Insurance companies are very instrumental in the dynamic world of today. The businesses assist in managing the risks of their clients efficiently, through the provision of insurance products. There are so many people globally whether in business or not who seek the services of insurers. The insurers help clients in the recovery process after a natural disaster and paying the claims covered in the insurance policies. Additionally, insurance companies encourage the people to invest in high levels of ventures. Such ventures include starting businesses and also buying houses.
The ranking of insurance companies has its basis in several elements. Some of the factors include
- Market capitalization of the company
- Premium collections
- The company’s revenue
- The profit earnings
- Assets under management
- The geographical location/ area
The above elements were essential in determining the best insurance firms globally. In no specific order, the best insurance institutions include:
1) China Life Insurance
China Life Insurance is the most extensive china’s leading insurance company that is state owned. The firm offers insurance services and also financial assistance to the customers. China Life Insurance acts as an institutional investor in the Chinese Capital Market as it is a significant participant. China Life Insurance received global recognition from the: Hong Kong stock exchange, New York stock exchange, and Shanghai stock exchange.
The primary differentiating factor that improves the company’s operations is the market capitalization. The company deals with a wide range of insurances including pension plans, life insurance, overseas operations, and investment holdings among other services.
2) AXA Group
AXA Group is the multinational company established in the year 1816. It is an active global insurance investor with the headquarters for the firm in Paris. The institution serves over 102 million customers spread over the 56 branches. Apart from the insurance services, the company also offers the clients financial services. The firm has an established market share that is wide as it’s functional in many countries. Some of the nations with AXA group companies include Western Europe, Asia Pacific region, Middle East, North America and also in Africa.
The motto for AXA Group is to protect property, people, and assets under management. Examples of insurances they deal with comprise the life insurance and health insurance. The uniqueness of AXA is the specialization in financial protection as it is the world leading insurance firm in financial security. The revenues are also high amounting to € 99 billion in the year 2015. To get comprehensive information on the AXA group please click here.
3) Ping An Insurance Group
Being the second most significant insurance corporation in China, Ping An Insurance Group is a privately owned business. Among the services offered by the Ping An Insurance Groupis insurance, banking, and also the delivery of financial services to the clients. The business establishment occurred in 1817 with the head office location in Shenzhen.
The company received acknowledgments from Shanghai stock exchange market and the Hong Kong stock exchange market. The Ping An Insurance Group has a very vast market share with over 150 branches. The corporation is best in dealing with personal finances of its clients. The company received recognition for the provision of the best customer service to the clients. The best customer service providing technique helps in the company’s global expansion and growth.
4) Allianz Group
The main base for business operations for the Allianz group happens in Munich in German. The Forbes magazine recognized the Allianz group for the services they offer which include asserting management, insurance services, and financial services delivery to their customers. The corporation participation in the Euro market is significant and has even received recognition from the Euro market.
The business has above €1.8 billion in assets under the management that significantly contributes to the business success. Asserts in the business are regarding bonds, real estate, and equities. The unique selling proposition for the Allianz group is the ability to maximally deliver services entailing property, life, and credit insurances. The company additionally has a stable financial position due to the availability of willing investors.
5) United Health Group
United Health Group is America based and located in Minnetonka, Minnesota. The insurance corporation is the largest healthcare company worldwide. United Health Group offers a variety of services which are healthcare insurance services and products. With very high revenue amounting to $ 184 billion in 2016, the business has 15 million active customers.
The company differentiates itself from other insurances by primarily focusing on healthcare and also the delivery of the best health plans to the clients. The group received recognition from the Business Insurance magazine for providing the best health care plan. Frost and Sullivan also recognized the corporation for the North American Company of the year 2016.
6) YOUI NZ Limited Insurance.
YOUI NZ limited is a general insurance business venture that specializes in insurances relating to vehicle and homes. The vehicle includes cars, trailers, and motorcycles, while the houses encompass buildings. Other areas of specialization include business liability and watercraft. The business has grown and gone beyond Auckland to different regions such as New Zealand, and South Africa.
The most considerable advantage for the YOUI NZ limited insurance is the specialization in coverage of vehicles, homes, watercraft, and business liability. For the detailed information on YOUI NZ limited company please click here.
7) Munich Re Group
The corporation employs about 45,000 workers globally to provide the best services in all areas of insurance. The business offers services concerning risk management and expert skills in the healthcare industry. The venture has several branches in about 30 countries across the globe, but the central regions are Asia and Europe. The company, whose main base is in Germany, deals in insurances covering life, health, accidents, business liability, motor, marine, and aviation among others. The business made enormous profits for example in 2015 the gains valued at €3.1 billion.
The bottom line of the discussion is that each has unique factors that they consider in deciding on the choice of insurance company. Depending on your needs and values, you will be able to synthesize the above information and finally reach an appropriate conclusion on your preferred choice of insurance company.