Best Insurance Companies in the World in 2021

Before we jump into the topic, which revolves around the ‘Top Insurance Companies in the world in 2021’, let us have a brief overview of some of the general information necessary for having a better understanding.

Insurance Policy – In the financial world, insurance is an agreement made by a person with an insurance company on terms that the insurance company will provide financial safety and compensate the user for his/her loss or damage to a property, asset, health, or even their own lives.

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Insurance Premium – The total amount of insurance amount that a person has to pay in some specific installments, and then this amount will be compensated to the individual upon any damage.

• Best Health Insurance companies:

The health of a person is very important and having health insurance would be beneficial during times of financial hardship caused by any sort of illness and could also help for covering the medical expenses.

Given below is a list of international health insurance companies in 2021, which are probably considered as the best available options for people who are expats.

1. IMG
2. Foyer Group
3. AXA
4. Generali Global Assistance
5. Cigna

You should consider certain important aspects before opting for a health insurance policy. For example, every health insurance policy would cover some basic aspects such as Hospitalization, ICU services, Surgery, Anaesthesia, Lab Tests, Emergency services, prescription drugs, etc.

However, it would be even more advantageous if you had a policy that covered some more aspects such as dental care, vision care, mental healthcare, maternity, chemotherapy, routine checkups, chiropractor visit, and others.

• Best life insurance companies:

Life insurance is considered as an insurance type, which is way more important than any other type of insurance. Keeping that in mind, we concentrated a bit more on the companies rather than just providing brief details. We have picked these contenders based on their assets under management.

1. MetLife (Metropolitan Life Insurance Company)
2. Prudential
3. TIAA-CREF
4. New York Life Insurance Company
5. Lincoln National Life Insurance Company

• MetLife is a company that is operating for longer than Prudential and is one of the oldest players in the category. It has been estimated that MetLife offers services to more than 90 million customers in the United States, Japan, Asia, Europe, and many other regions. It is the largest insurance provider in the United States with around $660 billion of worth assets under management by the end of 2020.
• Prudential Financial started out in the year 1875 while providing insurance services in the United States, Asia, Europe, and Latin America. It also happens to be the second-largest insurance provider in the United States in terms of total assets.
• TIAA-CREF (Teachers Insurance and Annuity Association – College Retirement Equities Fund) is a financial service provider as well as a retirement provider which serves more than 4.8 million individuals.
• New York Life Insurance Company happens to be one of the biggest insurance providers in the world and has been in the field since 1845.
• Lincoln National Life Insurance Company is the fifth-largest insurance provider in the US and offers universal life insurance policies, term life policies, variable universal life insurance policies, etc.

So, having discussed the top insurance companies that are best in terms of life insurance and health insurance, we will now focus on the top global insurance providers according to their ‘NPW (net premiums written)’ and ‘Non-Banking Assets’. Before that, what are NPW and Non-Banking Assets?

Net Premiums Written – NPW or Net Premiums Written are the total sums of premiums written while deducting the premiums taken up by the reinsurance companies along with the reinsurance (if any).

Based on the net premiums written, the business operations of a particular insurance company in a specific period are estimated. When calculating the net premiums, an insurance company is responsible for the differences between earned and unearned premiums.

Non-Banking Assets – Non-Banking Assets or Non-Financial Assets are the types of assets that have an underlying physical asset, which is responsible for the value. Non-banking assets can be real estate, machinery, equipment, vehicle, etc. On the other hand, banking assets usually comprise stocks, bonds, bank balance, and others.

When people tend to pick out the best insurance companies, they select the best ones based on NPW and non-banking assets individually.

The top global insurance providers that are ranked according to their NPW are given below.

1. UnitedHealth Group (USA)
2. Ping An Insurance (China)
3. AXA S.A. (France)
4. China Life Insurance Company (China)
5. Kaiser Foundation Group of Health Plans (USA)
6. Anthem, Inc. (USA)
7. Allianz SE (Germany)
8. People’s Insurance Company of China (China)
9. Assicurazioni Generali S.p.A. (Italy)

• Centene Corporation (USA)

The top global insurance providers that are ranked according to their non-banking assets are as follows.

1. Allianz SE (Germany)
2. Prudential Financial Inc. (United States)
3. AXA S.A. (France)
4. Berkshire Hathaway Inc. (United States)
5. Nippon Life Insurance Company (Japan)
6. MetLife Inc. (United States)
7. Legal & General (United Kingdom)
8. Ping An Insurance (China)
9. Japan Post Insurance Company (Japan)

• China Life Insurance Company (China)

Bottom Line – Some of the insurance companies might offer more beneficial features (that are suitable to your financial situation) compared to these in the region where you live, yet, we have picked these insurance providers considering certain important factors such as assets under management, number of years in the category, NPW, non-banking assets, and others.

However, you should notice that these insurance companies are known to be the best and come with a lot of excellent features that are highly advantageous to the people seeking to acquire an insurance policy.

Note – We haven’t included the best auto insurance companies or home insurance companies as in most cases the local financial institutions and banks in many countries offer the best insurance-related services in those categories compared to the global providers.

We hope that this information was useful for you in finding the relevant information about the top insurance companies.