Top 10 Insurance Companies in the World
Insurance companies help people, businesses, and institutions handle their risks. There are many insurance companies, but the protection promises that the insured will be paid or reimbursed if they lose something.
Insurance companies have plans that cover losses in several areas, such as accidents, health, property, homeownership, professional liability, malpractice, and casualty.
What should you think about before picking an insurance company?
Among them are:
1. How the company is perceived
Check out the brand’s reviews and the latest news on the web. To know what the company is good at, you should look at its history.
2. Accreditation by the law
You must ensure that the insurance company you choose is licensed and approved by the Nigerian government.
3. Coverage options
This is an essential thing to think about when picking an insurance company. Pick the level of service that meets your needs the best. For example, if the insurance company doesn’t cover certain things, like the business ideas you need, that’s a sign that you should go with someone else.
4. Strength in the finance and price
It would help to learn how the insurance company does when the market is terrible and how that might affect you. Look at stock ratings and business tools to find the information you need.
When looking for and finally picking an insurance company, you might also want to consider how much it costs. Put another way, if the price is right, buy it. If it’s not, you should go somewhere else.
Insurance Companies Based on the 2022 Forbes Global 2000 lists
These are the ten most prominent insurance companies in the world:
Ping An Insurance Group
Even though it had more problems than its US and European competitors, Ping An stayed on top of the Global 2000 list of insurance companies. Forbes says that its net profit dropped 29% to $15.7 billion in 2021 because of losses on investments in
China Fortune Land Development, one of several Chinese real estate companies with a lot of debt that went bankrupt last year. The insurance company’s 2021 annual report also said that as of the end of last year, it had $32 billion invested in real estate assets, which was 5.5% of all its financial assets.
That risk has helped explain why its stock price has dropped 50% since the beginning of the year.
UnitedHealth Group
US-based UnitedHealth Group was at the top of the list. The life and health insurance business also made the seventh most money each year of any company in the Global 2000.
Forbes says that since October 2021, UnitedHealth’s stock has increased by 25%. In March, the company agreed to pay $5.4 billion to buy the home healthcare company LHC Group.
Allianz
In terms of asset value, Allianz is the second-largest insurer on the world list. The company’s rankings went down a lot from last year, but its sales went up almost 7% from almost $130 billion to $135 billion, and its profits stayed the same.
More than 126 million people in over 70 countries use Allianz’s property and casualty, life and health, credit, travel, and asset management services. Several different names and subsidiaries provide these.
AXA Group
AXA moved up three spots in the overall results to become the fourth-best insurance company in the world. The French company was also one of the top five insurers in terms of assets and net profit.
This company (AXA) became the world’s best business P&C insurance company when it bought the XL Group in 2018. The insurance giant maintains its resolve to fight global warming while building on its strong growth in key markets and target segments.
China Life
China Life’s market value dropped almost 25% from $57.3 billion, even though its net sales and profits rose 14% from $113.8 billion and 7% from $7.3 billion in 2021. The total assets rose from $651.9 billion, an 18% rise.
This insurance company had about 323 million long-term health insurance policies, pension contracts, and individual and group life insurance policies in force at the end of last year.
AIA Group
The biggest pan-Asian life insurance group fell 21 in the world rankings, but it was still third in market value, behind only UnitedHealth and Ping An. The company also saw its net profit rise from $5.8 billion in 2020 to $10.8 billion in 2021, a more than 27% rise.
MetLife
MetLife’s growth continued from the previous year despite falling in the ranks. The insurance company made over 20% more money and saw their sales increase by almost 5%.
The company has about 100 million customers in 40 countries around the world. It sells people and groups credit, medical, dental, accident and health, and life insurance. It also offers retirement and savings plans, pensions, and endowments.
Zurich Insurance
In 2020, Zurich’s sales were $58.4 billion; in 2017, they were $3.8 billion. This is a 19% and 37% increase, respectively. The market value of the insurance giant went up from $61.7 billion, a jump of just over 12%.
Life insurance is one of Zurich’s many P&C goods and services. Many people and businesses buy from it, from individuals to small businesses to big corporations and businesses in between.
Cigna
Cigna, a health provider, has the sixth-largest market value of all the listed companies. As a whole, though, the company fell 24 spots, losing the fourth spot it held last year among the best insurance companies.
People, couples, and groups can get health, pharmacy, dental, supplemental, and Medicare plans from this company.
AIG
American International Group (AIG) was one of the biggest winners in the global list. It jumped 349 spots to get to 90th place and join the top 10 companies in its field.
From $43.7 billion, the insurance company made $19 billion. Additionally, it had a net gain of $9.4 billion for shareholders, up from a net loss of $6 billion in 2020.
