Top 10 Best Insurance Companies In The World 2024 | Top Life Insurance Companies
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What Is Insurance?
According to Wikipedia, Insurance is a means of protection from financial loss.
It is a form of risk management, primarily used to hedge against the risk of a contingent or uncertain loss.
An entity that provides insurance is known as an insurer, insurance company, insurance carrier or underwriter.
A person or entity who buys insurance is known as an insured or as a policyholder.
The insurance transaction involves the insured assuming a guaranteed and known relatively small loss in the form of payment to the insurer in exchange for the insurer’s promise to compensate the insured in the event of a covered loss.
The loss may or may not be financial, but it must be reducible to financial terms, and usually involves something in which the insured has an insurable interest established by ownership, possession, or preexisting relationship.
The insured receives a contract, called the insurance policy, which details the conditions and circumstances under which the insurer will compensate the insured.
The amount of money charged by the insurer to the insured for the coverage set forth in the insurance policy is called the premium.
If the insured experiences a loss that is potentially covered by the insurance policy, the insured submits a claim to the insurer for processing by a claims adjuster.
The insurer may hedge its own risk by taking out reinsurance, whereby another insurance company agrees to carry some of the risk, especially if the primary insurer deems the risk too large for it to carry.
Top 10 Best Insurance Companies In The World | Top Life Insurance Companies
Having a strong customer base of over 102 million people in 56 countries of the world, with employee strength of 157000, AXA is definitely one of the leading insurance companies in the world.
The company major focus is on property and casualty insurance, life insurance, savings and asset management.
The company was founded in the year 1817 with its headquarters in Paris.
Its presence can now be seen across countries like Africa, North America, Central, and South America, Asia Pacific, Europe, and the Middle East.
In the year 2013, AXA took a historic move by acquiring 50% acquisition of stakes of Colpatria Seguros in Colombia (Latin America).
In the same year, AXA acquired 50% stake of Tiang Ping, a property and casualty insurance company in China.
Recently the company acquired non-life insurance operations of HSBC in Mexico.
For the financial year of 2015, AXA group has been reported with a total revenue worth of €99 billion
With its headquarters in Switzerland, the Zurich Insurance Group was founded in the year 1872.
The company presently with its subsidiaries, operates in over 170 countries with insurance and services as its main products.
The major products of Zurich Insurance Group are general insurance, global life, and farmers insurance.
The present employee strength of the company is over 55,000, catering to small, medium, large-sized companies, multinational corporations, and individuals.
The company’s total revenue for the year 2015 was $60.568.
It is China’s largest state-owned insurance and financial service provider.
The company’s foundation can be dated back to 1949 when the People’s Insurance Company of China (PICC) was formed. After many in corporations and associations came in 1999 of what we presently know China Life Insurance Company.
In the year 2003, China Life Insurance Company got restructured as China Life Insurance Group.
The major products of the company are life insurance, pension plans, asset management, property and casualty, investment holdings, and overseas services.
The company is one of the biggest public life insurance companies for market capitalization and is listed on the New York Stock Exchange, Hong Kong Stock Exchange, and the Shanghai Stock Exchange.
It was founded in the year 1889 with an association of Warren Buffett, Berkshire Hathaway is presently a leading investment manager company.
The company works with an association of insurance into other sectors like rail transportation, finance, energy and services, manufacturing, and retails.
Apart from primary insurance, the company also works to provide reinsurance of property and casualty risks.
There are presently seven subsidiary companies working under Berkshire Hathaway.
Founded in the year 1848 in the U.K., the company is into insurance and financial services catering to over 24 million customers spanning from Asia, America, U.K., and with a new entrant Africa.
Its major subsidiaries are Prudential Corporation Asia, Prudential U.K. (for pension and life insurance plans), Jackson National Life Insurance Company (in the United States), and M&G Investments.
The company Prudential plc has now founded a position in the major stock exchanges of the world like in London, Hong Kong, Singapore, and New York. With about 22,308 employees worldwide, the company’s assets are estimated at £509 billion.
The group is one of the leading insurance providers in the healthcare sector.
It has two main business platforms: UnitedHealthcare (dealing with health benefits), and Optum for health services.
In the year 2015, the company reported a revenue profit of $157.1 billion.
The company also got featured in the Fortune list as the “world’s most admired companies” for consecutive six years in insurance in the healthcare sector.
With business spanning 30 countries in the world the company has been operating in the insurance sector since 1880.
The major focus countries of the group are Asia and Europe.
The group boasts of its 45,000 employee base, with its subsidiaries carrying out most of its insurance operations.
The Ergo Insurance Group is one of its major subsidiaries offering comprehensive insurance plans.
The company offers life reinsurance, health reinsurance, accident reinsurance, liability, motor insurance, property-casualty insurance, marine reinsurance, aviation reinsurance, and fire reinsurance.
In the year 2015, Munich Re Group made a net profit of €3.1 billion.
Founded in the year 1831, in Italy, is one of the premier global insurance and financial Products Company.
The company is operating in 60 countries of the world, has a market presence in Western, Central, and Eastern Europe.
With a major focus on life insurance, the company offers other products as family cover, savings, and unit linked policies.
In the non-life segment, the company offers products like the cover for car, home, accident, health, commercial, and industrial risks.
With a huge employee base of 77,000 employees and a customer base of 65 million people world over, the company ranks amongst the world’s 50 largest companies.
The total asset under management was found to be at €480 billion.
One of the major state-owned company in Japan is one of the largest insurance providers.
The Japan Post Holding which became a public company in 2015 has generated consolidated revenue of about $3.84 billion.
The company started in the year 1890 in Germany, is the leading financial service provider company servicing insurance and asset management.
With a broad customer base of more than 70 countries and an asset of about €1.8 billion, the company offers insurance product in casualty and property, health, life insurance for both individual and corporate customers.
Above is a top ten list of the best insurance companies for the year 2024.
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