GITNUXREPORT 2026

Local Insurance Industry Statistics

The global insurance industry showed strong growth and record premiums across multiple markets last year.

Sarah Mitchell

Senior Researcher specializing in consumer behavior and market trends.

First published: Feb 13, 2026

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Statistic 1

U.S. claims payments by P&C insurers totaled $642 billion in 2023.

Statistic 2

Global insured catastrophe losses reached $105 billion in 2023.

Statistic 3

U.S. auto insurance claims averaged $5,288 per claim in 2023.

Statistic 4

U.K. motor claims costs rose 25% to £11,000 per claim in 2023.

Statistic 5

India's health insurance claims ratio was 88% in FY2023.

Statistic 6

U.S. life insurance benefits paid $1.05 trillion in 2023.

Statistic 7

Global cyber insurance claims exceeded $2.5 billion in 2023.

Statistic 8

Australian natural disaster claims totaled AUD 1.8 billion in 2023.

Statistic 9

Canadian property claims rose 15% to CAD 12 billion in 2023.

Statistic 10

U.S. homeowners insurance average claim was $13,000 in 2023.

Statistic 11

European flood claims hit €8 billion in 2023.

Statistic 12

China's auto claims payouts grew 10% to RMB 500 billion in 2023.

Statistic 13

U.K. liability claims totaled £15 billion in 2023.

Statistic 14

U.S. workers' comp claims frequency fell 2% in 2023.

Statistic 15

Global life claims ratio averaged 85% in 2023.

Statistic 16

Brazil health claims reached BRL 30 billion in 2023.

Statistic 17

U.S. employment in insurance carriers was 1.58 million in 2023.

Statistic 18

Global insurance workforce exceeded 5.5 million in 2023.

Statistic 19

U.S. insurance agents/brokers employed 421,000 in 2023.

Statistic 20

U.K. insurance sector jobs totaled 320,000 in 2023.

Statistic 21

India's insurance employees grew to 1.2 million in FY2023.

Statistic 22

28% of U.S. insurance workforce is over 55 years old in 2023.

Statistic 23

Australia insurance jobs numbered 220,000 in 2023.

Statistic 24

Canadian insurance employment at 300,000 in 2023.

Statistic 25

Women comprise 58% of U.S. insurance workforce in 2023.

Statistic 26

China insurance staff reached 900,000 in 2023.

Statistic 27

U.K. insurtech jobs grew 15% to 25,000 in 2023.

Statistic 28

U.S. claims adjusters employment declined 3% to 310,000 in 2023.

Statistic 29

European insurance jobs totaled 1.1 million in 2023.

Statistic 30

Brazil insurance workforce at 150,000 in 2023.

Statistic 31

65% of U.S. insurers reported talent shortages in 2023.

Statistic 32

In 2023, the U.S. property/casualty insurance industry reported direct premiums written totaling $805.5 billion, marking a 9.2% increase from 2022.

Statistic 33

Global insurance premiums reached $6.9 trillion in 2022, with a projected CAGR of 4.5% from 2023-2028.

Statistic 34

The U.S. life/annuity insurance sector assets grew to $9.2 trillion by end-2023, up 7.8% year-over-year.

Statistic 35

India's insurance penetration rate stood at 4.2% of GDP in FY2023, with density at $92 per capita.

Statistic 36

U.S. health insurance market size was valued at $1.47 trillion in 2023, expected to grow at 5.8% CAGR to 2030.

Statistic 37

European insurance market premiums hit €1.3 trillion in 2022, with non-life growing 5.1%.

Statistic 38

China's insurance industry premiums exceeded RMB 4.7 trillion in 2023, up 9.1% YoY.

Statistic 39

U.K. insurance premiums totaled £290 billion in 2023, with motor insurance at £53 billion.

Statistic 40

Australian general insurance premiums reached AUD 65.4 billion in 2023, growing 8.2%.

Statistic 41

Canadian P&C premiums were CAD 72 billion in 2023, with auto at 42% share.

Statistic 42

Brazil's insurance market premiums hit BRL 140 billion in 2023, life segment up 12%.

Statistic 43

South Africa's short-term insurance premiums grew to ZAR 180 billion in 2023.

Statistic 44

U.S. surplus lines premiums reached $90 billion in 2023, up 15%.

Statistic 45

Japan's life insurance premiums totaled JPY 40 trillion in FY2023.

Statistic 46

Germany's insurance market premiums were €220 billion in 2023, health at 30%.

Statistic 47

France's insurance premiums exceeded €260 billion in 2023.

Statistic 48

U.S. group health insurance premiums averaged $7,739 per family in 2023.

Statistic 49

Global life insurance new business premiums grew 7% to $2.9 trillion APE in 2023.

Statistic 50

U.S. P&C net premiums earned rose to $682 billion in 2023.

Statistic 51

U.K. motor insurance premiums increased 29% to £53.6 billion in 2023.

Statistic 52

India's non-life premiums grew 12.5% to INR 2.95 lakh crore in FY2023.

Statistic 53

U.S. individual life insurance premiums were $15.2 billion in 2023.

Statistic 54

Australia's home insurance premiums totaled AUD 4.2 billion in 2023.

Statistic 55

Canadian personal auto premiums hit CAD 30 billion in 2023.

Statistic 56

U.S. workers' comp premiums were $59.5 billion in 2023.

Statistic 57

European health insurance premiums reached €200 billion in 2023.

Statistic 58

China's P&C premiums grew 8.5% to RMB 1.2 trillion in 2023.

Statistic 59

U.K. home insurance premiums rose 20% to £4.5 billion in 2023.

Statistic 60

Brazil life insurance premiums increased 10% to BRL 45 billion in 2023.

Statistic 61

Global reinsurance premiums hit $600 billion in 2023.

Statistic 62

U.S. NAIC regulates 5,000+ insurance companies in 2023.

Statistic 63

Global insurtech investments hit $5.4 billion in 2023.

Statistic 64

U.S. cyber insurance regulatory filings increased 20% in 2023.

Statistic 65

EU Solvency II compliance rate 98% among insurers in 2023.

Statistic 66

India's IRDAI approved 10 new insurers in 2023.

Statistic 67

U.K. FCA fined £100 million for insurance mis-selling in 2023.

Statistic 68

U.S. parametric insurance policies grew 25% in 2023.

Statistic 69

Australia APRA imposed $50 million in penalties in 2023.

Statistic 70

Canadian OSFI risk-based capital ratio averaged 130% in 2023.

Statistic 71

Global AI adoption in underwriting at 45% in 2023.

Statistic 72

U.S. states with highest insurance regulations: 50 states active in 2023.

Statistic 73

Blockchain pilots in insurance reached 50 globally in 2023.

Statistic 74

U.K. open insurance initiatives launched by 20 firms in 2023.

Statistic 75

Brazil SUSEP digitized 80% of approvals in 2023.

Statistic 76

U.S. climate risk disclosure rules finalized for insurers in 2023.

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From bustling global hubs to your hometown broker, the world of insurance is experiencing seismic shifts, evidenced by a startling statistic: global insurance premiums surged to a staggering $6.9 trillion in 2022, reflecting an industry that is expanding, evolving, and fundamentally reshaping the landscape of local risk and protection.

Key Takeaways

In 2023, the U.S. property/casualty insurance industry reported direct premiums written totaling $805.5 billion, marking a 9.2% increase from 2022.
Global insurance premiums reached $6.9 trillion in 2022, with a projected CAGR of 4.5% from 2023-2028.
The U.S. life/annuity insurance sector assets grew to $9.2 trillion by end-2023, up 7.8% year-over-year.
U.S. group health insurance premiums averaged $7,739 per family in 2023.
Global life insurance new business premiums grew 7% to $2.9 trillion APE in 2023.
U.S. P&C net premiums earned rose to $682 billion in 2023.
U.S. claims payments by P&C insurers totaled $642 billion in 2023.
Global insured catastrophe losses reached $105 billion in 2023.
U.S. auto insurance claims averaged $5,288 per claim in 2023.
U.S. employment in insurance carriers was 1.58 million in 2023.
Global insurance workforce exceeded 5.5 million in 2023.
U.S. insurance agents/brokers employed 421,000 in 2023.
U.S. NAIC regulates 5,000+ insurance companies in 2023.
Global insurtech investments hit $5.4 billion in 2023.
U.S. cyber insurance regulatory filings increased 20% in 2023.

The global insurance industry showed strong growth and record premiums across multiple markets last year.

Claims & Losses

U.S. claims payments by P&C insurers totaled $642 billion in 2023.
Global insured catastrophe losses reached $105 billion in 2023.
U.S. auto insurance claims averaged $5,288 per claim in 2023.
U.K. motor claims costs rose 25% to £11,000 per claim in 2023.
India's health insurance claims ratio was 88% in FY2023.
U.S. life insurance benefits paid $1.05 trillion in 2023.
Global cyber insurance claims exceeded $2.5 billion in 2023.
Australian natural disaster claims totaled AUD 1.8 billion in 2023.
Canadian property claims rose 15% to CAD 12 billion in 2023.
U.S. homeowners insurance average claim was $13,000 in 2023.
European flood claims hit €8 billion in 2023.
China's auto claims payouts grew 10% to RMB 500 billion in 2023.
U.K. liability claims totaled £15 billion in 2023.
U.S. workers' comp claims frequency fell 2% in 2023.
Global life claims ratio averaged 85% in 2023.
Brazil health claims reached BRL 30 billion in 2023.

Claims & Losses Interpretation

From hurricanes to hospital bills and fender benders to cyber bandits, the global insurance industry spent 2023 as a colossal, trillion-dollar safety net that—judging by the soaring claims—we are collectively testing to its absolute limits.

Employment & Demographics

U.S. employment in insurance carriers was 1.58 million in 2023.
Global insurance workforce exceeded 5.5 million in 2023.
U.S. insurance agents/brokers employed 421,000 in 2023.
U.K. insurance sector jobs totaled 320,000 in 2023.
India's insurance employees grew to 1.2 million in FY2023.
28% of U.S. insurance workforce is over 55 years old in 2023.
Australia insurance jobs numbered 220,000 in 2023.
Canadian insurance employment at 300,000 in 2023.
Women comprise 58% of U.S. insurance workforce in 2023.
China insurance staff reached 900,000 in 2023.
U.K. insurtech jobs grew 15% to 25,000 in 2023.
U.S. claims adjusters employment declined 3% to 310,000 in 2023.
European insurance jobs totaled 1.1 million in 2023.
Brazil insurance workforce at 150,000 in 2023.
65% of U.S. insurers reported talent shortages in 2023.

Employment & Demographics Interpretation

While the insurance industry globally employs armies of adjusters, agents, and underwriters—enough to populate a small country—its seasoned U.S. troops are marching toward retirement, leaving a strategic gap that even a good policy can't fully cover.

Market Size & Growth

In 2023, the U.S. property/casualty insurance industry reported direct premiums written totaling $805.5 billion, marking a 9.2% increase from 2022.
Global insurance premiums reached $6.9 trillion in 2022, with a projected CAGR of 4.5% from 2023-2028.
The U.S. life/annuity insurance sector assets grew to $9.2 trillion by end-2023, up 7.8% year-over-year.
India's insurance penetration rate stood at 4.2% of GDP in FY2023, with density at $92 per capita.
U.S. health insurance market size was valued at $1.47 trillion in 2023, expected to grow at 5.8% CAGR to 2030.
European insurance market premiums hit €1.3 trillion in 2022, with non-life growing 5.1%.
China's insurance industry premiums exceeded RMB 4.7 trillion in 2023, up 9.1% YoY.
U.K. insurance premiums totaled £290 billion in 2023, with motor insurance at £53 billion.
Australian general insurance premiums reached AUD 65.4 billion in 2023, growing 8.2%.
Canadian P&C premiums were CAD 72 billion in 2023, with auto at 42% share.
Brazil's insurance market premiums hit BRL 140 billion in 2023, life segment up 12%.
South Africa's short-term insurance premiums grew to ZAR 180 billion in 2023.
U.S. surplus lines premiums reached $90 billion in 2023, up 15%.
Japan's life insurance premiums totaled JPY 40 trillion in FY2023.
Germany's insurance market premiums were €220 billion in 2023, health at 30%.
France's insurance premiums exceeded €260 billion in 2023.

Market Size & Growth Interpretation

Despite rising global premiums offering a financial life preserver, humanity’s uncanny talent for generating innovative new risks ensures insurers will never find themselves swimming in idle cash.

Premium Revenues

U.S. group health insurance premiums averaged $7,739 per family in 2023.
Global life insurance new business premiums grew 7% to $2.9 trillion APE in 2023.
U.S. P&C net premiums earned rose to $682 billion in 2023.
U.K. motor insurance premiums increased 29% to £53.6 billion in 2023.
India's non-life premiums grew 12.5% to INR 2.95 lakh crore in FY2023.
U.S. individual life insurance premiums were $15.2 billion in 2023.
Australia's home insurance premiums totaled AUD 4.2 billion in 2023.
Canadian personal auto premiums hit CAD 30 billion in 2023.
U.S. workers' comp premiums were $59.5 billion in 2023.
European health insurance premiums reached €200 billion in 2023.
China's P&C premiums grew 8.5% to RMB 1.2 trillion in 2023.
U.K. home insurance premiums rose 20% to £4.5 billion in 2023.
Brazil life insurance premiums increased 10% to BRL 45 billion in 2023.
Global reinsurance premiums hit $600 billion in 2023.

Premium Revenues Interpretation

Across the globe, insurance premiums are not just climbing—they’re performing a high-wire act without a net, proving that in a world of escalating risks, our collective wallet is the ultimate safety feature.

Regulatory & Innovation

U.S. NAIC regulates 5,000+ insurance companies in 2023.
Global insurtech investments hit $5.4 billion in 2023.
U.S. cyber insurance regulatory filings increased 20% in 2023.
EU Solvency II compliance rate 98% among insurers in 2023.
India's IRDAI approved 10 new insurers in 2023.
U.K. FCA fined £100 million for insurance mis-selling in 2023.
U.S. parametric insurance policies grew 25% in 2023.
Australia APRA imposed $50 million in penalties in 2023.
Canadian OSFI risk-based capital ratio averaged 130% in 2023.
Global AI adoption in underwriting at 45% in 2023.
U.S. states with highest insurance regulations: 50 states active in 2023.
Blockchain pilots in insurance reached 50 globally in 2023.
U.K. open insurance initiatives launched by 20 firms in 2023.
Brazil SUSEP digitized 80% of approvals in 2023.
U.S. climate risk disclosure rules finalized for insurers in 2023.

Regulatory & Innovation Interpretation

The insurance industry is simultaneously being hauled into the digital future by insurtech investments and AI, while regulators across the globe keep a firm, often financially painful, grip on the wheel, ensuring that as we innovate against cyber threats and climate risk, we don't accidentally reinvent mis-selling.

Sources & References

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