TOP 10 INSURANCE COMPANIES IN THE WORLD

Insurance companies are primarily of 2 types – life insurance and non-life insurance such as auto, property, casualty insurance etc. Here is the list of top 10 insurance companies across the world, 2012 ranking.

1. Berkshire Hathaway
Market Cap (in US$bn) = 201.135
The very fact that all of Berkshire’s major insurance subsidiaries are rated AAA by Standard & Poor’s, and A++ by A. M. Best stand testimony to their global standing as no. 1 in the field of insurance. The exceptionally high capital strength maintained by its subsidiaries is its most significant differentiating factor. It offers automobile insurance through GEICO, property/casualty reinsurance through General Re, life insurance through NRG and government bond insurance through Berkshire Hathaway Assurance.

2. China Life Insurance
Market Cap (in US$bn) = 73.371
Based out of Beijing, it is the largest insurance company in Asia. It is listed in 3 markets - the Hong Kong Stock Exchange, the Shanghai Stock Exchange and the New York Stock Exchange – the first Chinese insurance company to achieve this distinction. Though it originally began as fire and marine insurance providers, it now primarily focuses on individual and group life insurance.

3. American International Group
Market Cap (in US$bn) = 58.480
Popularly known as AIG, it is based out of New York City. It underwrites commercial and industrial insurance along with life insurance (with the acquisition of American General Life Insurance) and travel insurance (through Travel Guard). AIG suffered heavily during the global financial meltdown in 2008 which resulted in downgrade of its credit rating and had to be bailed out by the government.

4. Allianz
Market Cap (in US$bn) = 54.245
This German company is the largest insurance company in the European market offering both health/life insurance as well as property/casualty insurance. In India, it has formed a joint venture with Bajaj Finserv Limited called the Bajaj Allianz General Insurance Company Limited which also offers travel and motor insurance. Allianz’s marketing activity revolves around sports with a football stadium in Munich named Allianz Arena.

5. Ping An Insurance
Market Cap (in US$bn) = 51.463
Ping An Insurance offers life insurance, property and casualty, and health insurance. With foreign investors in its shareholding structure, Ping An is the first Chinese insurance company to have done so. HSBC holds minority stake in the company which it plans to sell in 2013.

6. AIA
Market Cap (in US$bn) = 44.133
Though the acronym stands for American International Assurance, it is based out of Hong Kong where it is the market leader with a market share of more than 25%. In India, it operates through 26% stake in a JV with Tata Sons offering accident and health insurance in addition to life insurance. Primarily strong in Asia, AIA is now looking at expanding its wings to the rest of the world.

7. Metlife
Market Cap (in US$bn) = 39.719
Metropolitan Life Insurance Company, popularly known as just MetLife, began its journey insuring Civil War sailors and soldiers against casualties. To this date, Metlife is the largest life insurer in the United States. Though it provides a host of financial services, insurance accounts for more than 50% of its revenues. Metlife uses popular cartoon characters from Peanuts, most notably Snoopy in all its advertising.

8. Zurich Insurance Group
Market Cap (in US$bn) = 39.559
Based out of Zurich, and hence the name, Zurich Insurance Group is the biggest Swiss insurance company. It offers general insurance, life insurance and farmers’ insurance. It features in both Interbrand’s top 100 brands as well as Fortune Global 500 companies.

9. AXA
Market Cap (in US$bn) = 39.017
AXA offers life as well as non-life insurance (savings, property and casualty). Based out of France, AXA is rated the best insurance brand by Interbrand for 3 consecutive years. AXA entered India forming a JV with Bharti Enterprises called the Bharti AXA Life Insurance Company Ltd.

10. ING
Market Cap (in US$bn) = 31.863
Headquartered in Netherlands, the ING group offers life insurance, banking and asset management services. In India, ING holds 26% stake in the ING Vysya Life Insurance Company. ING has been closely associated with around sports, sponsoring many marathons like the New York City Marathon and the Renault F1 team from 2007 to 2009.