Insurance Sector Overview
Global Premiums 2024
$7.7T
+5.0% YoY — what the world spent on insurance
US P&C Combined Ratio
96.5%
2025 industry est. — under 100% = profit
US Health MLR
87.8%
% of premiums spent on medical claims
Berkshire Insurance Float
$173B
Free capital Buffett invests
Sector Segments (41 companies)
P&C — Personal2 companies
Progressive·PGR
Allstate·ALLP&C — Commercial3 companies
Travelers·TRV
Chubb·CB
Hartford·HIGP&C — Specialty2 companies
W.R. Berkley·WRB
Markel·MKLHealth Insurance5 companies
UnitedHealth Group·UNH
Elevance Health·ELV
Cigna·CI
Humana·HUM
Centene·CNCLife & Annuities4 companies
MetLife·MET
Prudential Financial·PRU
Manulife·MFC
Aflac·AFLReinsurance3 companies
Everest Group·EG
RenaissanceRe·RNR
Munich Re·MURGYMultiline3 companies
Berkshire Hathaway·BRK.B
AIG·AIG
Allianz·ALIZYTitle2 companies
First American Financial·FAF
Fidelity National Financial·FNFBroker3 companies
Marsh McLennan·MMC
Aon·AON
Arthur J. Gallagher·AJGInsurtech — Public8 companies
Lemonade·LMND
Root·ROOT
Hippo·HIPO
Oscar Health·OSCR
Clover Health·CLOV
Goosehead Insurance·GSHD
Trupanion·TRUP
TWFG·TWFGInsurtech — Private6 companies
Coalition·COALITION
At-Bay·AT-BAY
Pie Insurance·PIE
Newfront·NEWFRONT
Devoted Health·DEVOTED
Cover Genius·COVERGENIUSRecent Sector Highlights
- •Lemonade approaches GAAP breakeven in 2026 — gross loss ratio dragged from 105% to ~72%
- •Berkshire insurance float crosses $173B; Greg Abel succeeds Buffett Jan 2026
- •UnitedHealth stock collapses from $610 → $280 (Nov 2024 → May 2025) after Brian Thompson killing + DOJ Optum probe + MA cuts
- •Hurricane Helene + Milton + Palisades fires push 2024 global insured cat losses past $140B
- •Munich Re acquires Next Insurance for $2.6B — the insurtech endgame signal
- •Progressive maintains ~87% combined ratio while Allstate recovers from 110%+ disaster years
- •Reinsurance Jan 1 2026 renewals see first 5-15% rate decreases on loss-free cat layers (softening cycle)