11 Biggest Insurance Companies In the World

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In this article we take a look at the  11 Biggest Insurance Companies In the World. Click to skip ahead and jump to the 5 Biggest Insurance Companies In the World

Insurance is one of the biggest financial services and the biggest insurance companies in the world are at the top of their game! We all need insurance in some point of our lives. Insurance, to live a happy and healthy life without worries of the future gnawing at us! And, these companies provide the much-needed assurance of solace from those never-ending worries and stress.

So what is insurance? Simply put, it is the process of transferring risk in exchange for payment. The insurer charges a fee from the insured, who in turn gets compensated for their losses if and when they occur.  And, contrary to popular belief it is definitely not a new concept. It has always been around in some form. However, it is in the modern times that the concept has evolved and diversified and big firms have come into play. Now you can get covers for life risk or accident risk, along with the risk involved in a business that could cause severe implications to your wealth.

To ensure the future prosperity of families, life insurances have become the norm these days. And, companies are coming up with more personalized policies to suit individual needs and preferences. Newlyweds and new house owners, looking to start a family should definitely be surveying the best and the biggest insurance companies in the world and choose suitable policies for themselves and can also take a look at our other list 11 largest auto insurance companies in the US.



Insurance companies offer risk management in different spaces. While life insurance companies operate in legacy planning, health insuring firms provides cover of medical costs and health emergencies. Property, casualty and accident insurers operate in providing protection and replacement of value of property or other assets, such as cars or vehicles. Broadly, these are the types of insurance companies that operate in the industry, however, there are other types of operators such as reinsurers. Companies can be categorized in Mutual or Stock insurance companies based on their ownership structure. A stock insurance company is held by stockholders, whereas, a mutual insurance company is owned by “contractual creditors” that are policyholders.

In the wake of the COVID-19 outbreak, insurance companies have also been hard hit as financial companies in general have been effected. Major players have lost brand value in the process. The insurance industry which is generally considered prepared for contingencies as such, might feel the brunt even as we step into 2021.  US top player Berkshire Hathaway (NYSE: BRK-B) reported a $489m reinsurance loss in Q1. UK’s Llyod’s has reported estimated Covid-19 loss and reserves at 3,905 million dollars. Llyod’s has also conducted a study on the insurance industry and predicts that the total underwriting loss for the industry might go up to a 107 billion dollars. The effects may be company specific, and would largely depend on the portfolio investments of these companies and the industries they cover or cater to. With reduced travels due to shelter-in-place directives in the US, the auto insurance claims dropped sharply which led to Allstate Corp. (NYSE:ALL) to directly reduced claims and Progressive Corp. (NYSE:PGR) to discount its underwriting expenses. However, amidst the general anxiety and health concerns, the health insurance sector has picked up in 2020.

The Chinese players still remain at top of the most valued insurance companies, and that is evident on our list of biggest insurance companies in the world. The top insurance companies can be ranked according to a number of factors like market capitalization, revenue, profit, or total assets owned. For the purpose of our list, we have considered the strongest players in the insurance industry and ranked them according to their 2020 revenues. We have also focused on the Stock insurance companies.

check out the list of the biggest insurance companies in the world!

11. Manulife Financial

Revenue – 79628000 in thousands, USD

Canada’s Manulife Financial deals in life insurance, health insurance and travel insurance among other product offerings. The company is set to launch new Covid-19 travel insurance coverage and is looking at a 42% upside in stock post-Covid.

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