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Top 15 Insurance Companies in The World

What is Insurance?

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 which 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 pre-existing relationship.

Here are Top 15 Insurance Companies in The World:

#1. Ping An Insurance

Ping An Insurance (Group) Company of China, Ltd. is a Chinese holding conglomerate whose subsidiaries mainly deal with insurance, banking, asset management, financial services, healthcare, auto services and smartcity. The company was founded in 1988 and is headquartered in Shenzhen.

The company is considered to be China's biggest insurer, with US$110 billion in net premiums written in 2019. Its market capitalization is at US$217 billion in March 2021, making it the largest insurer in Asia-Pacific.

Ping An Insurance consistently ranks as the world's top global insurance brand, and as of 2020, was the most valuable global financial brand in the world.

#2. China Life Insurance

China Life Insurance is a Beijing-headquartered China-incorporated company that provides life insurance and annuity products. China Life is ranked No. 94 on Fortune 2015 Global 500 Company list.

China Life is the biggest life insurer in China in terms of total assets, but has experienced economic difficulty in the past years.

China Life has a substantial share of China's group life and health insurance business, and its government ties give it an inroad to help it build that business among state-owned enterprises.

#3. Allianz

Allianz is a German multinational financial services company headquartered in Munich, Germany. Its core businesses are insurance and asset management.

As of 2014, it is the world's largest insurance company, the largest financial services group and the largest company according to a composite measure by Forbes magazine, as well as the largest financial services company when measured by 2013 revenue.

Allianz sold Dresdner Bank to Commerzbank in November 2008. As a result of this transaction, Allianz gained a 14% controlling stake in the new Commerzbank.

#4. AXA

Axa is a French multinational insurance firm. The head office is in the 8th arrondissement of Paris. It also provides investment management and other financial services.

The Axa Group operates primarily in Western Europe, North America, the India Pacific region, and the Middle East, with a presence also in Africa. Axa is a conglomerate of independently-run businesses, operated according to the laws and regulations of many different countries.

#5. CPIC

China Pacific Insurance (Group) Co., Ltd. (CPIC) known as Pacific Insurance, is a Chinese insurance company. It was established on the basis of the former China Pacific Insurance Corporation, which was founded in 1991 approved by the People's Bank of China. Its headquarters is in Shanghai.

The company's property insurance products include car insurance, insurance of family's properties, liability insurance, investment type insurance and accident insurance/injury insurance, while its life insurance products include endowment insurance, health insurance, juvenile assurance, insurance cover services and petty insurance.

#6. AIA

AIA is an American-founded Hong Kong multinational insurance and finance corporation. It is the largest public listed life insurance and securities group in Asia-Pacific. It offers insurance and financial services, writing life insurance for individuals and businesses, as well as accident and health insurance, and offers retirement planning, and wealth management services, variable contracts, investments and securities.

AIA is headquartered in Central, Hong Kong, with a presence in 18 markets in Asia-Pacific, with wholly owned branches and subsidiaries in Hong Kong, mainland China, Taiwan, Macau, South Korea, Singapore, Thailand, Malaysia, the Philippines, Indonesia, Vietnam, Brunei, Cambodia, Myanmar, Australia, New Zealand, Sri Lanka and a 49% joint venture in India. Since 2013, AIA has had an exclusive bankassurance agreement with Citibank that encompasses 11 AIA markets in Asia-Pacific.

#7. GEICO

The Government Employees Insurance Company (GEICO) is a private American auto insurance company with headquarters in Chevy Chase, Maryland. It is the second largest auto insurer in the United States, after State Farm. GEICO is a wholly owned subsidiary of Berkshire Hathaway that provides coverage for more than 24 million motor vehicles owned by more than 15 million policy holders as of 2017. GEICO writes private passenger automobile insurance in all 50 U.S. states and the District of Columbia. The insurance agency sells policies through local agents, called GEICO Field Representatives, over the phone directly to the consumer via licensed insurance agents, and through their website. Its mascot is a gold dust day gecko with a Cockney accent, voiced by English actor Jake Wood. GEICO is well known in popular culture for its advertising, having made numerous commercials intended to entertain viewers.

#8. Progressive

The Progressive Corporation is an American insurance company, the third largest insurance carrier and the No. 1 commercial auto insurer in the United States. The company was co-founded in 1937 by Jack Green and Joseph M. Lewis, and is headquartered in Mayfield Village, Ohio, USA. The company insures passenger vehicles, motorcycles, RVs, trailers, boats, PWC, and commercial vehicles. Progressive also provides home, life, pet, and other insurance through select companies. Progressive has expanded internationally as well, offering auto insurance in Australia.

#9. PICC

The People's Insurance Company (Group) of China Limited, known as PICC Group or just PICC, is a Chinese listed insurer. The Chinese Central Government is the controlling shareholder.

The group contains the major subsidiaries: PICC Asset Management, PICC Life as well as PICC Property and Casualty (PICC P&C).

#10. LIC

Life Insurance Corporation of India (abbreviated as LIC) is an Indian statutory insurance and investment corporation. It is under the ownership of Ministry of Finance, Government of India.

As of 2019, Life Insurance Corporation of India had total life fund of ₹28.3 trillion. The total value of sold policies in the year 2018–19 is ₹21.4 million. Life Insurance Corporation of India settled 26 million claims in 2018–19. It has 290 million policy holders.

#11. MetLife

MetLife, Inc. is the holding corporation for the Metropolitan Life Insurance Company (MLIC), better known as MetLife, and its affiliates. MetLife is among the largest global providers of insurance, annuities, and employee benefit programs, with 90 million customers in over 60 countries. The firm was founded on March 24, 1868. MetLife ranked No. 43 in the 2018 Fortune 500 list of the largest United States corporations by total revenue.

In January 2016, the company announced that it would spin off its U.S. retail business, including individual life insurance and annuities for the retail market, in a separate company called Brighthouse Financial, which launched in March 2017. The continuing MetLife company kept naming rights to MetLife Stadium in northern New Jersey.

#12. Travelers

The Travelers Companies, Inc., commonly known as Travelers, is an American insurance company. It is the second-largest writer of U.S. commercial property casualty insurance, and the sixth-largest writer of U.S. personal insurance through independent agents.

The company has field offices in every U.S. state, plus operations in the United Kingdom, Ireland, Singapore, China, Canada, and Brazil. Travelers ranked No. 98 in the 2021 Fortune 500 list of the largest United States corporations with total revenue of $32 billion.

#13. Zurich

Zurich Insurance Group Ltd is a Swiss insurance company, headquartered in Zürich, and the country's largest insurer. As of 2021, the group is the world's 112th largest public company according to Forbes' Global 2000s list, and in 2011 it ranked 94th in Interbrand's top 100 brands.

Zurich is a global insurance company which is organized into three core business segments: General Insurance, Global Life and Farmers. Zurich employs 55,000 people, with customers in 215 countries and territories. The company is listed on the SIX Swiss Exchange. As of 2012 it had shareholders' equity of $34.494 billion.

#14. Generali Group

Assicurazioni Generali S.p.A. or simply Generali Group is an Italian insurance company based in Trieste. As of 2019, it is the largest of its kind in Italy and among the top ten largest insurance companies in the world.

Under the name of Imperial Regia Privilegiata Compagnia di Assicurazioni Generali Austro-Italiche, the company was founded on December 26, 1831. At the time, Trieste was the most important seaport of the Austrian Empire. The company grew in importance, becoming one of the largest insurance operators both in Italy and in Central Europe. As of 2017, the company ranks 57th on the Fortune Global 500 list of companies and 43rd on MITs worldwide "Smartest Companies" ranking in 2015.

#15. Chubb

Chubb Limited, incorporated in Zürich, Switzerland, is the parent company of Chubb, a global provider of insurance products covering property and casualty, accident and health, reinsurance, and life insurance and the largest publicly traded property and casualty company in the world. Chubb operates in 55 countries and territories and in the Lloyd's insurance market in London. Clients of Chubb consist of multinational corporations and local businesses, individuals, and insurers seeking reinsurance coverage. Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance.

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