The top ten insurance companies and best insurance companies in the world are listed below, in order of revenue, net income, and market capitalization. These companies provide a wide range of insurance products and services, such as life and health insurance, accident insurance, auto insurance, home insurance, annuities, and retirement and savings products.
The global insurance industry remains profitable, with growth rates rising at an impressive rate of 4.7%. While the largest companies underwrite a large number of policies, they differ in price, service quality, and a variety of other factors.
To help you choose the best insurance company for you, compare the list of the 10 largest insurance companies in the world. and what makes each of them unique.
Insurance market global report 2023
The insurance industry is a significant component of the economy due to the number of premiums it collects, the scale of its investment, and, more fundamentally, the critical social and economic role it plays by covering personal and business risks.
Insurance protects individuals and businesses financially against various types of loss or damage. Providers assess the risks of insuring someone or something and issue policies to clients based on their findings.
The policy is a legally binding agreement between the insurance company and the policyholder. Global insurance penetration was around 7.2 percent in 2021, but this is expected to rise in the coming years, primarily due to emerging markets.
Why Do You Need Insurance From Big Companies?
Insurance is a method of risk management. When you buy insurance, you give the insurance company the cost of a potential loss in exchange for a fee known as the premium. Big Insurance companies invest the funds safely so that they can grow and pay out when a claim is made.
Insurance helps you:
- Own a home, because mortgage lenders want to know your home is secure It pays for repairs and replacement of any damage covered by your policy. It protects you against theft, damage from perils such as fire and water, and financial liability if a visitor or guest is injured on your property by accident.
- Drive vehicles, because few people can afford the repairs, medical bills, and legal fees associated with collisions and injuries without insurance Auto insurance is also required by law.
- Maintain your current standard of living if you become disabled or suffer from a serious illness It covers your daily expenses as well as larger expenses such as your mortgage while you focus on your health and recovery.
- Provide for your family in the event of a death. There are short-term and long-term life insurance options available to protect your family’s home, mortgage, lifestyle, and the cost of post-secondary education for children.
What to look for in an insurance company
Here is a list of the five most important things to look out for when looking for the perfect insurance company:
- The price tag of the insurance company
- Background of the company
- Company’s size
- Complaints and reviews of the company
- Service quality
The price tag of the insurance company
Of course, you can’t put a price on your life, but when it comes to picking an insurance company, you have to do some math. A good idea is to compare the prices and various charges involved in the policy or policies you are interested in using the web aggregators that are easily accessible today. Make certain that the insurance company you select offers pricing that complements your financial plan and that you do not go over budget.
Background of the company
An insurance company may use flashy advertising, but as a discerning investor, you should look into how long the company has been in business. When selecting an insurance company, you should look for one with a proven track record.
Consider the claim settlement ratio, which is available on the country’s website, and insurer ratings, which are available on the respective companies’ websites, the efficacy of the online platform (if you want to buy your policy online), the company’s network, and its reach.
Company’s size
When it comes to choosing an insurance company, it all comes down to the brass stack. In new business premiums, look for key numbers like total assets, market share, and growth ratio to determine whether it has the financial capacity to meet your claims if you need to make one.
Complaints and reviews of the company
This factor is often overlooked, but it is important to keep an eye out for the number of complaints or negative reviews a company may have. Although some of it may be fabricated by competitors, a flurry of similar complaints against the same company should not be dismissed. This should give you a good idea of which companies to look into and which to avoid like the plague.
Choosing an insurance company today may not be the easiest task, given the abundance of insurers available. If you are having difficulty selecting an insurance company on your own, enlist the assistance of a trusted family member or friend who you know has the financial acumen to make the right decision on your behalf.
Service quality
This is also an important consideration when selecting an insurance company. You must make a decision based on the insurers’ attitude toward potential customers like yourself. Are they available to answer your questions, both over the phone and in-person?
Is their approach patient, or do they appear too busy to make a sales pitch without first understanding your financial needs? These are some of the questions you should ask yourself before making a final decision.
10 Biggest Insurance Companies by Revenue, Net Income and Market Cap
- Berkshire Hathaway
- Ping An Insurance
- AXA SA
- China Life Insurance Co. Ltd.
- Allianz SE
- Assicurazioni Generali
- The People’s Insurance Co
- Aviva PLC
- Legal & General Group PLC
- Prudential PLC
#1. Berkshire Hathaway
By asset size, this is one of the world’s largest insurance companies. Berkshire Hathaway, an American multinational conglomerate led by Warren Buffet, is a holding company. The headquarters of Berkshire Hathaway is in Omaha, Nebraska.
Berkshire Hathaway is the world’s largest financial services company by revenue, with a revenue of USD 247.5 billion last fiscal year, and the world’s fourth-largest global insurer, with assets totalling USD 817 billion, as of 2020. Berkshire Hathaway has a market capitalization of USD 554 billion, making it one of the largest insurance companies in the world.
- Revenue (TTM): $279.2 billion
- Net Income (TTM): $35.8 billion
- Market Cap: $549.0 billion
#2. Ping An Insurance Group
Ping An Insurance known also as Ping An of China, full name Ping An Insurance Company of China, Ltd. is a Chinese holding conglomerate whose subsidiaries mainly deal with insurance, banking, asset management, financial services, healthcare, auto services and smart city.
- Revenue (TTM): $155.0 billion
- Net Income (TTM): $17.5 billion
- Market Cap: $230.8 billion
#3. AXA SA
Axa S.A. is a French multinational insurance company. The head office is in the 8th arrondissement of Paris, France. It also provides investment management and other financial services.
- Revenue (TTM): $112.4 billion
- Net Income (TTM): $3.3 billion
- Market Cap: $55.7 billion
#4. China Life Insurance Co. Ltd
China Life Insurance is one of the largest state-owned insurance and financial services companies on the Chinese mainland, as well as an institutional investor in the Chinese capital market.
The company was established in 1949, the year the People’s Republic of China was established. Today’s subsidiaries include life insurance, pension plans, asset management, property and casualty, and investment holdings.
- Revenue (TTM): $111.1 billion
- Net Income (TTM): $7.2 billion
- Market Cap: $64.0 billion
#5. Allianz SE
Allianz is a global financial services company that offers products and services ranging from insurance to asset management. It provides corporate and individual customers with insurance products ranging from property and casualty policies to health and life insurance. The headquarters of the company is in Germany.
- Revenue (TTM): $97.5 billion
- Net Income (TTM): $7.7 billion
- Market Cap: $98.0 billion
#6. Assicurazioni Generali
Assicurazioni Generali is an international insurance company headquartered in Italy. The company provides life, non-life, and reinsurance products. While Europe accounts for the majority of Assicurazioni Generali’s business, the company is expanding into Asia and Latin America.
- Revenue (TTM): $86.6 billion
- Net Income (TTM): $1.8 billion
- Market Cap: $28.5 billion
#7. The People’s Insurance Co
The People’s Insurance Co. operates a number of subsidiaries that provide property, life, pension, and health insurance products, as well as reinsurance and other services, with the Chinese central government as its controlling shareholder. The firm also provides asset management services.
- Revenue (TTM): $85.5 billion
- Net Income (TTM): $4.0 billion
- Market Cap: $14.9 billion
#8. Aviva PLC
U.K.-based Aviva PLC is a multinational insurance company that provides transportation, aviation, marine, fire, motor, and life insurance, as well as a variety of financial services. Its UK Life and General Insurance businesses are market leaders in the United Kingdom.
- Revenue (TTM): $46.9 billion
- Net Income (TTM): $2.9 billion
- Market Cap: $18.8 billion
#9. Legal & General Group PLC
Legal & General Group is a financial services and insurance company based in London. The company, which has a global customer base, offers a variety of asset management, retirement, savings, and general insurance products.
- Revenue (TTM): $45.2 billion
- Net Income (TTM): $1.6 billion
- Market Cap: $21.8 billion
#10. Prudential PLC
Prudential PLC is a London-based insurance and investment services company that provides products ranging from life insurance, health insurance, accident insurance, property insurance, and casualty insurance to pensions, equity plans, mortgages, and other financial services. The company also serves customers in all major global markets, including its home market of the United Kingdom.
- Revenue (TTM): $35.1 billion
- Net Income (TTM): -$0.7 billion
- Market Cap: $49.9 billion
FAQs About Biggest Insurance Companies
What are the biggest insurance companies in the world?
The biggest insurance companies in the world are:
- Berkshire Hathaway
- Ping An Insurance
- AXA SA
- China Life Insurance Co. Ltd.
- Allianz SE
- Assicurazioni Generali
- The People’s Insurance Co
- Aviva PLC
- Legal & General Group PLC
- Prudential PLC
Should i invest in insurance companies?
Insurance stocks can be an excellent addition to any stock portfolio. Not only does the insurance industry have the potential to produce excellent long-term returns, but it also works in strong economies, during recessions, and at any time in between.
List of biggest insurance companies in UK
- Legal & General Group PLC
- Admiral Group
- Direct Line Group
- Aviva
- Hastings
- Prudential PLC
