IAG has risen two places on S&P’s “top 20” list of insurers for the Asia-Pacific, becoming the biggest Australian insurer and 15th-largest in the region in the first quarter.

The ratings agency’s Global Market Intelligence Top 20 is based on market capitalisation, and says IAG’s $US13.59 billion ($17.48 billion) value was up 3.3% on the preceding quarter, pushing it above Suncorp on the list.

Suncorp, valued at $US13.27 billion ($17.06 billion), dropped to 16th from 14th place, while QBE slipped out of the Top 20 after ranking 19th at the end of last year.

Life insurer AMP remained in 18th position with a value of $US11.05 billion ($14.21 billion) at March 29.

China’s Ping An Insurance (Group) Co had a market capitalisation of $US189.93 billion ($244.27 billion) at the end of the quarter, leaving it unchallenged in first place.

China Life Insurance, AIA Group, China Pacific Insurance and Tokio Marine Holdings rounded out the first five, unchanged from the preceding period. Great Eastern Holdings from Singapore entered the Top 20 at 19th position, rising from 24th at the end of last year.