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 — Personal
2 companies
Progressive·PGR
Allstate·ALLP&C — Commercial
3 companies
Travelers·TRV
Chubb·CB
Hartford·HIGP&C — Specialty
2 companies
W.R. Berkley·WRB
Markel·MKLHealth Insurance
5 companies
UnitedHealth Group·UNH
Elevance Health·ELV
Cigna·CI
Humana·HUM
Centene·CNCLife & Annuities
4 companies
MetLife·MET
Prudential Financial·PRU
Manulife·MFC
Aflac·AFLReinsurance
3 companies
Everest Group·EG
RenaissanceRe·RNR
Munich Re·MURGYMultiline
3 companies
Berkshire Hathaway·BRK.B
AIG·AIG
Allianz·ALIZYTitle
2 companies
First American Financial·FAF
Fidelity National Financial·FNFBroker
3 companies
Marsh McLennan·MMC
Aon·AON
Arthur J. Gallagher·AJGInsurtech — Public
8 companies
Lemonade·LMND
Root·ROOT
Hippo·HIPO
Oscar Health·OSCR
Clover Health·CLOV
Goosehead Insurance·GSHD
Trupanion·TRUP
TWFG·TWFGInsurtech — Private
6 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)