Top 10 Insurance Companies Brian Young April 13, 2015 Mortgages The management of money through insurance is a dynamic business, in which different companies provide a gamut of services in a majority of the segments. Below is the list of top 10 insurance companies categorized depending on their market value across the world. 1. Berkshire Hathaway Inc. This is an American company headquartered in Omaha, United States of America. Warren Buffet a business tycoon, who controlled the company through his investments and thus converted an industry of textile into an insurance industry. While being a pioneer in providing services across the globe, the company’s business leverages on both a type of processes primary as well as reinsurance. That takes the path of execution by the foreign and domestic insurance entities. The company has a slew of investors in its fold such as General Re, GEICO, Berkshire Hathaway Reinsurance and Primary Group. Berkshire Hathaway is one of the largest companies in the world and stands at the fifth place in the category of public owned company. In the path of development, Berkshire took interest into the insurance business with the purchase of National Indemnity Company followed by the gaining of equity stakes in the GEICO (Government Employees Insurance Company) in the year 1970. Moreover, GEICO leverages major part of the business. The company worked hard to exploit the business opportunities in the automobile insurance sector through a method of direct response. The Berkshire Hathaway Inc acquired General Re in the year 1998 and then NRG, a Dutch Reinsurance Company in the year 2007. The former company was involved in the reinsurance business on a global scale in the life/health and property/casualty while the latter was too involved in a similar kind of reinsurance business. Supported by its trustworthy services, Berkshire Hathaway Inc gained a higher rate of recognition across the world. The company caters in providing insurance to the government bonds such as state and municipal bonds. 2. China Life Insurance Company A largest commercial group called China Life Insurance Company shares its capabilities in the insurance sector, and it stands in a high place in China as well as in the globe. Being one of the largest institutional based investors in the Capital markets of China, the company has extended its businesses into other sectors through ventures. The company’s establishment happened in the year 1996 under the name of PICC, and then with the passage of time the new name China life Insurance Company gained the place of the older name in 1999. The company’s business receives execution through its different subsidiaries like China Life Insurance (Overseas) Company Limited, China Life Pension Company Limited, China Life Asset Management Company Limited, China Life Investment company. The range of operation covers three different segments a. Group Life Insurance: Group entities receive Investment and insurance contracts through the insurance and annuity products where the institutions and companies can avail the services. b. Short Term Insurance: This category covers a group or an individual for the temporary health insurance and accident insurance. c. Individual Life Insurance: In this category, the insurance products cover participating and non-participating insurance, as well as annuities. 3. Allianz SE A German headquartered company called Allianz SE is another fast growing insurance company. Founded in the year 1890, the company marked its niche through its thought provoking policies with respect to accident and marine portfolio. This Munich-based company is ever expanding in the global platform and is operating in 70+ countries. The company holds a headcount of 1, 48,000+ people to fulfill all of its operations. With the recognition from the people, the company has received recognition from the Forbes Global Magazine and was ranked to the top, subsequently in the year 2000 (27th rank) and 2014 (77th rank) as well. The ranking received in the year 2014 was under the category of World’s most valuable brand. While holding a customer base of 83 million, the company offers services in casualty insurance, asset management, and health insurance. With the slew of quality services offered by the Allianz SE, the value for the company’s services increased with the recognition of being one of the top five companies in the property-casualty and health insurance fields. Some of the vital services offered by the company are as given below: a. Family insurance b. Health insurance c. Motorbike insurance d. House and home insurance e. Benefits of retirement planning The company serves the SMEs, large corporations and insurance for credit under the category of business insurance wherein the company provides wide variety of products in asset management, which include income products, multi-assets, stocks, commodities and many more. 4. American International Group (AIG) AIG, a New York-headquartered company positions itself in the line of top rated insurance companies in the world. With the employee strength of 64000 and a presence in 130 countries, the company is moving in a positive direction by providing excellent services in the life insurance, mortgage insurance, retirement services and property casualty. The company operates in two different segments: AIG Life and Retirement and AIG Property Casualty. The first one provides retirement and an insurance service whereas the second category includes services mainly in individual, institutional and commercial based insurance products. 5. Ping An A China-based insurance company Ping An stands tall in catering services in the insurance sector. With the 24 subsidiaries in the sector, the company operates in different segments Property & Casualty, Corporate, Banking, Securities and Life Insurance. The life insurance products include term, endowment, whole life, healthcare insurance, annuity, investment-linked, and universal life, whereas in the Property & Casualty, the company offers health, automobile, accident and non-automobile insurance products. Ping An backed 6th rank in the Forbes Magazine in 2014. 6. Metlife Metlife is one of the top company and stands at a higher position among other service providers. The company offers services in annuities, employee beneficial programs, and insurance products across in the world. Headquartered in New York, the company has made its presence in countries like Latin America, Japan, Asia, Middle East, Europe and Africa. The excellent performance through the affiliates and subsidiaries had brought laurels and recognition when the Metlife got enlisted (Rank – 69) in the Global 2000 for 2014. The company offers a wide variety of products such as Health and Accident insurance, Retirement planning, Life Insurance, Disability Income Insurance, Credit Insurance, Home and Auto insurance and saving benefits. 7. AXA Group AXA group is the leading service provider in the insurance sector with the operations in India, China, Japan, Singapore, and Indonesia. The company functions through five business segments Property & Casualty, Life and Savings, Asset Management, International Insurance and financial services. In its path of expansion, it has acquired different entities through shares and in some cases like HSBC, the company agreed to it in 2012 to enlarge its P&C business. 8. AIA Group Founded in the year 119, a Hong Kong based company AIA Group offers Savings, Investment, Protection, Retirement benefits and Schemes to manage wealth, Employee Benefits, Retirement services and Credit insurance. Operating in 17+ countries, the company has a joint venture of 26 percent in India and a subsidiary of 97 percent in Sri Lanka. BrandAge has recognized the company by titling it as an admired brand. 9. ING A Dutch based financial institution company, ING provides services such as investment, retirement, banking, and life insurance. ING is one among the top 10 insurance companies. This Amsterdam headquartered company operates in 40+ countries with the headcount of 75,000 employees. Insurance Benelux, Insurance CRE, Insurance Asia/Pacific Insurance U.S, and Insurance Latin America are some of the segments through which the company operates. 10. Zurich Zurich is the largest insurance company in Switzerland, headquartered in Zurich. Mainly, in three different categories the operations take their due process, Global Life, Management Services (Farmers) and General Insurance. With the employee strength of 55000 people and operations in 170+ countries, Zurich is bringing solutions that drive the market dynamics while delivering profitable and sustainable growth. The ranking of the company in the Global (2000) list of 2014 is 84. Zurich strives to increase the growth by working closely with the markets and customer segments. No related posts.