The essential economic and social role insurance industry plays by providing cover for personal and business risks cannot be overemphasized. The Organisation for Economic Cooperation and Development (OECD) describes the insurance industry as a major component of modern economies. Indeed, the industry collects substantial amounts of premiums in addition to its investment scale. According to Business Insider, the global insurance industry is worth nearly $5 trillion. This article brings you the 10 largest insurance companies worldwide.
AXA was established in 1817 and has its headquarters in Paris, France. In 2011, AXA was the 2nd most powerful transnational corporation in terms of ownership and corporate control over global financial stability and market competition. Today, it is a multinational company with branches in 56 countries across the world with an employee base of 157,000.
Established in 1949 as the peoples’ insurance company of china, the company specializes in life insurance, pension plans, asset management and investment holdings. Additionally, the company is a key institutional investor in Chinese capital markets. The company is ranked number 94 on Fortune 2015 Global 500 Company list.
Zurich Insurance Group was founded in 1872. Currently, it is the largest insurer in Switzerland offering general insurance, life insurance, and farmers’ insurance services. Its services are available to both individuals as well as corporations.
Headquarters in Nebraska, United States, Berkshire Hathaway Company was established in 1889. Today, the company is a multinational conglomerate holding other companies that do not necessarily deal with insurance. Berkshire Hathaway is the 4th largest public company in the world, according to the Forbes Global 2000 list.
Headquartered is in Minnesota, United States, the company operates in 125 countries across the world and offer a range of services not limited to insurance. For instance, it provides resources to improve health care system. In 2015, UnitedHealth Group reported an operating income of $11 billion.
6) Prudential Plc
Prudential is a British company that is based in London. It was founded in 1848 and currently operates in several countries across the globe. Notably, it is the leading life insurance company in many Asian countries such as India, Malaysia, and Hong Kong.
The company was established in 1880 and is based in Munich, Germany. It has branches in over 30 countries. It operates in all lines of insurance such as life and property while at the same time offering reinsurance services. Geographically, the company focuses on Europe and Asia.
The company was established in 1831 with headquarters in Trieste, Italy. Today, it has spread to many parts of the world and is a leader in financial services and global insurance. Its main area of focus is life insurance.
9) Allianz SE
Founded in 1890 and based in Munich, Germany, Allianz SE’s insurance products include life, property and casualty insurance. Currently, the company operates in more than 70 countries. According to Forbes magazine, Allianz SE is one of the world’s largest insurance companies.
Owned by the government of Japan, Japan Post Holding Co. Ltd provides mail delivery services, banking, and life insurance services. As of 2013, it ranked 13th in the Fortune Global 500 list of the largest companies in the world.