There are so many insurance companies, as customers, who want to get the best insurance company in the world. Now public awareness of the various needs of life is the main factor that insurance is increasingly popular.
Indeed, every individual does not has all types of insurance, but some of them such as health insurance, travel insurance, to vehicle insurance are still excellent.
The three insurance products are generally offered at once by an insurance company. The premiums also vary, which must adjust to the financial condition of the customer.
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- 1 Why insurance company is important?
- 2 Types of insurance companies
- 3 Best insurance company globally
- 3.1 United Health Group first the best insurance company
- 3.2 Ping An Insurance
- 3.3 AIA Insurance
- 3.4 China Life Insurance
- 3.5 Prudential
- 3.6 Metlife
- 3.7 Manulife
- 3.8 Aflac
- 3.9 China Pasific Insurance
- 3.10 Cathay Financial
- 3.11 AVIVA
- 3.12 Dai Ichi Life Insurance
- 3.13 HDFC Life Insurance
- 3.14 Swiss Life Holdings
- 3.15 New China Life Insurance
- 3.16 Japan post Insurance
- 4 The best insurance company in Malaysia
- 5 Final thought
Why insurance company is important?
There may be people who are still skeptical about having insurance. But actually, this financial product can protect you from unexpected moments in your life.
Insurance will lighten the burden when an accident occurs which is included in the insurance coverage.
Depending on the insurance you choose, for example, health insurance, if you are sick and have to be hospitalized, the insurance will ease the burden of your treatment costs while in hospital.
The amount of costs borne by the insurance company refers to the agreement from the insurance company.
Here important point insurance.
- Manage finances and risk. By obligation to pay premiums every month, this has helped us manage your finances.
- Helping to realize your plans or dreams in the future. Insurance protects you from unexpected conditions, for example, you suddenly get sick and need large medical expenses. Having insurance helps you with medical expenses.
- Provide protection to beloved family members. For example, life insurance, when the family dies they will receive insurance protection.
- Leaving an inheritance by writing down the heirs in the insurance policy to be entitled to insurance.
Types of insurance companies
There are various types of insurance companies with different coverage, including Captive insurance companies, stock companies, standard lines, aliens, excess lines, direct sellers, domestic, mutual companies, Lloyds of London, and others.
Here the following is an explanation of each type of insurance company.
Captive insurance companies
Certain companies or entities that do not find coverage through standard insurance can form a company to provide insurance for themselves. The insurance company becomes the captive parent company.
Insurance coverage for certain industrial or group risks or certain types of risks such as shipping and fleet insurance.
Let say a shipping business company can’t find suitable insurance through the standard insurance market. Then they set up insurance companies called Captive insurance companies.
A stock company, as the name implies, is an insurance company with shareholders who distribute excess profits as dividend payments to shareholders.
In a stocks company, it can be a “monoline carrier” which means writing only one line of coverage. Or a “multi-line company” that has policies on several different types of insurance.
Standard lines insurance companies refer to insurance companies that sell and operate certain insurances in certain areas of a state.
The company is only licensed to operate in certain states. There are also those who call it an insurance company “admitted carrier.” The company is subject to the rules of the state insurance board, where it offers coverage.
The company must also provide a collateral fund to the state, which pays the claims filed if the insurance company goes bankrupt.
An insurance company type aliens refer to a company that operates in another country and uses the perspective of the laws of that country. Let say a Malaysian insurance company operates in Singapore, according to Singapore’s perspective the company is an alien company.
This is a type of insurance company that provides coverage for special risks such as high-risk auto insurance or high-risk individuals that are not found in the standard line of coverage because there are limitations to the coverage.
Let say drivers that often have other traffic violations or companies that have just opened and do not find coverage in the standard line. Another name excess line is Surplus line.
This is a type of insurance company that sells insurance directly to consumers without using an insurance agent. These companies mostly have offices for direct sales, although most business is conducted online or by telephone. One example of a well-known direct sellers insurance company is GEICO.
A domestic insurance company refers to an insurance company incorporated in the country where it is domiciled. The company operates as a domestic company in the country where it is incorporated. However, these entities can also operate in other countries with a license in that country. It will be considered a foreign company in the country.
The domestic insurance company operates and has a license in the country where it is domiciled. A company may be licensed to operate in another state but is considered an alien company in that state.
Insurance companies type Mutual assumed policyholders as shareholders and receive dividends. In the agreement, the policyholder does not bear any loss or is not subject to an increase in premium due to loss. An example of a mutual company is Liberty Mutual.
Lloyds of London
As the name implies, this insurance company is under the authorization of the British Parliament. Entity types of coverage tend to be for more unusual or high-risk items, as well as general insurance types.
Some of these unusual types of risks such as celebrity body parts or offshore oil risks, “main road” or more general types of risks are also insured.
Best insurance company globally
Globally, there are thousands of insurance companies spread across various countries. The United States alone accounted for the largest insurance companies.
According to a report from the Insurance Information Institute, in America, there were 5,965 insurance companies in 2019.
Of these companies, there are several insurance businesses including 2,496 companies in P/C, 837 in life/annuities companies, 952 in health, 82 in fraternal, 61 in the title, 243 in risk retention groups, and 1,251 for other companies.
While the largest insurance companies for market capitalization, according to Statista there are 16 companies with the largest capitalization from several countries including the United States, China, Hong Kong, Japan, and Canada.
United Health Group first the best insurance company
- Market capitalization: 393.49 Billion dollars.
- Country: the United States, headquartered in Minnetonka, Minnesota.
- Established in 1977.
- Total employee 330.000 in 2020.
- Stock symbol: UNH.
Ping An Insurance
- Market capitalization: 161.41 Billion dollars.
- Country: China, headquartered in Shenzhen, Tiongkok.
- Established in 21 Maret 1988.
- Founder: Ma Mingzhe, Yuan Geng.
- Stock symbol: PNGAY.
- Market capitalization: 151.35 Billion dollars.
- Country: China, headquartered in Hongkong.
- Established in 1919 in Shanghai Tiongkok.
- Founder: Cornelius Vander Starr.
- Stocks symbol: HKG.
China Life Insurance
- Market capitalization: 108.88 Billion dollars.
- Country: China. Headquarter in Beijing, Tiongkok.
- Established in 1949.
- Stock symbol: SHA.
- Market capitalization: 53.26 Billion dollars.
- Country: United Kingdom. Headquarter in Newark, New Jersey, Amerika.
- Established in 1875.
- Founder: John F. Dryden.
- Stock symbol: PRU.
- Market capitalization: 52.24 Billion dollars.
- Country: United States. Headquarter in New York, America.
- Established in 24 Maret 1868.
- Founder: William P. Stewart.
- Stock symbol: MWZ.
- Market capitalization: 38.52 Billion dollars.
- Country: Canada. Headquarter in Toronto, Canada.
- Established on 23 June 1887.
- Stock symbol: FRA: MLU.
- Market capitalization:37.8 Billion dollars.
- Country: United States. Headquarter Columbus, Georgia, America.
- Established on 17 November 1955.
- Founder: Bill Amos, Paul Amos, John Amos.
- Stock symbol: ETR:AFR.
China Pasific Insurance
- Market capitalization: 36.87 Billion dollars.
- Country: China. Headquarter Shanghai, Tiongkok.
- Established on 13 Mei 1991.
- Stock symbol: FRA:75C.
- Market capitalization: 25.42 Billion dollars.’
- Country: Taiwan. Headquarter Taipei Tiongkok.
- Established on 31 December 2001.
- Stock symbol: TPE:2882.
- Market capitalization: 22.72 Billion dollars.
- Country: United Kingdom. Headquarter London Great Britain.
- Established in 2000.
- Stock symbol: ETR:GU8.
- Total employee: 31.000 in 2021.
Dai Ichi Life Insurance
- Market capitalization: 21.46 Billion dollars.
- Country: Japan. Headquarter Tokyo Japan.
- Established on 15 September 1902.
- Founder: Tsuneta Yano.
- Total employee: 61.335 on 2013.
- Stock symbol: DCNSF.
HDFC Life Insurance
- Market capitalization: 18.29 Billion dollars.
- Country: India. Headquarter Mumbai India.
- Established in 2000,
- Stock symbol: NSE:HDFCLIFE.
Swiss Life Holdings
- Market capitalization: 16.45 Billion dollars.
- Country: Switzerland. Headquarter Zürich, Swiss.
- Established in 1857.
- Stock symbol: FRA: SLW1.
New China Life Insurance
- Market capitalization: 16.13 Billion dollars.
- Country: China. Headquarter Tiongkok.
- Established on 28 September 1996.
- Stock symbol: FRA:NCL.
Japan post Insurance
- Market capitalization: 6.91 Billion dollars.
- Country: Japan. Headquarter Tokyo Japan.
- Parent company: Japan Post Holdings.
- Established in 2003.
The best insurance company in Malaysia
Being one of the emerging countries, Malaysia is one of the insurance markets in the Southeast Asia region. Although there is no official rating, in Malaysia there are several popular insurance companies.
Usually, to choose an insurance company, customers will see, on the ease of claims, a good agent and affordable price.
AXA Insurance is an insurance company based in Paris. although it is not one of the largest insurance companies. However, AXA Insurance is quite popular in Malaysia.
The company was founded in 1816 by Claude Bébéar. It has a total of 120,869 employees in 2020. AXA offers various insurance products such as Motor, Health, Home, Travel, etc.
Prudential Assurance Malaysia
Prudential is one of the global insurance companies with the fifth largest market capitalization in 2021. In Malaysia, it is one of the best-ranked insurance companies.
Prudential Malaysia is a subsidiary of a holding company headquartered in the United States.
Offers several insurance products such as health, life protection, infant and child, wealth, life stage, and online products.
Great Eastern Life Assurance (Malaysia)
Great Eastern Life Insurance is an insurance company based in Singapore. Established: 26 August 1908, became one of the leading insurance companies in Malaysia.
This company offers a wide range of insurance products from health, life, travel, motorcycle, accident, home, hospital, and surgical, sport, etc.
Being the third-largest insurance company, AIA also managed to gain market share in Malaysia. This company offers a wide range of insurance products for personal and business.
For personal insurance offers, there are life, medical, accident protection, critical illness protection, disability protection, and savings.
Meanwhile, to businesses, offer employee benefits, AIA Regional Solution, Retirement, and credit insurance.
Allianz Life Insurance Malaysia
Allianz is a New York-based life insurance company. This insurance company offers annuities and life insurance products. This insurance company is still growing and becoming more popular in the midst of the pandemic that has also hit the country.
Maybank Life Insurance (Maybank2u)
Maybank Life Insurance is a subsidiary of the Maybank group. Offers several insurance options including personal accident, car, travel, retirement, education, home insurance, fund fact sheet, and business.
Tokio Marine Insurance
Tokio Marine Insurance was founded in 1879 is the oldest general insurance company group in Japan.
The company continues to expand its business globally from the general insurance business to the life insurance and international insurance businesses.
The international network continues to grow and spreads in more than 480 cities and 35 countries including Malaysia. Offers various insurance products for individuals and businesses.
Hong Leong Assurance
Hong Leong Assurance Berhad is a subsidiary of HLA Holdings Sdn Bhd. Established in 1972.
Being one of the leading insurance companies in Malaysia, Hong Leong Assurance Berhad offers a wide range of insurance products with coverage, life protection, health and medical, education, retirement, employee benefits, saving, telemarketing products.
Manulife Malaysia was founded in 1963 offering a wide range of insurance products to its customers. The insurance products are in categories, health, life, save, invest, signature and Bancassurance.
Zurich Insurance Malaysia
Zurich is an insurance company based in Switzerland that was founded in 1872. The company is expanding its operations to include one of these countries in Malaysia.
Based on the social status of people belonging to the upper-middle social class, having insurance is very important to protect against unplanned conditions that require large funds.
But it seems that lower-class people are less interested in having an insurance policy because it requires funds every month to pay premiums.
Choosing the type of insurance also depends on your needs, for example, life insurance helps to prepare for the possibility of death.
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