Head workplace location: Minnesota, USA
Market cap: $459.05 billion
Enterprise line: Medical insurance
UnitedHealth Group is a diversified well being and well-being firm based mostly in Minneapolis. The medical insurance large serves shoppers and customers within the US and over 130 different nations by two distinct platforms, particularly:
- UnitedHealthcare: The agency’s insurance coverage arm supplies healthcare protection and advantages by its community of greater than 1.3 million physicians and healthcare professionals and 6,500 hospitals.
- Optum: Its tech unit gives data and technology-enabled well being providers.
Not solely are they the biggest insurance coverage firm on the planet based mostly on market cap however UnitedHealth additionally boasts a workforce that features 85,000 nurses and physicians centered on serving to folks dwell more healthy lives. It additionally invests practically $3.5 billion in know-how and innovation, and processes roughly 1.1 trillion transactions yearly.
Head workplace location: Shenzhen, China
Market cap: $132.54 billion
Enterprise strains: Life and well being, and property and casualty insurance coverage
Ping An Insurance coverage Group is without doubt one of the largest insurance coverage firms on the planet, catering to greater than 220 million shoppers and practically 611 million on-line customers. It employs over 362,000 workers globally. The corporate’s insurance coverage enterprise consists of two strains. These are:
Life & well being
Ping An conducts its well being and life insurance policy by Ping An Life, Ping An Annuity, and Ping An Well being. They’re among the many first life insurance coverage firms to make use of AI-powered robots to conduct gross sales agent recruitment interviews. They’ve additionally launched an unique sensible private assistant referred to as AskBob. This device supplies brokers with varied sales-enabling prompts to assist them enhance gross sales conversions and be extra productive. The device is exhibiting promise:
Property & casualty
Ping An’s P&C unit covers the next companies:
- Auto insurance coverage
- Company property and casualty insurance coverage
- Engineering insurance coverage
- Cargo insurance coverage
- Legal responsibility insurance coverage
- Assure insurance coverage
- Commerce credit score insurance coverage
- Dwelling contents insurance coverage
- Accident and medical insurance
- Worldwide reinsurance
Ping An makes use of new applied sciences to advertise on-line buyer improvement and enhance its service system:
- Its Ping An Auto Proprietor app, as an example, has greater than 25 million month-to-month lively customers, topping the listing of auto service apps in China.
- Its Ping An Good Claims Answer, in the meantime, makes use of synthetic intelligence to automate the whole claims-processing system from claims submission, instantaneous inspection and settlement, and appraisal to roadside help and auto elements sourcing.
Head workplace location: Hong Kong, SAR
Market cap: $122.43 billion
Enterprise strains: Life and medical insurance
AIA Group is the biggest pan-Asian life insurance coverage group. It gives monetary providers and insurance coverage merchandise in 18 markets throughout the Asia-Pacific area. These embrace:
- Australia
- Cambodia
- Mainland China
- Hong Kong & Macau
- Indonesia
- Malaysia
- Myanmar
- New Zealand
- Philippines
- Singapore
- South Korea
- Sri Lanka
- Taiwan
- Thailand
- Vietnam
For people, AIA’s number of insurance coverage merchandise consists of:
- Accident safety insurance coverage
- Medical insurance
- Life insurance coverage
- Medical insurance coverage
- Retirement insurance coverage
AIA additionally supplies worker advantages and pension providers to company shoppers to cowl workers’ well being, earnings safety, and retirement wants. The corporate employs specialists in every nation who’re liable for delivering providers and advantages merchandise to firms of all sizes.
Head workplace location: Beijing, China
Market cap: $121.70 billion
Enterprise strains: Life and property and casualty insurance coverage
China Life is without doubt one of the largest suppliers of particular person and group life insurance coverage, annuity, and accident and well being insurance policies in China. As one of many largest insurance coverage firms on the planet, they boast an in depth distribution and repair community consisting of:
- 746,000 particular person brokers
- 41,000 direct gross sales representatives
- 23,000 account managers within the bancassurance channel
China Life has roughly 317 million long-term particular person and group life insurance coverage insurance policies, annuity contracts, and long-term medical insurance plans in pressure. It additionally supplies particular person and group accident and short-term medical insurance insurance policies and providers.
Head workplace location: Indiana, USA
Market cap: $113.69 billion
Enterprise line: Medical insurance
Elevance Well being supplies the next plans to its greater than 32 million members:
- Medical insurance coverage
- Pharmaceutical insurance coverage
- Dental insurance coverage
- Behavioral medical insurance
- Lengthy-term care insurance coverage
- Incapacity insurance coverage
These plans are distributed by its affiliated firms Anthem Blue Cross and Blue Defend and Wellpoint.
Elevance Well being is the biggest for-profit managed healthcare firm within the Blue Cross Blue Defend Affiliation. It boasts a community of 1.7 million docs and hospitals in 14 states, particularly:
- California
- Colorado
- Connecticut
- Georgia
- Indiana
- Kentucky
- Maine
- Missouri
- Nevada
- New Hampshire
- New York
- Ohio
- Virginia
- Wisconsin
Elevance Well being was previously often called Anthem. The medical insurance large modified its title in June 2022.
Head workplace location: Munich, Germany
Market cap: $93.51 billion
Enterprise strains: Property and casualty, life and medical insurance
Allianz Group gives property and casualty, life and well being, credit score, and enterprise insurance coverage, and asset administration providers by way of a number of manufacturers and subsidiaries to greater than 126 million prospects in over 70 nations. It additionally employs greater than 155,000 folks worldwide.
Aside from Allianz, which is among the many largest insurance coverage firms on the planet, among the many group’s high manufacturers are:
- Euler Hermes: A credit score insurance coverage firm that provides a variety of bonding, ensures and collections providers for the administration of business-to-business (B2B) commerce receivables.
- Pacific Funding Administration Firm (PIMCO): One of many world’s main mounted earnings funding managers.
- Allianz International Company & Specialty (AGCS): A worldwide insurer centered on enterprise insurance coverage and huge company and specialty dangers. It has a worldwide community in additional than 210 nations and covers a variety of sectors and providers.
Head workplace location: Connecticut, USA
Market cap: $87.33 billion
Enterprise line: Medical insurance
Cigna’s varied insurance policy and merchandise embrace dental insurance policy, Medicare plans, healthcare insurance coverage for people and households, Medicare supplemental plans, different supplemental insurance coverage, and even some worldwide medical insurance choices. It has a 70,000-strong workforce serving over 190 million prospects in additional than 30 nations.
Cigna gives well being and wellness services by its two models:
- Cigna Healthcare: A well being advantages supplier centered on serving to prospects enhance their well being by each stage of life.
- Evernorth Well being Providers: Provides pharmaceutical, care, and advantages merchandise designed to enhance well being, enhance vitality, and make the therapy and prevention of sickness extra accessible.
Head workplace location: Zürich, Switzerland
Market cap: $86.55 billion
Enterprise strains: Property and casualty, well being and life insurance coverage
Chubb employs greater than 31,000 folks worldwide and has operations in over 50 nations and territories. The trade behemoth’s spectacular portfolio of insurance coverage merchandise spans a wide range of strains, from business P&C insurance coverage merchandise for companies of all sizes to private strains. The latter contains:
- Car insurance coverage
- Householders insurance coverage
- Leisure marine insurance coverage
- Aviation insurance coverage
- Umbrella legal responsibility protection
- Captive packages
- Political danger coverages
- Crop insurance coverage
- Accident and medical insurance
- Life insurance coverage
Chubb makes use of retail and wholesale brokers, impartial and captive brokers, in addition to bancassurance (collaboration with banks), mobilassurance, direct advertising and marketing, and different channels to distribute its merchandise. For brokerages utilizing Chubb, they supply instruments, sources, and programming – resembling product coaching help – to assist its rising variety of companions achieve success.
Head workplace location: Ohio, USA
Market cap: $83.45 billion
Enterprise strains: Property and casualty insurance coverage
The Progressive Group is one America’s hottest insurance coverage manufacturers. The insurance coverage large is among the many largest auto and motorbike/specialty RV insurers within the nation. Progressive writes over 13 million auto insurance coverage insurance policies every year.
Though finest identified for its auto insurance coverage merchandise, Progressive additionally gives a spread of coverages for private and business dangers. Its portfolio contains:
- Apartment insurance coverage
- Boat insurance coverage
- Pet insurance coverage
- Dwelling insurance coverage
- Renters’ insurance coverage
- Life insurance coverage
- Business insurance coverage
- Insurance coverage bundles
Progressive promote their insurance coverage insurance policies on to customers or by way of a community of impartial brokers. Its company enterprise distributes merchandise by greater than 30,000 impartial insurance coverage companies throughout the US.
Progressive can be credited as the primary main auto insurer firms on the planet to launch an internet site, little doubt being a part of their push to change into one of many greatest insurance coverage firms on the planet. In what was then a revolutionary transfer, the insurance coverage firm launched its web site in 1995. By 1996, they even gave customers the flexibility to match insurance coverage charges on-line. A 12 months later, Progressive shoppers had been in a position to purchase auto insurance coverage insurance policies on-line in actual time.
At current, the insurer has a thriving direct-to-consumer enterprise, which is supported by a variety of 24/7 digital instruments. These embrace:
- On-line coverage service and administration
- On-line claims reporting
- Price ticker – an internet comparability device
- Unbiased agent locator
- Chatbots
- An instantaneous quoting service
Head workplace location: New York, USA
Market cap: $81.07 billion
Enterprise strains: Insurance coverage broking and danger administration
Marsh McLennan Corporations (MMC) is knowledgeable providers agency that’s behind a number of the largest insurance coverage firms on the planet, together with:
- Marsh: An insurance coverage brokerage and danger administration large, with workplaces everywhere in the world. Marsh has been credited with advising round 95% of Fortune 1000 firms.
- Man Carpenter: Provides reinsurance broking experience, whereas additionally providing strategic advisory providers and analytics to customers.
MMC can be the guardian firm of main consulting gamers Oliver Wyman – a world administration consulting agency – and Mercer – a human sources consulting firm.
The desk under exhibits the remainder of the 20 largest insurance coverage firms on the planet by market cap.
The market cap information was pulled from this web site. Additionally known as market cap, market capitalization is the whole market worth of an organization’s excellent shares owned by stockholders. In easy phrases, it’s how a lot the corporate is price as decided by the inventory market. Market cap is calculated by multiplying the variety of excellent shares by the present market worth of a single share.
Traders sometimes use market capitalization to find out an organization’s measurement relatively than its gross sales or whole belongings. The determine can be used to guage an organization’s monetary efficiency towards different companies of varied sizes.
Figuring out a agency’s market cap is necessary, particularly for the investing neighborhood, as a result of firms with bigger market capitalization are sometimes seen as safer investments as they’re additionally principally established trade gamers with an extended historical past within the enterprise.
Now that you realize which companies rank among the many largest insurance coverage firms on the planet, it’s time to search out out the world’s main reinsurance companies. Take a look at our newest world reinsurance firms rating right here to be taught extra about a number of the largest insurance coverage firms on the planet utilizing a special metric.
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