ASX insurance stocks sit within the financials sector of the ASX.
There are 4 insurance stocks that sit above the rest:
- QBE Insurance Group Ltd (ASX: QBE)
- Suncorp Group Ltd (ASX: SUN)
- Medibank Private Ltd (ASX: MPL)
- Insurance Australia Group Ltd (ASX: IAG)
These are the largest insurance companies listed on the ASX, ranking highest by market capitalisation and collectively serving millions of policyholders across Australia.
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What's the difference?
Although these companies all operate as insurers, they target various parts of the market.
QBE is a global insurer, focused largely on commercial, specialty, and reinsurance markets across multiple countries.
Suncorp focuses primarily on Australia and New Zealand, offering a broad mix of personal and business insurance alongside banking services.
IAG (Insurance Australia Group) focuses on general insurance, particularly personal and small business insurance, in Australia and New Zealand through well-known local brands.
Medibank is focused on health insurance, primarily serving Australian customers with private health and related services rather than general insurance.
How did they perform in 2025?
After a post-pandemic boom for insurance stocks, 2025 marked a turning point for this sector in terms of stock market performance.
The worst-performing insurance stock amongst the four has been Suncorp.
Suncorp shares began the year trading at roughly $22.72 each.
With just a day left of trading this year, this insurance stock is trading close to $17.70 each.
This represents a fall of approximately 22%.
Also suffering a down year are Insurance Australia Group shares.
This insurance stock has dropped more than 7% in 2025.
Meanwhile, it was essentially a flat year of returns for QBE shares, which have risen a modest 1% in 2025.
Finally, the clear winner this year amongst ASX insurance stocks has been Medibank Private shares, which are up almost 26%.
What are experts tipping for insurance stocks in 2026?
Overall, it appears there is limited upside in the insurance sector moving into the new year.
Despite their strong year of growth, it appears experts' views are mixed on Medibank shares in the near future.
In a note out of Shaw and Partners last week, the broker placed a hold recommendation on this ASX insurance stock.
Meanwhile, Bell Potter in late November said the insurer holds a dominant presence in the Australian health insurance market, with a 27% market share and 4.2 million members.
"This scale provides a solid foundation for continued growth, supported by favourable demographics and negotiating leverage with private hospitals," the broker said.
According to TradingView, analysts view the stock as trading close to fair value, with an average one-year price target of $5.12 (approximately 5% upside).
IAG shares are also trading close to value based on analyst ratings via TradingView.
Elsewhere, Suncorp and QBE shares both received sell recommendations from experts (via The Bull).
