The most important types of insurance across the world The insurance industry is one of the most lucrative markets in the world and the top worldwide insurance companies are detailed on websites listing international statistics. As of April 2018 the top 10 companies in terms of billions of U.S. dollars and by market capitalisation are as follows: 1. Berkshire Hathaway ($350.5 billion) 2. China Life Insurance- China ($164.1 billion) 3. Ping an Insurance - China ($130.9 billion) 4. AIA Group - Hong Komg ($80.5 billion) 5. Allianz - Germany ($78.7 billion) 6. American International Group - US ($76.4 billion) 7. Prudential PLC - UK ($65.6 billion) 8. AXA - France ($61.2 billion) 9. ING Group - Netherlands ($59.3 billion) 10. Metlife - US ($57.8 billion)
Number of Insurance Across The World
          1. Health Insurance Insurance policies are very important, as evidenced by the fact the industry is so lucrative for insurance companies. Insurance is bought for protection against risks in many different walks of life and the main types of insurance people take out are: The increasing costs of medical treatment and care make health insurance a mandatory requirement for most people. In some countries, even a visit to a doctor can incur costs and hospital treatment, especially if involving a lengthy stay, can cost a small fortune. Then, if surgery's required, costs are multiplied several times over. Health insurance doesn't come without a price but, for many people, the costs are a necessary burden to bear for the peace of mind and financial benefits this brings. Statistics available for the US combined life and health insurance industry show that it produces a revenue of roughly $748 billion a year, with a 5% growth rate.
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                 2. Live Insurance Life insurance protects those who depend on someone financially in the event of their death and it can be either a term insurance over a specified number of years or a whole of life policy. The premiums to a term policy are less expensive because the company may not have to pay out if the covered life doesn't die within the term of the policy whereas a whole of life policy always has to pay out because we all die at some time. Typical examples of those who would benefit from life insurance in the event of the death of the insured person are spouses, parents, children and/or other loved ones or named beneficiaries. Life insurance is the top selling insurance in the world and there's a good reason for this to cover the financial gap that would be left in the event of a death. These would be replaced by the policy making a payment in the form of a lump sum, which could cover paying off a mortgage and/or other debts. Life insurance can also cover funeral and burial expenses. The statistics for life insurance and health insurance are combined (see above) but, in 2014, Nippon Life Insurance was the top performing company in the world with annual revenues of around $67.4 billion.
               3. Car Insurance Most countries require car insurance at a certain level by law, usually a minimum of third party, fire and theft. In the event of an accident with injury to a third party and damage to a third party's car, a claim could arise leading to huge costs, in many cases unable to be afforded by the perpetrator. Accidents can and do happen, sometimes quickly and often with tragic consequences. Having appropriate insurance cover saves time, money and worry and, for those who want to protect their own cars, the added benefit of comprehensive car insurance removes the burden of losing a valuable asset or having to pay expensive repair bills. The annual US car insurance revenue is around $220 billion with a growth rate of around 2%.
  5. Long-term Disability Insurance 5. Long-term Disability Insurance For some people, the prospect of becoming disabled for the rest of their life is a real and terrifying prospect so they take out long-term disability insurance in case they should become a victim of this terrible and life-changing situation. Everyone harbours the hope that nothing will happen to them, sometimes relying on blind faith to protect their earnings and future welfare but, for many, this is investing in false hope. It's important to choose a disability policy to continue with whatever lifestyle is currently enjoyed in case working ability is changed or curtailed. The annual US disability insurance revenue is estimated at $26 billion with a growth rate of 0.5%.
        4. Homeowners Insurance 4. Homeowners Insurance In the worst case scenario, replacing a home is an extremely expensive prospect but having the right insurance in place helps to alleviate the burden. Typical disasters that home insurance protects against are damage by fire, flood, theft, adverse weather, natural disasters and unforeseen events, as well as accidental and malicious damage. The best policies are those that cover replacing the structure of a home in addition to the contents and the expense of alternative accommodation while a damaged or destroyed home is repaired or rebuilt. The annual US home insurance revenue is estimated at an $77 billion with a growth rate of around 4%.