Choosing an insurance company can be challenging as it deals with financial settlements in major disputes world
Insurance companies provide risk management to individuals, businesses, and institutional clients through contracts. Insurance companies offer policies offering coverage for losses related to accidents, health, property, homeownership, professional liability, malpractice, and casualty, among other areas.
When you’re thing of life insurance, you might be concerned about the policy more than the insurer. But choosing the best life insurance company for your needs is just as important as choosing the right policy.
Choosing a life insurance plan to protect you loved ones after you’re gone is a big decision. Part of choosing the right plan is finding the right life insurance company. The choice for you depends on your individual circumstances and coverage needs. To make this decision easier, we’ve laid out the best companies overall, best term and best whole life insurance companies, and the best companies for other specific circumstances.
Major Global Insurance Players
Berkshire Hathaway Inc is a major conglomerate and one of the nation’s premier insurance companies, also owning businesses in sectors such as rail transportation, utilities and energy, manufacturing, services, and retailing. Berkshire provides primary insurance, as well as reinsurance of property and casualty risks through companies such as GEICO, Berkshire Hathaway Reinsurance Group, Berkshire Hathaway Primary Group, General Re, National Indemnity Company and others.
Ping An Insurance is involved primarily in insurance, financial services, and banking. It is one of the top 50 companies listed on the Shanghai Stock Exchange.
AXA is one of the world’s leading insurance groups with major businesses in property and casualty insurance, life insurance, savings, and asset management.
China Life Insurance is one of the mainland’s largest state-owned insurance and financial services companies, as well as a key player in the Chinese capital market as an institutional investor.
Allianz is a leading global financial services company, providing products and services from insurance to asset management. It offers insurance products ranging from property and casualty policies to health and life insurance for corporate and individual customers.
Prudential PLC is a London-based insurance and investment services company offering products ranging from life, health, accident, property, and casualty policies to pensions, equity plans, mortgages and other financial services.
U.K.-based Aviva PLC is an international insurance company offering transport, aviation, marine, fire, motor, and life insurance products, as well as a range of financial services.
Assicurazioni Generali is an international insurance provider. The company offers a variety of life, non-life, and reinsurance products.
World’s Biggest 25 Insurance Companies
The 25 biggest insurance companies in the world by net premiums written (all in US dollars) are:
1. United Health Group Incorporated
Country of domicile: United States of America
Net premiums written: $158.5 billion
2. AXA S.A.
Country of domicile: France
Net premiums written: $104.5 billion
3. China Life Insurance (Group) Company
Country of domicile: China
Net premiums written: $97.6 billion
4. Ping An Insurance (Group) Company of China Ltd.
Country of domicile: China
Net premiums written: $90.3 billion
5. Allianz SE
Country of domicile: Germany
Net premiums written: $86.8 billion
6. Anthem, Inc.
Country of domicile: United States of America
Net premiums written: $84.2 billion
7. Kaiser Foundation Group of Health Plans
Country of domicile: United States of America
Net premiums written: $83.6 billion
8. Assicurazioni Generali S.p.A.
Country of domicile: Italy
Net premiums written: $77.5 billion
9. State Farm Group
Country of domicile: United States of America
Net premiums written: $69.9 billion
10. People’s Insurance Company (Group) of China Ltd.
Country of domicile: China
Net premiums written: $68.9 billion
11. Berkshire Hathaway Inc.
Country of domicile: United States of America
Net premiums written: $62.2 billion
12. Munich Reinsurance Company
Country of domicile: Germany
Net premiums written: $57 billion
13. Prudential plc
Country of domicile: United Kingdom
Net premiums written: $56.6 billion
14. Aetna Inc.
Country of domicile: United States of America
Net premiums written: $53.9 billion
15. Humana Inc.
Country of domicile: United States of America
Net premiums written: $52.4 billion
16. Nippon Life Insurance Company
Country of domicile: Japan
Net premiums written: $50.6 billion
Insurance Companies under $50 Billion
17. Life Insurance Corporation of India
Country of domicile: India
Net premiums written: $48.9 billion
18. Centene Corporation
Country of domicile: United States of America
Net premiums written: $46.1 billion
19. Dai-ichi Life Holdings, Inc.
Country of domicile: Japan
Net premiums written: $46 billion
20. National Mutual Insurance Federal Agricultural Cooperation
Country of domicile: Japan
Net premiums written: $45.2 billion
21. Tokio Marine Holdings, Inc.
Country of domicile: Japan
Net premiums written: $42.5 billion
22. MS&AD Insurance Group Holdings, Inc.
Country of domicile: Japan
Net premiums written: $42.3 billion
23. Zurich Insurance Group Ltd.
Country of domicile: Switzerland
Net premiums written: $41.1 billion
24. China Pacific Insurance (Group) Company, Ltd.
Country of domicile: China
Net premiums written: $40.8 billion
25. Japan Post Insurance Company, Ltd.
Country of domicile: Japan
Net premiums written: $39.6 billion
The Right Choice for Insurance
Your life insurance company’s financial strength is an indicator of its future solvency. If your insurer will be around to pay out the death benefit to your beneficiaries years down the line. Taking a look at an insurance company’s financial standing is an important part of shopping around for life insurance.
It’s important to note that whole life policy is five to 15 times as expensive as a comparable term life policy, so be sure to find a company that offers a whole life insurance policy that fits into your budget.
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