Top 10 Best Insurance Companies in the World [2022]

Insurance is a process to provide protection against a possible eventuality in the future.

Today, people are more careful about those harmful incidents which take them in trouble financially, physically or by something else. Here insurance companies are those places which help us to protect from possible eventuality which may come in our future.

People of the 21st century must be known about the best insurance companies in the world. Best insurance companies may help you to make your future easier and full of happiness.

Today, After researching on the internet, we have made the list of best insurance companies in the world 2022. 

Here is the list of the top 10 best insurance companies in the world 2022:

10. Progressive Corporation

The Progressive Corporation is an insurance company of America which was established in 1937 by Joseph Lewis. It is the largest insurance for vehicles in America. This company insures all types of vehicles like; car motorcycles, boats, RVs, and many other types of vehicles.

This company also provides home insurance through different selected companies. The headquarters of this company is in Mayfield Village, Ohio. It offers services at an international level too. This company also offers car insurance in Australia too.

The current chairman of this company is Lawton W. Fitt and Tricia Griffith is the current president and CEO. Progressive Corporation has more than 35,000 employees. This company was ranked at 99 places in the 2019 Fortune 500 list of the largest companies by revenue in the United States. This company makes about $ 30 billion in revenue in a year.

9. Allstate Corporation 

The Allstate Corporation is an American insurance company that was founded on 17th April 1931. The headquarters of this insurance company is in Northbrook, Illinois, U.S. It was opened as part of Sears, Roebuck, and Co. and spun off in 1993.

The name of this insurance company comes from the national contest to decide the name of a new brand of car tires in 1925. Later 1931, Sears board of directors approved the name as ‘Allstate Insurance Company’.

This company provides insurance for vehicles, home, Life, motorcycles, Renters, Boat, Landlord, Condo, Off-road Vehicle, Business, Retirement, Investment product, and Banking services.

The current CEO, President, and Chairman of this insurance company are Thomas J. Wilson. The company has 45,780 employees as of 31st December 2019. This company also makes more than $39.8 billion in revenue in a year.

8. GEICO

GEICO(Government Employees Insurance Company) is an American auto insurance company that was founded by Leo Goodwin Sr. and his wife Lillian Goodwin in 1936.

Initially, this insurance company was started to provide auto insurance to government employees and their families. The headquarters of this insurance company is in Chevy Chase, Maryland, United States.

GEICO is the second-largest vehicle insurance company in the USA. The company is a wholly-owned subsidiary of Berkshire Hathaway. This company also writes private passenger automobile insurance in all states of America. This insurance company also offers property insurance.

This company also has more than 40,000 employees. Todd Combs is the current CEO of this company. GEICO is also one of the most profitable insurance companies in the world. This company makes about $25.483 billion in revenue.  

7. PICC

PICC(The People’s Insurance Company of China) is a Chinese insurance company which is controlled by the Chinese central government. This company was established in 1949 as a subsidiary of the People’s Bank of China.

The parent of this company is the Ministry of Finance. The headquarters of this insurance company is China People’s Insurance Building, Beijing, China.  

This company insures both life and non-life insurance. This company is also known as the PICC Group. This insurance company served in Mainland China and Hong Kong.

PICC group contains the major subsidiaries of PICC Property and Casualty, PICC Asset Management, and PICC Property. This is also one of the biggest insurance companies in the world and makes about RMB 499 billion in revenue.

6. CPIC

CPIC(China Pacific Insurance company) is a Chinese insurance company which is also known as pacific insurance. This company was established in 1919.

This insurance company is owned by the Central Government of China (23.05%), Shanghai Government (21.33%), and China Securities Finance(2.36%). The headquarters of this company is in Shanghai, China.

This insurance company is the second-largest property insurance company in China and the third-largest life insurance company in china. This insurance company provides services like life insurance, reinsurance, and property insurance.

Kong Qingwei is the current Chairman and executive director of this insurance company. This company has a total amount of assets as of CN¥923.8 billion. CPIC is also one of the most profitable and revenue-generating companies in the world. This company made about CN¥247.0 billion(2015). 

5. AXA

AXA is a multinational French insurance company which was established in 1816. This insurance company is founded by Claude Bébéar. The headquarters of this insurance company is at 25 Avenue Matignon, Paris, France.

This insurance company primarily operates in North America, Western Europe, Africa, the Middle East, and also present in the India Pacific region. This insurance company insures almost all types of products like Life insurance, health insurance, property insurance, Casualty insurance, and investment management.

This insurance company served the worldwide area. Thomas Bulberl is the current CEO and Denis Duverne is the current Chairman of the Board of this insurance company. This company has 125,934 employees (as of December 31, 2018). This is also one of the profitable insurance companies in the world. AXA makes  €104 billion(2019). 

4. AIA

AIA is known as AIA Group Limited is the largest public insurance company that was established on 19th December 1919. The founder of this insurance company was Cornelius Vander Starr. Cornelius was an American businessman born on 15th October 1892.

The headquarters of this company is AIA Central Central, Hong Kong. This company gives services in the Asian Pacific region.

This company is based in HongKong and also present in 18 markets in the Asian Pacific region and also has its own branches and subsidiaries in HongKong, Malaysia, China, Singapore, Thailand, and in many more countries.

Lee Yuan Siong is the Group Chief Executive and president of this insurance company. This company provides services like Life insurance, accident and health insurance, savings plans, employee benefits, credit life, and pension services.

This company also has assets of US$ 284 billion(as of 31 December 2019). This is one of the best insurance companies in the world. 

3. China Life Insurance Company

China Life Insurance Company is a Chinese insurance company that was established in 1949. This insurance company is the largest life insurer in China. China Life Insurance Group is the parent of this company.

This insurance company is owned by China Life Insurance Group(68.37%), China Securities Finance(2.03%), and Central Huijin(0.42%). The headquarters of China Life Insurance Company is in Beijing, China. 

China Life Insurance Company served mainly in the field of Life and Health insurance. The served area of this company is in China. Dairen Lin is the current CEO of this company and Yang Minsheng is the current Chairman of this company.

This company has more than 600,000 agents nationwide. The total assets of this company is about $362.1 billion and this company also generates revenue of 768,438,310,00 renminbi(as per 2018).

2. Allianz

Allianz is a multinational German financial services company that was established on 5th February 1890. The founder of this company was Carl von Thieme. The main business of this company is insurance and asset management.

It is one of the largest insurance companies in the world and it gives services all around the globe. The headquarters of this company is in Munich, Germany. 

This company operates in more than 70 countries all over the world and has more than 147,000 employees. This company also has more than 85 million customers worldwide. Oliver Bate is the current CEO of this company and Michael Diekmann is the current chairman of the supervisory board of this company.

This is also one of the most profitable companies in the world and has the assets of €1.011 trillion. This company also makes revenue of about €142.368 billion(2019).

1. Ping An Insurance 

Ping An Insurance is a Chinese insurance company which was established in 1988. The founder of this company was Ma Mingzhe. It is a publicly listed company and the owners of this company are CP Group Ltd.(8.97%) and Shenzhen Investment Holdings co. Ltd.(5.27%).

The name “Ping An” means ‘safe and well’. The headquarters of this company is in Shenzhen, China. This company served the worldwide region.

This company is one of the top 50 companies on the Shanghai Stock Exchange. Ma Mingzhe is the current chairman and CEO of this company. This company gives services to life and health insurance, property and casualty, banking, asset management, and Fintech and Healthtech.

Ping An has more than 190,000 employees. This is one of the most profitable companies in the world. This company has assets of about  CN¥8.222 trillion and makes revenue about  CN¥1.273 trillion(2019).

Final words

So that’s it guys for today’s article. We hope you have got knowledge of the best insurance companies in the world and also enjoyed this article. What do you think, which insurance company is best? Make a comment below. Thank you!