Polis Re serves clients in the US first, but many of our customers also have homes, staff, cargo or businesses abroad. This overview shows how large the main insurance markets are, where they are heading and which regulators set the rules. Premium figures come from the Swiss Re Institute's sigma research, the standard global reference.
The global picture
According to Swiss Re's sigma No. 2/2025 (data for 2024), global insurance premiums reached about $7,799 billion in 2024, up 7.2% from $7,276 billion in 2023. The 20 largest markets accounted for 90.6% of the total, and the US alone for 44.8%.
The 2026 edition, sigma No. 2/2026 "World insurance in 2026: Shock absorbers in a fragmenting world," estimates real global premium growth of 3.9% in 2025 and forecasts a slowdown to 1.3% in 2026. Non-life premiums are expected to grow only 0.6% in real terms in 2026, well below the 3.6% long-term trend, while life premiums are forecast to grow 2.3%. Emerging markets are expected to remain more resilient than advanced markets.
| Market | 2024 premiums (USD billions) | Growth vs. 2023 | Global rank |
|---|---|---|---|
| United States | 3,497 | 8.1% | 1 |
| China | 792 | 9.4% | 2 |
| United Kingdom | 485 | 6.8% | 3 |
| France | 292 | 10.8% | 5 |
| Germany | 266 | 5.0% | 6 |
| Italy | 180 | 14.6% | 8 |
| Brazil | 89 | 3.8% | 12 |
| Spain | 81 | -1.4% | 14 |
| Australia | 75 | 0.3% | 15 |
| Mexico | 51 | 13.5% | 19 |
Source: Swiss Re Institute, sigma No. 2/2025, as reported by Atlas Magazine. Growth rates are in nominal US dollars and are affected by exchange rates.
Europe
Europe is a cluster of large, mature markets: the UK, France, Germany and Italy all rank in the global top ten. In the European Union, insurers and reinsurers are supervised under Solvency II, a risk-based regime that, according to EIOPA, entered into force in January 2016. It rests on three pillars: quantitative capital requirements, governance and risk management (including the Own Risk and Solvency Assessment), and supervisory reporting and public disclosure. An amending directive, Directive (EU) 2025/2, updates the framework, with the new rules applying from January 30, 2027.
London is also home to Lloyd's, the specialist marketplace of more than a hundred syndicates. Lloyd's reported gross written premium of £34.7 billion for the first half of 2026. Lloyd's holds an A+ (Superior) rating from AM Best and AA- ratings from S&P and Fitch.
China
China is the world's second-largest market, with about $792 billion in 2024 premiums and a 10.2% global share. In 2023 the country reorganized financial supervision: the National Financial Regulatory Administration (NFRA) replaced the China Banking and Insurance Regulatory Commission and now supervises banking and insurance. For businesses with operations in China, this means local policies are issued and supervised under Chinese rules, which may differ from the terms of a US or global policy.
Latin America
Brazil and Mexico are the region's largest markets, with about $89 billion and $51 billion in 2024 premiums respectively. Mexico grew 13.5% in dollar terms in 2024. Brazil grew a more modest 3.8%. Local rules on admitted insurers and reinsurance placement differ from country to country, so cross-border buyers should check each market.
Australia
Australia's market was about $75 billion in 2024, ranked 15th globally, with almost flat dollar growth of 0.3%. Exchange rates matter here: dollar-based growth can differ noticeably from growth measured in Australian dollars.
South Africa
South Africa is by far the most developed insurance market in Africa. According to the African Insurance Organization's annual report published in October 2025, the country's insurance penetration (premiums as a share of GDP) was 11.54% in 2024, the highest in Africa, followed by Namibia at 7.41%, against a global average of 6.8%. Namibia and South Africa were the only African markets above the global average.
What it means for international clients
- Local law comes first. Check whether compulsory covers, such as motor liability or workers' injury, must be bought from a locally licensed insurer in each country where you operate.
- Global programs. Companies with operations in several countries often use a master policy plus local policies, supported by reinsurance and fronting arrangements.
- Ratings travel. AM Best, S&P, Moody's and Fitch rate insurers worldwide, so you can compare security across borders (see financial strength ratings).
Polis Re works with clients in the US and internationally through the same contacts: +1 929 207 0015 and info@polisre.com. Policies are issued by licensed insurers in the relevant jurisdiction. Contact us or request a quote.