The insurance sector play vital role in the development of any economy in the world. The economy as well as insurance industry of USA and UK face decline during last decade. According to the empirical and theoretical literature, the insurance companies are influenced by different factors. These factors can be financial factors as well as macro factors. The researcher compares two insurance industries, analysis possible determinants of financial performance during global financial crisis, collected 24insurance companies’ Quarterly data from 2007-16 and applied panel data techniques. The sample of this study is 12 insurance companies from USA insurance industry and 12 UK insurance companies. Profitability indicators ROA and ROE are dependent variable while Explanatory variables based on internal (Size of firm, liquidity, leverage and asset turnover) and external factors (GDP, CPI, interest rate and WTI). Dependent variable: ROA and ROE (profitability indicators). This study concludes; In USA size of firm, liquidity, leverage, as set turnover, GDP and WTI have positive while CPI and interest rate have negative significant impact. In UK size of firm, liquidity, GDP, CPI and WTI have positive but leverage, asset turnover and interest rate has negative significant impact; US insurance is efficient as compare to UK. These findings will be helpful for insurance industries, government, policy makers and investors in taking decision and improving the performance.