Forbes 2023: Top 20 largest insurance companies in the world (2024)
The 2023 edition of "Forbes Global 2000" highlights the upward progression of insurance companies in the annual ranking of the world's leading corporations.
The leading insurer, UnitedHealth Group, moved up seven places to 15th in 2022. Ping An Insurance Group, the list's second-largest insurer, jumped one place to 16th.
Allianz, the third largest insurance company, is ranked 37th largest in the world.
Reinsurers Munich Re and Berkshire Hathaway, big names in the insurance industry, are ranked 114th and 338th in the Forbes 2023 report.
Being the #1 insurer is just the beginning. Allianz is looking beyond the industry and aspires to compete with the world's most valuable brands. For the fifth year in a row, Allianz has been named the world's number one insurance brand in Interbrand's 2023 Best Global Brands ranking.
Life Insurance Corporation of India (LIC) is termed as the strongest insurance brand with a steady brand value of $9.8 billion, a brand strength index score of 88.3, and an associated AAA brand strength rating, notes a report by Brand Finance Insurance 100 2024.
In terms of number of policies settled during 2022-23, Max Life Insurance has the highest claim settlement ratio of 99.51%. With a 99.39% claim settlement ratio, HDFC Life Insurance came second on the list. Aegon Life Insurance bagged the third position with a 99.37% claim settlement ratio.
While there are many kinds of insurance (ranging from auto insurance to health insurance), the most lucrative career in the insurance field is for those selling life insurance.
Is Geico owned by Progressive? Geico is not owned by Progressive. Berkshire Hathaway owns Geico, while the Progressive Corporation is an independent company. Progressive is the second-largest auto insurance company in the U.S., according to the NAIC.
Northwestern Mutual won the 2023 Bankrate Award for Best Universal Life Insurance Company due to its high financial strength rating, highly-rated customer satisfaction and available financial planning services.
There has already been a huge jump in insurance prices from 2022. The average American paid $1,759 for insurance, which was a 15% increase over the previous year. In fact, rates have consistently gone up quarter over quarter and are predicted to continue into 2023.
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The leading insurer, UnitedHealth Group, moved up seven places to 15th in 2022. Ping An Insurance Group, the list's second-largest insurer, jumped one place to 16th.