13 Best Insurance Companies in the World and Their Criteria - The best insurance company in the world anyone may be asking some people. Moreover, insurance is a financial product that provides protection against the risk of financial loss that can occur at any time.
Make sure your family is financially protected with life insurance. Financial protection from life insurance will provide the family and heirs with coverage in the form of cash compensation if the insured loses his job, gets into an accident, or dies.
There are various companies that offer a variety of the best insurance products in the world and Indonesia. Talking about the recommendations for the best insurance order in the world, of course, each has advantages in terms of financial resilience and quality of performance.
We have summarized various insurance companies in the world with the best predicate in terms of large capital and best service delivery in the world. Check out the list of the best insurances in the world below
13 Best Insurance Companies in the World and Their Criteria
1. Berkshire Hathaway
One of the world's insurance rankings from the United States, this country has a revenue value of up to US$223.6 billion in 2016 and total assets of US$620.85 billion. The numbers are fantastic for the size of a financial services company. Founded in 1839, this company is big thanks to the role of Warren Buffet, one of the richest people in the world.
Headquartered in Omaha, Nebraska, USA, this one of the world's best insurance companies handles conglomerate investments in the energy, transportation, and services sectors.
2. China Life Insurance
From the name, we can know where this insurance company comes from. That's right, this company from China or China has in fact been established since 1949.
In 2015, its total assets reached US$362.1 billion with several key figures, namely Dairen Lin and Yang Minsheng.
Headquartered in Beijing, the company is one of the best insurance groups in the world. Meanwhile, the company underwent a restructuring in 2003 with the main businesses of life insurance, asset management, property, and investment.
Even cooler, this insurance has listed its name on the stock exchange, New York, Hong Kong, and Shanghai.
3. Ping An Insurance
Founded in 1988, Ping An Insurance is trusted to manage Chinese citizen insurance funds with a market capitalization of US$130.9 billion. Headquartered in Shenzhen, Guangdong, one of its leaders is Ma Mingzhe.
4. AIA Group
Quite famous for being a sponsor of one of the European league football clubs, AIA Group has a market capitalization of US $ 80.5 billion. The company, which is headquartered and originated in Hong Kong, was founded in 1919 by Cornelius Vander Starr.
5. Allianz
Originating from Germany, the insurance company Allianz has been around since 1890 and has revenues of up to 95.76 billion euros with total assets reaching 848.9 billion euros. Headquartered in Munich, this company has penetrated into Indonesia.
Allianz provides health insurance and asset management services. Its customers now cover 70 countries in the insurance world with a variety of products, both individuals and corporations.
6. American International Group (AIG)
This insurance company, headquartered in New York, United States, has a market capitalization exceeding US$76.4 billion. Once a sponsor of one of the European league football clubs, the AIG company has the same founder as AIA, namely Cornelius Vander Starr.
7. Prudential
Being one of the oldest insurance companies that were founded in 1848, Prudential had revenues of up to 71.84 billion euros in 2016. Headquartered in London, England, one of the key figures to its success is Paul Manduca.
Prudential now has a large market network in Asian, European, and African countries. Prudential was last listed on the London, Hong Kong, Singapore, and New York stock exchanges. Estimated subscribers exceed 24 million people.
8. AXA
The French insurance company was founded in 1817 and had revenues of up to 98.53 billion euros in 2015 and total assets of 887.07 billion in the same year. Headquartered in Paris, one of the key figures in AXA's success is Thomas Buberl.
Currently, AXA has more than 102 million customers and has expanded its business to 56 countries, including Indonesia. Its main businesses are property, life insurance, accident insurance, and asset storage and management.
9. NG Group
NG Group is one of the world's number 1 insurance companies from the Netherlands, headquartered in Amsterdam. Founded in 1991, its market capitalization has exceeded US$59.3 billion. One of the CEOs who has served is Ralph Hamers.
10. Metlife
An insurance company from the United States with its head office in New York, Metlife is one of the best insurance names in the world that has been established since 1868. Its last CEO was Steven A. Kandarian, this company has a market capitalization value of more than US$57.8 billion.
11. Munich Re
The largest insurance company in the world that you need to know next is Munich Re. The company has its head office in Germany with revenues reaching USD72.53 billion in 2020. In addition, this world's best company also has an increase in net profit of about 11.8 percent to USD3.04 billion.
12. Anthem, Inc
If the world's largest insurance company this time comes from the United States, Anthem Inc. One of the most successful companies in the world which also recorded a net profit of around USD 4.80 billion in 2020. In addition, the increase in company revenue was no less fantastic, reaching 13.1 percent, which is worth around USD 104.21 billion.
13. UnitedHealth Group
The next largest and best insurance company in the world also comes from the United States, namely the UnitedHealth Group. The company recorded a net profit of around IDR 3,156 trillion. Not only is the net profit quite high, the company also has a variety of insurance products. Starting from aimed at individuals, families, retirees, to military soldiers.
5 Best Life Insurance in Indonesia Affiliated with International Companies
Interested in becoming a customer of the best insurance company in the world, but confused about how to apply? Don't worry, in this country, there are already some of the best international quality insurance companies as our choice. Come on, let's check one by one.
1. Cigna
PT Asuransi Cigna (Cigna Indonesia) is a life insurance company registered and supervised by the Financial Services Authority (OJK). Founded in 1990, Cigna Indonesia is a subsidiary of Cigna Corporation.
Cigna Corporation is one of the largest healthcare companies in the United States market. The company is headquartered in Bloomfield, Connecticut has international operations in 30 countries, and has approximately 95 million customers worldwide served by approximately 41 thousand employees.
Cigna Indonesia has now grown and developed into one of the best-ranked insurance companies in Indonesia with excellence in providing products and services that reach consumers and business partners directly.
At the end of 2016, Cigna Indonesia recorded a solvency ratio or RBC (Risk-Based Capital) of 637 percent, far above the government regulation of 120 percent.
2. AIA Financial
AIA Financial Indonesia is one of the numbers of insurance companies in Indonesia that have been registered and supervised by the Financial Services Authority. AIA Financial is a subsidiary of the AIA Group.
AIA offers a variety of insurance products, including insurance with sharia principles, which include life insurance, health insurance, personal accident insurance, investment-linked insurance, employee welfare programs, severance pay programs, and the Pension Fund program (DPLK).
3. Prudential
Founded in 1995, PT Prudential Life Assurance (Prudential Indonesia) is part of Prudential plc, a leading UK group of financial services companies. As part of a group of companies with more than 168 years of experience in the life insurance industry, Prudential is also one of the best insurance companies in Indonesia.
Prudential Indonesia has a business license in the field of joint life insurance. Since the launch of its first investment-related or unit-linked insurance product in 1999, Prudential Indonesia has become the market leader for this product category in Indonesia.
4. Allianz
Allianz (Allianz Life; NYSE: AZ) is a multinational financial services company headquartered in Munich, Germany, with its main business being insurance. In 2013, Allianz was the world's 25th largest company according to a combined measure by Forbes magazine. Allianz was founded in 1890.
Now Allianz Indonesia is supported by more than 1,400 employees and more than 20 thousand sales force and is supported by a network of banking partners and other distribution partners to serve more than 7 million insured in Indonesia.
If you are interested in buying the best life insurance from the company, let's take the following quiz to find out which type of life insurance is right for you!
5. AXA Mandiri
AXA Mandiri Financial Services (AXA Mandiri) is a life insurance company that was founded in 1991 with its head office in Jakarta.
Starting the insurance business in 2004, AXA Mandiri succeeded in establishing a general insurance business in 2011. Until now, its services are more complete and stronger and continue to focus on providing various solutions needed by customers, both financial and investment services as well as life and asset protection.
Curious about the amount of sum insured you need basing on expenses? Come on, do a calculation simulation using the following UP calculator!
Criteria for the Best Insurance Company
As the insurance business grows, new companies emerge. Of course, this makes you have to be more observant in choosing the best insurance company according to your needs.
Some of the criteria for the best insurance companies that can be your reference when buying insurance products:
1. Company reputation
The reputation of the company is a mandatory thing that you must consider when buying insurance products. You can see it based on the business license. A good company, of course, has a permit from the Financial Services Authority (OJK).
Apart from the legal side that you must pay attention to, achievements and awards can also be considered. A good company, of course, will have many achievements.
2. Financial health
Insurance is one way to achieve financial security. Of course, when you choose a financial health company, it must also be considered. This is because healthy financial reports will of course have an impact on the company's ability to fulfill the insurance claims submitted by all of its active customers.
In Indonesia, insurance companies are required to meet the financial standards specified in the Financial Authority Services Regulations (Numbers 71 and 72 / POJK.05/2016).
The provisions regarding the solvency ratio are a minimum of 120 percent, minimum equity of IDR 100 billion for insurance companies, and a minimum of IDR 200 billion for reinsurance, and an insurance company is categorized as good if the minimum assets are at least IDR 150 billion.
3. Extensive branches
Another thing that makes an insurance company good or not is a wide branch. Branches here can mean offices that are widely spread in various regions as well as company providers. Choosing a company with branch offices spread widely in various regions, of course, makes it easier for you when you want to get information about the company's products.
Not only that, the extensive workshop and hospital partners will also make it easier for you when you want to make a claim. For example, when you are the owner of a health insurance policy and need immediate medical care, having extensive hospital partners will make it easier for you to get treatment.
4. Premium Market Share
The best insurance company in Indonesia, of course, must provide appropriate premium prices. You need to know that cheap premiums do not necessarily make the company's main reference good or not. So double-check the legality and financial health of the company.
Meanwhile, for car insurance, the premium amount or vehicle insurance price has been regulated based on OJK Circular Letter Number 6/SEOJK.05/2017. So, for those of you who are curious about the amount of your favorite car insurance premium, let's do a calculation simulation using the following car insurance calculator!
Number of company customers
The number of company customers, of course, makes one of the criteria for a good insurance company. Because the number of customers is certainly related to the products offered. In addition, with the number of active customers owned by the company, it will guarantee the services of the insurance provided.
That's the review of the best group of insurance companies with the largest market capitalization in the world and in Indonesia. Knowing the existence of a holding company internationally at least provides a guarantee that the company can truly protect and fulfill our needs as insurance customers. Thus, the fear of possible default on claims can be avoided early on.
Questions Regarding the World's Best Insurance Company
What does Insurance Law Number 40 of 2014 look like?
Law 40 Insurance of 2014 includes several things in it, such as:
- The scope of insurance business: legal entity form and ownership;
- Insurance company: business licensing, business administration, insurance business management in the form of cooperatives and joint ventures
- Increasing the capacity of domestic insurance, sharia insurance, reinsurance, and sharia reinsurance
- Mandatory insurance program: change of ownership, merger, and consolidation, dissolution, liquidation, and bankruptcy
- Policyholder, insured, or participant protection
- Service provider profession for insurance companies: regulation and supervision; and insurance business associations.
An insurance company can be said to be good if it has the following characteristics:
- Have healthy company finances
- Has a high solvency ratio
- Find out the track record of the insurance company
- Have good credibility
- Has comprehensive protection benefits
- Have a wide partner
- Various policies offered
- Registered and supervised by OJK
Thus a discussion of the 13 best insurance companies in the world and their criteria, hopefully, the above review is useful for all of you.