Info about Insurance Companies & Online Insurance Quote

Insurance as well as risk management make an immense global industry. A survey conducted revealed that Swiss Re, a leading insurance firm that the worldwide insurance premiums in 2008 were $4.270 trillion and this showed an increase of 6.3% from 2007 that was $4.061 trillion.

The premiums from global life insurance accounted in 2007 to $2.79 trillion, while other types of insurance worldwide totaled to $1.78 trillion.

Market status

The 2008 premiums showed premiums increase in south and East Asia were 16.3%, Europe declined by 6.2% and North America by 3.1%. Insurance worldwide is renowned, especially America insurance business revealed gross premiums to $1.13 trillion and this accomplished to be the worlds largest market of insurance.

The United States estimated $679 billion for 2009 annuity premiums and for accident and life. Casualty and property premiums total $450 billion in 2009. However, the insurance firms had assets about $4.51 trillion in 2008 as per the Federal Reserve Bank. This brings nearly 4500 companies in America underwrite insurance, but the insurance industry is dominated by major players who are a handful.

Top rankers

The Forbes list ranking had top ten insurance companies known worldwide and they are Generali Group, Italy, China Life Insurance, China, Munich Re, Germany, MetLife, US, Zurich Financial Services, Switzerland, AXA Group, France, Travelers, US, Ping An Insurance Group, China, Tokio Marine Insurance, Japan and CNP Assurances, France.

The recent changes in regulatory have heightened the competition among the insurance industry and is fierce. It has resulted in creating financial services offering complete range of financial products and services to their customers. Banks are also into the insurance products sale.

Investment companies such as Merrill Lynch are also keen to sell insurance worldwide. The competition among the insurance providers worldwide has become more intense and now there are thousands of small firms.

The worldwide insurance has become prominent and the industry concentrated in major companies that are household name and are leading firms operating on a global scale.

The insurance worldwide massive source earning are from the annuities sale as well as other investment and retirement products. Insurance companies hold immense investments in hedge funds, real estate, private equity and various other types of investments.

However, the global financial meltdown hit the capital base of the industry in a hard way, not sparing the insurance sales also in developed countries. Insurance providers worldwide have worked hard to bring best growth.