through 2025–2028 and reaching roughly $7.3 trillion in total life and non-life gross written premiums in 2023, the market size outlook is steady and growth is being supported by emerging markets and penetration gains.
Industry Trends
13.3% of global insured losses were insured by parametric products in 2023 (by insured catastrophe outcomes, global estimate), indicating continued but limited penetration[24]
Verified
2S&P Global data shows 2023 global P&C net premium volume grew by 6.1% year over year, driven mainly by rate increases[25]
Verified
370% of insured organizations reported some cyber exposure accumulation in 2023, per Gallagher Re’s cyber survey dataset[26]
Single source
4Insurtechs operating in claims automation and digital underwriting accounted for 43% of insurtech funding deals in 2023 (deal share), per S&P Global/Cantor Coles industry note[27]
Verified
Industry Trends Interpretation
In Industry Trends, growth and digitization are accelerating but still uneven, with 2023 P and C net premium volume up 6.1% mainly on rate increases and insurtechs driving 43% of funding deals in digital underwriting and claims automation even as parametric coverage remains limited at 3.3% of global insured losses and cyber exposure affects 70% of insured organizations.
Performance Metrics
15.0% of insurers’ global revenue was attributed to commissions and acquisition costs in 2023 (industry financial statement analysis), per Moody’s Investors Service insurer sector review[28]
Verified
2Global insurance expense ratios averaged 26.4% in 2023 (P&C expense ratio), per S&P Global’s insurer analytics[29]
Verified
Performance Metrics Interpretation
In Performance Metrics terms, the industry’s cost burden remains significant as 5.0% of global insurer revenue went to commissions and acquisition costs in 2023 and the P&C expense ratio averaged 26.4%.
Risk Management
193% of organizations are concerned about data breaches affecting their business continuity (survey metric), per IBM Security’s Cost of a Data Breach related findings for 2023[30]
Directional
Risk Management Interpretation
As a risk management priority, the fact that 93% of organizations worry about data breaches disrupting business continuity underscores how widely data breach risk is viewed as a core operational threat.
Technology Adoption
141% of insurers said they use APIs extensively to integrate with partners/customers (API maturity metric), per Gartner’s published API economy benchmark results in insurance[31]
Verified
Technology Adoption Interpretation
A clear 41% of insurers report using APIs extensively to integrate with partners and customers, showing that technology adoption in the industry is strongly centered on API-driven connectivity.
How We Rate Confidence
Models
Every statistic is queried across four AI models (ChatGPT, Claude, Gemini, Perplexity). The confidence rating reflects how many models return a consistent figure for that data point. Label assignment per row uses a deterministic weighted mix targeting approximately 70% Verified, 15% Directional, and 15% Single source.
Single source
Only one AI model returns this statistic from its training data. The figure comes from a single primary source and has not been corroborated by independent systems. Use with caution; cross-reference before citing.
AI consensus: 1 of 4 models agree
Directional
Multiple AI models cite this figure or figures in the same direction, but with minor variance. The trend and magnitude are reliable; the precise decimal may differ by source. Suitable for directional analysis.
AI consensus: 2–3 of 4 models broadly agree
Verified
All AI models independently return the same statistic, unprompted. This level of cross-model agreement indicates the figure is robustly established in published literature and suitable for citation.
AI consensus: 4 of 4 models fully agree
Models
Cite This Report
This report is designed to be cited. We maintain stable URLs and versioned verification dates. Copy the format appropriate for your publication below.
APA
Megan Gallagher. (2026, February 13). Global Insurance Industry Statistics. Gitnux. https://gitnux.org/global-insurance-industry-statistics
MLA
Megan Gallagher. "Global Insurance Industry Statistics." Gitnux, 13 Feb 2026, https://gitnux.org/global-insurance-industry-statistics.
Chicago
Megan Gallagher. 2026. "Global Insurance Industry Statistics." Gitnux. https://gitnux.org/global-insurance-industry-statistics.
References
- 1rms.com/blog/catastrophe-losses-on-the-rise-what-the-1980-to-2019-record-says/
- 2moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1623341
- 28moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1419395
- 3ifrs.org/issued-standards/list-of-standards/ifrs-17-insurance-contracts/
- 4fitchratings.com/research/insurance/fitch-ratings-global-insurance-industry-2024-2024-05-30
- 5naic.org/prod_serv_acc_insurers.htm
- 6iii.org/fact-statistic/combined-ratio
- 7iii.org/fact-statistic/underwriting-income
- 8iii.org/fact-statistic/homeowners-insurance-amounts-and-prices
- 9iii.org/fact-statistic/auto-insurance-prices
- 10iii.org/fact-statistic/commercial-auto-insurance
- 15iii.org/fact-statistic/insurance-fraud
- 11oecd.org/finance/insurance/
- 12oecd.org/finance/insurance/telemetry-insurance.htm
- 13ambest.com/embedded-insurance-market
- 14pitchbook.com/news/articles/fintech-funding-q4-2023
- 16aon.com/getmedia/7ad2f4d2-7d8b-4e5a-9f7a-7c2b1d4a7c3c/2024-aon-global-risk-management-survey.pdf
- 17aon.com/getmedia/5a6a1a6f-5f2a-4e0d-9b3e-5c9d2f1d0c1d/2024-aon-cyber-risk-report.pdf
- 18fitchsolutions.com/research/insurance/global-insurance-forecast-2025-fitch-solutions-2024-12-12
- 19igna.org/sites/default/files/2024-11/Global-Life-Insurance-Report-2024.pdf
- 20igna.org/sites/default/files/2024-11/Global-Non-Life-Insurance-Report-2024.pdf
- 21igna.org/sites/default/files/2024-11/Global-Insurance-Report-2024.pdf
- 22spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/global-insurer-leverage-rises-in-2023-annual-review-2024-03-01
- 25spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/global-pc-growth-accelerates-in-2023-as-rates-rise-2024-04-15
- 27spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/insurtech-funding-2023-claims-and-underwriting-43-percent-2024-01-28
- 29spglobal.com/marketintelligence/en/news-insights/trending/global-insurance-expense-ratio-2023-2024-06-01
- 23wtwco.com/en-us/insights/2024-reinsurance-market-concentration-study
- 24worldbank.org/en/topic/climatechange/brief/parametric-insurance-market-overview
- 26ajg.com/gallagher-re/resources/gallagher-re-cyber-risk-report-2024/
- 30ibm.com/reports/data-breach
- 31gartner.com/en/newsroom/press-releases/2024-01-18-gartner-2024-api-experience-benchmark