World’s Top 10 Insurance Companies 2017

Life is full of risks and unpredictability hence we need to hope for the best and prepare for the worse.  We face numerous types of risks every day. They include: accident, sickness etc. these risks all have sorrows accompanying them where ever they go. They can cause physical pain and also affect you financially hence the need to have insurance. Having an insurance help you to be fully prepared for the worst life can offer. It will help to take away part or all of the financial implications of the above mention risks. Taking the decision to obtain insurance is one thing and to get the best insurance company is another thing. This post will help you to find some of the top insurance companies in the market. This list was prepared taking into consideration certain criteria such as; premium collections, market capitalization, profit, assets, revenue, geographical area and more.

The following are some of the world’s best insurance companies in no particular order:

China life insurance

This company is among mainland china’s largest state-owned insurance and financial services companies, it also play a key role in the Chinese capital market as an institutional investor. The origin of the company can be traced back to 1949, the period when People’s Insurance Company of China (PICC) was formed. The company’s offshoot PICC (Life) Co. Ltd. Was formed after separating from PICC in 1996. The new company PICC (Life) Co. Ltd. Was later renamed as China Life Insurance Company in 1999. The company was later rebranded as China Life Insurance (Group) Company in 2003. It has seven subsidiaries. Their business plans include: pension plans, property and casualty, insurance, asset management.

It is listed on top countries Stock Exchange like the New York Stock Exchange, the Hong Kong Stock Exchange and the Shanghai Stock Exchange.  Also it is the largest public life insurance company when considering market capitalization in the world.

Japan Post Holding Co. Ltd.

This company is one of the largest insurance companies in Japan owned by the state. It is made up of four divisions namely: Japan Post Service (basically for mail delivery), Japan Post Network (focused on post offices), Japan Post Bank (handle banking duties), and Japan Post Insurance (life insurance). Japan Post Insurance is the branch of Japan Post Holding Co. Ltd. That provides insurance services to its clients. It engages the service of the Post Offices Nationwide Network to advertise and market it services to clients. It is the largest insurer in Japan.

Allianz SE

Allianz SE is another leading company around in the insurance market. They provide services ranging from insurance to asset management. The company was established in 1890 and has been around for a very long time. It has customer base in over 80 countries and an estimated assets management of € 1.8 billion. The company has it head office in Germany. The company has different kinds of insurances such as health and life insurance, casualty insurance, etc.

Assicurazioni Generali S.P.A

Established in 1831, Assicurazioni Generali is the parent company of the Assicurazioni General Group. The company is one of the biggest insurance players in the field in Italy. The company has branches in over 60 countries; it is an international brand with dominance in Western, Central and Eastern Europe. The company main interest is insurance. They offer different range of products from family protection and savings policies. It also offers equal diverse range of products in the non-life segment.

The company has over 78,000 workers and over 67 million clients base worldwide. It is rank among the top 10 largest companies in the world.

Munich Re Group

Munich Re Group was founded in 1880. It operates all kinds of insurance plan. It has base in about 30 countries or there about. It main markets are Asia and Europe. ERGO Insurance Group is a subsidiary of Munich Re Group which handle the insurance business for the company. They offer a wide range of insurance plans. The company’s head office is in Germany, where ERGO is a main player in all areas of insurance. The company has around 45,000 workers worldwide, working in all businesses that have anything to do with insurance.

United Health Group

This company sit top of the list of health care businesses in the U.S. it has two business platform- UnitedHealthCare for health benefits and Optum for Health Services. These two platforms work together and they have a client base of over 90 million people in every U.S. state and 125 countries. The company makes use of its experience and resources in clinical care to better the performance of the health care service sector.

Prudential Plc.

This company is one of the best insurance companies around. It has over 24 million clients across the whole world. It focus base include Asia, the U.S, the U.K and Africa. The company was established in 1848 in the United Kingdom. The company comprises of subsidiary groups which include : Prudential Corporation Asia, Prudential U.K., Jackson National Life Insurance Company and M&G Investments, Jackson is a main player when it comes  to insurance business in the United States, while Prudential U.K is one of the leading providers of pension and life. It has over 22,308 workers worldwide with over € 509 billion in net worth.

Berkshire Hathaway

The company was established in 1889 and is in partnership with Warren Buffet, who has change a relatively unknown entity into one of the world’s largest companies. The company is now a key player in investment and management, insurance, and other sectors. They provide primary insurance, as well as reinsurance of property and casualty risks. The company comprises of subsidiaries which include: GEICO, Berkshire Hathaway Reinsurance Group, Berkshire Hathaway Primary Group, and General Re, Medical Protective Company, National Indemnity Company, U.S Liability Insurance Company, the Guard Insurance Group and Central Indemnity Company.

Zurich Insurance Group

This is a Switzerland based global insurance company; it was created in the year 1872. Zurich Group, together with its subsidiaries, operates in more than 170 countries, selling insurance products and services to her clients. It main areas of interest or focus are general insurance, global life and farmers insurance. It has a vast number of employees which stood at 55,000.

AXA

This company is one of the world’s key players in the field of insurance. It has over 102 million clients in 56 countries and with an employee base of 157,000, the company ensure it clients are well cater for. It areas of interest are property and casualty insurance, life insurance, saving and asset management. It was founded in 1817 when several insurance companies came together to found AXA. The company’s head office is in Paris from where it influences and touches other places like Africa, Asia Pacific, North America, Central and South America, Europe and the Middle East.

These are some of the world best insurance companies around, feel free to add yours in the comment box.

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Why You Need Life Insurance for You and Your Family

Many people today have ignored the fact that they need to have life insurance for them and every member of their family. The world we have are living today is so unpredictable that there is an increase in the dead rate. Dying today and not having a life insurance might be bad for you and your family members. Although we do not plan on dying anytime soon, as they say, “dead is evitable, ” and we should plan ahead in case it finally comes. Having a life insurance would help your family or anybody depending on you ease the burden that comes once you are gone. Let’s say, for instance, Paul got married , had two little kids and then two years later died in an auto crash. Paul died leaving a family of three behind to cater for themselves. Imagine a single mother taking care  two young kids alone. This is a huge burden. Here we are assuming Paul died without a life insurance. On the other hand, let’s assume Paul has a life insurance; it would come in handy as the claim from Paul life insurance can help alleviate the burden placed on his wife. This is just a simple illustration that is trying to use to explain the importance of life insurance.

What is a life insurance?

Before we talk about the importance of life insurance, first we should get a firm understanding of what life insurance is. So what then is a life insurance? It is simply a kind of security or protection from financial loss that may occur due to an untimely death. That is, it is a contract between an insurance company and an insurance policy holder in which the insurance company agrees to pay to a beneficiary a stipulated sum in exchange for a premium, In the case of the dead of an insured. In some cases, as maybe stipulated in the contract, events like illness can also cause the insurance company to make payment. Premium payment is usually made by the policy holder. The beneficiary in the contract receives the financial proceedings upon the dead of the insured; hence he or she is protected from the financial implications of the death of the insured.

Also read :  insurance brokers; why you need one

Components of life insurance contract

Dead Benefit : this part of the contract specify the total sum of money that the insured’s dependents or beneficiaries will get from the insurance company upon the death of the insured. This benefit amount is usually decided by the insured, but the insurance company must decide whether the insured is eligible for the coverage based on the written contract.

Premium Payment:  the insurance company decides the amount of premium that is needed to cover mortality costs, using real life-based stats. There are certain factors that are considered when determining risk. Such factors include the personal medical history of the insured, the age of the insured, and the lifestyle of the insured. So long as the premium is been paid by the policy holder as stipulated in the contract, then the insurance company is under obligation to pay the death benefit.

Cash Value: this component of life insurance contract is only included in a permanent life insurance contract. It has two functions; it acts as a form of savings account that gives the insured the chance to amass capital that can use for anything when the insured is not dead yet. Its another function is that it is used by the insurance company to alleviate it’s risk. The more the cash value keep growing, the more the amount that the insurance company is at risk for the entire death benefit reduces, this is how insurance companies are able to charge a fixed level premium.

Classes and Subclasses Of Life Insurance

There are two main classes of life insurance; they are temporary and permanently. And there are four subclasses of life insurance. They are the term, universal. Whole life and endowment. We are not going to talk about the subclasses in this post as that is a post for another day. Here we are only going to take a look at the two main classes of life insurance.

Temporary Life Insurance:  this is a kind of insurance plan that provides insurance on one’s life for a given period of time. In this kind of life insurance, the policy won’t amass cash value. This is a short term insurance and relatively cost less than the permanent policy and increases with an increase in age of the insured.

Permanent life insurance: this class of life insurance acts as coverage for the entire lifespan of the insured. This insurance policy amasses cash value until the day it will mature. The money can be withdrawn by the owner; he or she can even borrow it or even surrender the policy and in turn get the surrendered value.

Why you need life insurance

Ø Getting a life insurance can help take care of the cost of funeral and burial in case of your dead. Although no one wants to die, it still happens anyway. Dying without having your life insured can cause your wife, children, and another family member to have to go through the stress of raising money for funeral and burial which will put pressure on them financially.

Ø In the case of your dead, your family would likely need money to pay off some debt you might have own before your dead. With the money from your life insurance available, they won’t have to sell off some or all of your properties to settle debts.

Ø With a good life insurance, your children’s tuition fees and other needs including feeding will be taken care of and thus they won’t have to endure hardship after your demise. We all know every parent want the best life for their children.

Ø Imagine if instead of you dying first, your wife died first, if you bought a life insurance for her while she was alive, the money recover from her insurance can also go a long way in helping you raise the kids and even engage the service of a house help who would then serve as a replacement for your wife in the life of your kids.

Ø Also in case any member of the family dies, their life insurance can cover and take care of their funeral and burial expenses hence you don’t have to spend money from your pocket to fund the burial.

These are some of the many reasons why you need a life insurance for yourself and every member of your family. You can do a simple Google search, and you will get numerous companies that offer life insurance plan near you. Get one for yourself and your family members today. Feel free to contact me if you have questions or you can leave a comment. 

Also  read : quotes for auto insurance; where to get them

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Insurance Brokers; Why You Should Have One

The insurance market is very complex and diverse market. For a newbie looking to buy insurance for either a car, house, health, life business and a lot more, it can be tedious for you to get the right insurance company and insurance plan. Diving into the insurance market without any knowledge of how the market works or how to get the best company that has the best insurance plan that you need. Even if you manage to get the best company that can offer you the kind of insurance you require, another thing is to negotiate and get a favorable price for the plan you desire to buy. Getting the right insurance policy is another thing you need to consider before you choose and the insurance company or insurance plan. To make things easier for you, you can employ the service of an insurance broker to help you with the problems mentioned above.

Who is an insurance broker?
An insurance broker can be said to be someone who is an expert or has a vast knowledge of insurance and how to manage risk in insurance. This person or expert can stand in place of his or her clients to look for the best insurance company, insurance plan, and negotiate a favorable insurance policy and price for his/her clients. As an expert in insurance and how to handle risk, the broker knows the right company and insurance plan for his/her clients with respect to how affordable it is for them and the possible return. Selling, soliciting, or negotiating an insurance plan can be handled by the broker for commission or compensation. The broker can also provide advice to their clients about the kind of insurance and insurance plan they should acquire. This is one area that a broker comes in handy seeing they are expert and have a vast experience in insurance and risk management, something you don’t have as a newbie trying to buy your first insurance plan. I remember when I was trying to get my first insurance; I spent a lot of time trying to get the best company and insurance plan. Being my first time, I had no idea about the insurance companies and how they operate. I was advised to engage the service of a broker who helped me out with this task and got me the best insurance plan. Having an insurance broker is beneficial as he or she will help you to recognize your individual and or business risk. The broker will then assist you in choosing what you should insure, and how you can go about insuring it. He can also give you some useful technical advice in case you intend on making a claim. As insurance brokers, they have knowledge of the terms and conditions, benefits and exclusions and they know the outcome when compare to other competing insurance policies. Hence they are in better position to assist you to get the right cover for your situations.  

Why you should have a broker
As I said earlier, having an insurance broker is beneficial as they work on your behalf, unlike insurance agents that work on behalf of the insurance companies. An insurance broker will have vast knowledge about different policies that are offered by insurance companies, and since they work directly with different insurance companies, this gives them direct access to some of the policies that most customers may not have access to. Due to the complexity of the insurance market, there are numerous insurance options for you to choose from. Also, some of the policies that these insurance companies are offering are difficult to understand. Having a broker will take away the stress that comes with trying to understand these policies available, as the broker can explain each policy in detail for you to understand and will assist in mapping out the amount of cover you require. Hence ensuring that you are adequately protected from loss. Brokers can search through the insurance market to obtain a favorable insurance deal for you giving their understanding of how the insurance market works, and they can even negotiate in your place. Having a broker will help keep risk level at the minimum because your broker will prepare a customized program on insurance and how to manage risk for your individual need or your business. The broker will handle the negotiation with insurance companies on your behalf. He or she will be responsible for designing the kind of policy that will favor you. They also obtain insurance quotes for you.

Also read :why you need life insurance for you and your family

 What to look out for when choosing an insurance broker
Now that you have decided to engage the services of a broker, there are certain factors or conditions you should consider before you choose a broker that you want to work with. Finding the right broker for your individual and business is not as easy as it seems. There are so many brokers available in the insurance industry these days that choosing the right broker has become a rocket science. Before you decide to work with a broker, the following are factors you should consider:

 License
The first thing you should look out for in a broker is if he or she is licensed or not, or if their license has expired or is about to. In every country, a broker is expected to have a license from the country’s insurance commission or similar commission. The license is subject to renewal every two years. Personally, before I work with a broker, I have to see your license and only work with you if it has recently been renewed. I don’t work with a broker whose license has expired or is about to, and I strongly advise you do the same.

 Qualification
Another thing you should look out for in a broker in their qualifications. There are so many unqualified brokers currently flooding the insurance market, so you have to make sure that the broker you choose has either Qualified Practicing Insurance Broker (QPIB) or Certified Insurance Professional (CIP) certification or both. Most qualified brokers will happily display their qualifications for you to see. And in case their qualification is not displayed, then you should ask to see them.  

Experience
 When it comes to an insurance broker, the experience is vital. The longer the number of years a broker has been in business, the better for you to work with them. I will personally decide to work with a broker that has over ten years of working experience with so many clients over to work with one that has to say five years of experience with few clients. So if you are looking for an insurance broker, or you have a friend that is looking for one, then you or your friend should go for a broker with a lot of working experience.

 Credibility
Also before you choose a broker, you should check their credibility score. Find out from people who have worked with them to know if they are trustworthy or not. Always go for those with high credibility scores and have good reviews from previous clients. Also, find out if the broker is consistently getting great deals on insurance for their clients.

These are some of the factors you should consider when looking for a broker. There are numerous brokers available. You can just do a Google search to find an insurance broker near you. Have a nice day and feel to comment or contact me in case you have a question.

Also read :insurance documents 2017; what they are.

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Insurance Documents 2017; What Are They?

For those of you who have your businesses or your house or any other property of yours insured, you must have an idea of what insurance document are and how to get such documents for your business. Insurance documents come in different types, and they are very important and play a fundamental role in all kinds of insurance available in the market. Insurance documents are essential as they provide the insurer with total particulars against the possibility of something bad happening at some time in the future. Insurance documents also serve as proof of the contract entered into by parties involved.

(also read: group health insurance for small business owners )

Proposal form

 One of the most important insurance documents is the proposal form. This form is given to an individual who is interested in an application for a certain type of insurance insured by the insurance company. The form carries with it questions aim at gathering information pertaining to the risk that comes with the proposed insurance. The kind and amount of question contained in this form can vary by the kind of insurance needed.

Policy form

This form is similar to the proposal form as both vary according to the type of insurance needed and they have similar characteristics. This document provides proof of the contract of insurance. It is important for new clients to read and understand the policy form before buying insurance.

Cover note

A document insured ahead of the policy form is referred to as a cover note. This is usually given to clients if the policy form cannot be insured due to one reason or other. As someone who has bought numerous insurance for my business and asserts this is the document, I’m usually given ahead of the policy form. Since the policy form can take longer than the expected time to be available due to unforeseen circumstances.

Certificate of insurance

This is a document mostly insured in a motor insurance. This document shows proof of insurance in case you are stopped by the police or other authorities. It composes of important characteristics.

 (also read: quotes for auto insurance; where to find them )

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Quotes for Auto Insurance; Where To Get Them

For a car owner who needs am auto insurance, it is critical that you get the right quotes for auto insurance. It is never easy for you to find the right auto insurance quotes for your car. There are many companies out there that are offering quick car insurance quotes online. But which one(s) is the right one for you and your automobile? This can be tricky and time consuming for you.

This post will tend to look into auto insurance companies available and rate them based on the quotes they offer and the price range.

Some of the best auto insurance companies that the best insurance quotes for your car are:

( also read: insurance documents 2017; what are they? )

Geico

Geico is one of the best auto insurance companies around. Quote for auto insurance with Geico could save you $500 or more. In 20 minutes or there about, you could get an online car insurance quote. As a Geico car insurance customer, you will be happy given their high-class service and fast claims process. Geico auto insurance makes your money the hard work for you with discounts that gather a heavy punch they also have an emergency roadside service coverage that you can add to your policy, and they will be there when you need their for service like towing and jumping a dead battery.

Progressive

Progressive auto insurance is one company I so much love. Getting a quote for auto insurance with Progressive could be one of the best decisions you ever made. Yes, that’s true because the second you hit that “get a quote,” they will automatically add their online quote discount. Their average discount is over 7%. If you sign your documents online with them, you could save another $50. That’s two discounts already…..and you are just getting started. Progressive also offer many more built-in car insurance discounts, which include safe driver, pay-in-full, multi-car, continuous insurance quote, etc. with a free auto insurance quote and answering a few questions, and they will automatically apply these discounts.

Allstate

Allstate is among the very best auto insurance companies around. With Allstate auto insurance policy, you enjoy many services and benefits that can help you. You can get a personalized insurance proposal today by talking to Allstate agents. They also offer you a range of roadside services that can help keep you safe when you are behind the wheel. Get an insurance quote with them, and they will give your car quality protection a good price.

Also read : Insurance Brokers; Why You Need One

Nationwide

Many companies can give your car insurance quotes. But according to Nationwide, they are the only company that can back it up with dedicated professionals and superior claim service. They have competitive auto insurance rates. Nationwide provide you with liable. Comprehensible and classic car coverage at affordable rates. With them, you have the choice to choose the coverage that is best for you. Get an auto insurance quote with Nationwide and get optional add-on coverage such as Roadside Assistance and Accident Forgiveness. You could also qualify for one of their car insurance discounts. If you are looking for an online car insurance quote you can trust, then you should try Nationwide.

These are some the best auto insurance companies around. Get your vehicle insurance quotes with them today.

( also read: group health insurance for small business owners )

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Group Health Insurance for Small Business Owners

It’s never an easy task finding the best group health insurance for small business owners. As a small business owner, it is imperative for you to have a group health insurance for your employees. This type of health insurance will provide an insurance healthcare coverage for your employees.

My friend Paul once argued that the best group health insurance plan, especially for small business owners, should be one that has a low cost and high return in cases of emergency. I totally agree with him even though I hardly agree with him on anything. It is no secret that as an employer, your employees are your greatest assets and investment. Therefore it is necessary that you provide them with the best group health insurance as this play a key factor in retaining and recruiting employees, it also affects productivity and satisfaction among your staff. With the right group health insurance, you can keep your employees happy and healthy to do their job.

(also read: insurance documents 2017; what are they? )

If you are looking for the right group health insurance plan for your small business, then you should try UnitedHealthcare. Their plans will surely benefit you and also help you save a lot of money plus your employees will be happy, and that is very vital for your business to move forward. They have plans that are efficient and easy to manage, after all, no one likes complex health insurance plans. They act as a broker and agent and can help you choose the right coverage option for your employees through the Small Business Health Options Program (SHOP) marketplace.

With UnitedHealthcare, you have the option of working directly with them, or you can shop on your own through the market, but I will advise you to work directly with them especially if you are a newbie.

( Also read: Insurance brokers; why you need one )

One other thing about them is that they have an excellent customer care service and will respond to you fast if you have an equity make. If you are working directly with them, they will help you choose the right group health insurance for your employees. They will shop through the marketplace and come up with the perfect health insurance plan for your small business.

So try and check them out today and get the best group health insurance plan available in the market today for your small business.

(also read: quotes for auto insurance; where to get them )

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