The Global Insurance Companies in Rank
Many businesses catered in offering insurance policies of any types have emerged since the seventeenth century. The first known insurance company to have been established was a fire insurance company founded by Nicolas Barbon in England. His insurance company came out after the Great Fire of London in 1666. However, Nicolas’ Barbon’s fire insurance company began in 1680. He built the company, The Fire Office, with a mission of insuring brick and frame houses.Today, insurance companies have been established to insure not only the buildings and homes from fire but also to insure the life and health of the people. Other insurance types have also been offered by various insurance companies. Property insurance, pet insurance and automobile insurance are some of the insurance types being offered by different insurance companies.
Insurance industry is a multi billion-dollar business. And many insurance companies have risen to become among the largest companies in the world. There are different companies that have marked insurance company ratings and have ranked them according to the revenues earned within a year. Forbes has its credible list of large companies by categories. Another institution has also made a ranking on the top global insurance companies.
Insurance Information Institute is a site that has a mission to enhance the understanding of the public about insurance. It has provided information for forty years now and has established a press relation and recognition to many institutions.
Insurance Information Institute has released many articles and information about insurance and financial industry. It has also made a ranking and list of the top global companies in different categories. The institution’s fact book is featured on the internet and can be found in-depth on its website.
Based on the Insurance Information Institute’s list on the top global insurance companies in the world, ING Group of the Netherlands is the largest insurance company in the world in the year 2005. ING of the Netherlands is also the largest life and health insurance company and has gained over a hundred thirty billion dollars in revenue in 2005. Others that have made into the list are: AXA of France; Allianz from Germany; American International Group in the US; Italy’s Assicurazioni Generali; Aviva of the United Kingdom; Berkshire Hathaway of the United States; Prudential, another UK company; Zurich Financial Services of Switzerland and Nippon Life Insurance from Japan. These countries are ranked according to the revenues earned for the year 2005.
Forbes has also its list of largest companies in the world. Based on the recent Forbes listing, ING is still the largest insurance company in terms of revenue. It is followed by Allianz, American International Group or AIG, AXA, Berkshire Hathaway, Generali Group, Aviva, Prudential and Zurich Financial Services.
In the United States, State Farm Insurance is the largest auto insurance company. It has gained a large market share in the United States including Canada. One out of five cars of America or 20% are insured by State Farm. Other auto insurance companies that have had its presence in the United States are Farmer’s Insurance Group, Liberty Manual and Progressive Auto Insurance.
Insurance companies are financial institutions. Some insurance companies have started from giving insurance policies and have expanded their services aside from insurance. State Farm, Nationwide and other global companies such as ING and Generali and Bekshire Hathaway are some of the insurance companies that have expanded their operation aside from insurance. They have now included banking and asset management. Some of these companies have acquired other businesses in other industries. The mergers and consolidations have helped them improve their business operations. Their sound management practices are among the reasons of their successes.
Insurance companies are now among the world’s largest companies in terms of revenue, assets and profits. They have gained more prominence in the field of financial and pre need services. Insurance companies will still be in existence as long individuals and companies have availed their products and services.
