Insurance sector consulting firm, Insuramore has published its global ranking of companies it calls “insurer billionaires” – those with total gross direct premiums of more than USD $1-billion in 2022. The firm says 21 of these firms were found to be headquartered in Canada.

Worldwide they say 638 insurer groups – insurance carrier or underwriting groups for which 50 per cent or more of their equity capital was not controlled by another insurer group at the end of 2022 – had total gross direct premiums written (GDPW) of more than $1-billion, with 32 groups becoming insurer billionaires during the year.

By segment, 304 insurer billionaires were identified in the life and annuity business, 220 in health insurance and 275 in the property and casualty insurance business. “If reinsurance assumed is added to the calculation, the number of insurer billionaires in 2022 rises by a further 20 to 658,” they write.

“Within a global insurance market worth around USD $7-trillion in gross direct business in 2022, the top 20 insurer groups accounted for 28.3 per cent of this activity, the top 100 for 60.6 per cent of it and the top 500 for 90 per cent of it,” they add.