In 2022, the top ten largest insurance companies in the world will propel the global insurance market to new heights. According to Emergen Research, insurance industry continues to be profitable, with growth rates of 6.2 percent to reach USD 8,921.88 billion in 2028. In order to succeed as a new market entry in 2022, it will be necessary to comprehend the various areas of the insurance industry. Understanding and focusing on legacy planning and the know-how underlying rebuilding human capital value is critical for success in the life insurance market. As the biggest insurance industry trend in 2022 is that customers are the real disrupters in the market, the industry’s leading players are focusing on a customer-centric approach.
Statistics and Trends in the Insurance Market
Last year, the global insurance business grew at a rate of 6.2 percent, with life and P&W insurance leading the way.
From 2010 to 2017, emerging markets accounted for 43% of overall insurance growth.
From 2014 to 2017, emerging insurance markets such as developing Latin America, APAC, and Africa experienced high profitability and premium growth.
In 2018, the net premiums written in the US insurance business totaled USD 1.22 trillion.
Property and casualty insurers were responsible for 51% of premiums.
Life and annuity insurers were responsible for 49% of premiums.
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World’s Prominent Companies in the Insurance Market: Top 10 by Revenue
China Life Insurance
Japan Post Insurance
Zurich Insurance Company
Ping An Insurance
Munich Re Group
Top 10 Companies in the Insurance Market by Revenue
Allianz (Revenue: USD 143.9 Billion)
With assets of USD 1,103.90 billion and a market capitalization of USD 104.4 billion, Allianz is the world’s largest insurance firm by asset size and market cap. Allianz is a German international financial services corporation with its headquarters in Munich. The corporation was established in 1890. For its insurance division, Allianz has customers in over 70 countries, and in 2019 it surpassed AXA as the world’s largest insurance company by asset size. Around the world, Allianz employs about 147,268 people.
AXA (Revenue: USD 113.1 Billion)
With total assets of nearly USD 1,011.4 trillion as of 2020, AXA is ranked second among the top ten largest insurance companies by asset size. AXA is a Paris-based multinational insurance company with a strong presence in worldwide insurance, investment management, and other financial services. AXA was established in 1816. AXA’s revenue was USD 113.1 billion last year, making it one of the world’s largest insurance businesses by revenue. AXA also has a market capitalization of USD 67 billion. AXA is active in a number of markets, including Western Europe, North America, the Asia-Pacific area, the Middle East, and Africa.
Berkshire Hathaway (Revenue: USD 247.5 Billion)
Berkshire Hathaway is based in Omaha, Nebraska, and was founded in 1839. Berkshire Hathaway, led by Warren Buffet, is the world’s largest financial services firm by revenue, with USD 247.5 billion in the previous fiscal year, and the world’s fourth largest global insurer, with USD 817 billion in assets, as of 2020. Berkshire Hathaway has a market capitalization of USD 554 billion, making it one of the largest insurance firms in the world.
China Life Insurance (Revenue: USD 106 Billion)
In practically every sector, China has quickly caught up with the rest of the globe, including the insurance industry. China Life Insurance is a state-owned insurance and financial services company that is one of the largest in the world. It is also a major player in the Chinese capital market, with its contributions as an institutional investor being particularly significant.
It is a state-owned insurance firm that was founded in 1949 as Peoples Insurance Company of China. In 2003, it was renamed China Life Insurance Company. It now operates seven companies in the areas of pension plans, insurance, property and casualty, asset management, international activities, and investment holdings. China Life Insurance has the greatest market capitalization in the world.
Nippon Life (Revenue: USD 58.23 Billion)
With assets of USD 710.9 billion, Nippon Life is one of the world’s largest life insurance firms. The corporation was founded in 1889 and is headquartered in Ch-ku, Osaka, Japan. Nippon Life is Japan’s largest life insurance company by revenue, with over 70,519 employees.
Japan Post Insurance (Revenue: USD 32.44 Billion)
Japan Post Insurance was formed in 1889 and is based in Osaka’s Ch-ku district. Japan Post Insurance is a Japanese global life insurer that was the fourth largest in the world in 2011. With assets of USD 666.6 billion, Japan Post Insurance is the world’s seventh largest insurance firm by asset size. Nearly 5,400 individuals work for the company.
Prudential Plc (Revenue: USD 93.74 Billion)
Prudential plc, a British multinational life insurance and financial services firm headquartered in London, United Kingdom, is ranked seventh on this list of the world’s largest insurance companies. the corporation was established in 1848. With over 20 million subscribers, the firm is best recognised as a global life insurance provider. Last fiscal year, Prudential plc’s assets totaled USD 646.2 billion, with revenues of USD 93.47 billion. There are 23,792 people working for the company.
Zurich Insurance Company (Revenue: USD 60 Billion)
Zurich Insurance Company, located in Switzerland, has a global footprint that has been methodically created and spread since 1872. The corporation operates in at least 170 countries through its subsidiaries and generates an annual revenue of USD 60 billion on average. Global life insurance, general life insurance, and farmers insurance are the company’s main businesses. Individuals and businesses of all sizes can benefit from the company’s offerings. Zurich employs around 55,000 people across all continents.
Ping An Insurance (Revenue: USD 163.6 Billion)
Ping An Insurance, a Chinese holding company that deals with global insurance and other financial services, ranks ninth on the list. The business was established in 1988. The company’s headquarters are in Shenzhen, China. Ping An Insurance is one of the world’s largest insurers, with assets of more than USD 620.4 billion in its insurance segment. 190,000 individuals work for the company.
Munich Re Group (Revenue: USD 39 Billion)
Munich Re Group, founded in 1880, is a global insurance company with operations in over 30 countries. Its main areas of interest are Europe and Asia. ERGO Insurance Group, Munich Re Group’s primary subsidiary, is in charge of the company’s main insurance operations. ERGO provides a full range of insurance, provision, and services. The company is the leading insurer in all areas in its main market, Germany. Munich Health (the company’s newest business) and Parlays (a risk management and insurance arm focused in the healthcare area) are two other subsidiaries.
About 45,000 people work for the Munich Re Group, which is involved in a variety of industries including health insurance, marine reinsurance, life reinsurance, aviation reinsurance, property-casualty business, fire reinsurance, liability business, accident reinsurance, and auto insurance.