Insurance group works on the principle of demanding a small monetary loss to compensate for a possibly larger, devastating loss which might happen in future. Since the probability and extent of any damage caused is uncertain, the insurance companies have to depend on the average trend which has been followed and observed.
Based on the SWOT analysis, the following are the world’s top ten insurance companies:
American International group based in New York was the world’s 18th largest public company in 2008 according to the Forbes Global 2000 list.
AXA Group is a French global insurance company which provides life, property, saving and casualty insurance along with various financial services.
Allianz Worldwide is a Germany based international insurance company which serves in about 70 countries. It is presently the second largest insurance company in the world.
Manulife Financial is a Canadian insurance company, with worldwide operations and serves in 19 Asian countries.
Prudential Financial is a Fortune 500 company, which serves in 30 countries with financial services such as insurance, mutual funds, asset management, and brokerage services.
MetLife is the largest life insurance company in the US, with growing global presence in 12 countries worldwide.
Aviva is UK’s largest and world’s fifth largest insurance group which serves both general insurance and life insurance in 25 other countries.
AEGON is one of the world’s largest insurance and investment service providers which work in collaboration with Merrill Lynch.
New York Life Insurance Company is USA’s largest mutual life insurance company, which is licensed to operate in all 50 states and the District of Columbia.
Munich Re Group is a German reinsurance company which protects insurance companies against possible losses
What makes a good Insurance Company?
A good insurance company is one that stands by its customers when they actually need financial, legal and moral support. In the past, many companies are known to have records of delaying and denying claims, discriminating among customers and at times, offering a medical reimbursement so low that a patient’s health is at risk.
Remember, an insurance policy is aimed at protecting you as well as the insurance company. Insurance companies, whose primary goal is to help customers, should refrain from taking shelter in technicalities of clauses to reject the claims of its customers.
.