To find out which insurance companies in the world are dominating the sector, we have compiled a comprehensive list of the best insurance companies in the world.
Insurance companies offer risk management services to businesses, individuals, household properties, etc. As there are many different types of insurance firms, the focus of the project is that the insurer promises payment or compensation to the insured in the event of a loss.
Insurance firms provide insurance that covers losses resulting from illness, accidents, property, home ownership, casualties, and professional liability, among many other things.
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While they are not as spectacular as investment banks, they play a vital role in the global financial industry. They specialize in a variety of insurance lines, including health, life, and property, loss, or damage.
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Some insurance companies are collectively owned, which means that the shareholders own them. The value of a company’s outstanding shares is represented by its market capitalization, often known as its “market cap.”
There are several methods for ranking the size of insurance companies. Companies can be ranked by their market capitalization, revenue, net income, or sales metrics within a year or by the number of policies sold.
In this article, we will look at the world’s top six best insurance companies in terms of net income, revenue, and market cap.
Six best insurance companies in the world
1. Berkshire Hathaway (US).
Berkshire Hathaway Inc. is a global conglomerate holding corporation headquartered in Omaha, Nebraska, that owns companies in a variety of industries, including rail transportation, utilities and energy, manufacturing, services, and commerce.
Berkshire Hathaway covers primary and reinsurance of property and casualty risks through subsidiaries such as Berkshire Hathaway Reinsurance Group, National Indemnity Company, Berkshire Hathaway Primary Group, and so on.
Key Characteristic
Exchange: New York Stock Exchange
$35.8 billion in net income.
$279.2 billion in revenue.
Market capitalization of $549.0 billion
Ping An Insurance (China)
Ping An Insurance is a Chinese conglomerate whose businesses primarily operate in the insurance, banking, asset management, financial services, healthcare, auto services, and smart city sectors.
The firm was established in 1988 and is based in Shenzhen. It was China’s first joint-stock insurance firm, Among its numerous subsidiaries are Ping An Life, Ping An Property & Casualty, Ping An Annuity, and Ping An Health.
Key Characteristic
Exchange: OTC
$17.5 billion in net income.
$155.0 billion in revenue
$230.8 billion in market capitalization
Allianz SE (Germany)
Allianz is a multinational German financial services firm located in Munich, Germany. Its main lines of business are insurance and asset management.
It provides business and individual customers with insurance products ranging from property and liability coverage to health and life insurance.
Key Characteristic
Exchange: OTC
$7.7 billion in net income.
$97.5 billion in revenue.
The market capitalization is $98.0 billion.
Assicurazioni Generali (Italy)
Assicurazioni Generali is a Trieste-based Italian insurance firm. It is the largest insurance company in Italy and one of the top ten largest insurance firms in the world.
This company provides a wide range of 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.
Key Characteristics
Exchange: OTC
$1.8 billion in net income.
$86.6 billion in revenue.
$28.5 billion in market capitalization
People’s Insurance Company (China)
The People’s Insurance Co. maintains a variety of companies 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 operations.
Key Characteristics
Exchange: OTC
$4.0 billion in net income.
$85.5 billion in revenue.
$14.9 billion in market capitalization
Legal & General Group (UK)
Legal & General Group is a financial service and insurance corporation established in London. The organization, which has a global customer base, offers a variety of asset management, retirement, savings, and other broader insurance services.
Key Characteristics:
Exchange: OTC
$1.6 billion in net income.
$45.2 billion in revenue.
$21.8 billion in market capitalization
Conclusion
There are several methods for ranking the largest insurance companies, but in this post, the best insurance companies are ranked by their net income, revenue, and market cap.
Nevertheless, don’t just search for the best insurance companies in the world and do nothing after that. You should consider insuring your properties against unanticipated calamities, as it is the best way to enjoy life with complete peace of mind
