General Insurance-
Types and Providers
Insurance
provides protection to financial loss. It manages risk created by this loss and
provide control to worst situation by giving financial help. There are number
of insurance companies existing in each country and provide different insurance
policies on their terms.
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| File: Insurance Saves Life From the World Dangers.svg |
Insurance companies
in USA
USA
has world’s biggest market of insurance on basis of premium value i.e. if worldwide
written gross premiums are 100 than 27% belongs to United States. Companies
have been given ranks in USA in different number of ways. Ranking has been done
on the basis of their market value in the stock exchange or through net premium
figures on the basis of policies that has been sold to the customer.
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| The General Insurance History Rating and Ranking HD Logo |
Top insurance companies
Ranking basis:
· Market
value of the company
Ranking
on the basis of market value of the companies on the world stock exchange are as
following:
Company
Name
|
Market
value
|
Nature
of insurance
|
Berkshire
Hathaway
|
$308
billion
|
Non
Health
|
United
Healthcare
|
$91.8
billion
|
Health
|
China
Life Insurance
|
$80
billion
|
Non
Health
|
Allianz
|
$76.8
billion
|
Non
Health
|
American International Group
|
$72.3
billion
|
Non
Health
|
MetLife
|
$59.4
billion
|
Non
Health
|
AXA
|
$57.8
billion
|
Non
Health
|
ING
Groep
|
$54.4
billion
|
Non
Health
|
Wellpoint
|
$34.3
billion
|
Health
|
Aetna
|
$29.8
billion
|
Health
|
· Sale
of policies of the company
Ranking
on the basis of sales of insurance policies to the customers affected by
property damages.
Property damages:
Property
damages deals with the liability occur due to accident causing injury to the
property which affects its market value and on this basis ranking of top
insurance companies is as follow:
Company
Name
|
Net
premium on the basis of sale value
|
State
Farm Group
|
$50.8
billion
|
Allstate
Insurance Group
|
$24.8
billion
|
Liberty
Mutual
|
$21.5
billion
|
Berkshire
Hathaway
|
$21.4
billion
|
Travelers
Group
|
$20.6
billion
|
· Direct
premium of companies:
Health
insurance companies ranking based on total direct premium of company is as
follows:
Company
Name
|
Total
direct premium on the basis of sale
value
|
United
Healthcare
|
$66.8
billion
|
Wellpoint
Group
|
$55.7
billion
|
Kaiser
Permanente
|
$443.7
billion
|
Humana
|
$21.7
billion
|
Aetna
|
$21.7
billion
|
Life insurance
companies rating:
Rating
of life insurance companies are different than general insurance theses rating
are on the basis of stability of the company, policies, additional services and
customer support is as follow:
Company
Name
|
Rank
|
Rating
|
American
General
|
1
|
A
|
American
National Insurance company
|
2
|
A
|
Banner
Life
|
3
|
A+
|
Foresters
Life Insurance
|
4
|
A
|
MetLife
|
5
|
A+
|
American
Company for Life and Health Insurance
|
6
|
A+
|
Protective
Life Insurance Company
|
7
|
A+
|
Prudential
|
8
|
A+
|
SBLI
|
9
|
A+
|
Transamerica
|
10
|
A+
|
Types of Insurance
General Insurance
General
insurance does not come under life insurance, so it is also known as non-life
insurance. In USA it is known as casualty and property. General insurance aid
us financially in case of any mishap by accident, theft or any natural disaster
etc. By general insurance people feel comfort and protected.
Vehicle insurance:
Vehicle
insurance is necessary in most states of USA, and negligence may cause
suspension of driving license. It includes motorcycles, cars and other
vehicles. Mostly policies liability covers both property and human injury in
accidents; there are following top vehicle insurance companies are as follow:
- State Farm
- GEICO
- Progressive
- Allstate
- USAA
- Esurance
- Nationwide
- AAA
- Liberty Mutual
- AARP/Hartford
Health insurance:
Health
insurance take care of expenses which arises due to health crisis or medical
uncertainty; following are the top health insurance companies:
- United Healthcare
- Wellpoint Group
- Kaiser Permanente
- Humana
- Aetna
Commercial
insurance:
Commercial insurance protect business
loss causing by certain circumstances, theft or damage property.
There are top
commercial insurance companies:
·
American
International Group
·
Travelers
Companies Inc.
·
Liberty
Mutual
·
Zurich
Insurance Group
·
ACE
Ltd.
·
CNA
Financial Corp.
·
Nationwide
Mutual Group
·
Chubb
Corp.
·
Hartford
Financial Services
·
Berkshire
Hathaway Inc.
Disability insurance
It
protects the income which is earned by beneficiary but sometime the disability
causes a barrier in completion of work.
Temporary insurance
Insurance
which insure something for short period of time called temporary insurance.
Online insurance
quote
Insurance
companies give statement online of the amount of money for providing insurance for something
e.g. liberty Mutual give Car
Insurance Quotes;
“Learn what you need to get the best
auto insurance policy for you.”
Term life insurance
quote:
Term
life insurance mean insurance of life for specific time in limited amount.
Companies also give term life insurances and for it give a specific quote
.e.g. State Farm gives quote as;
“Small Cost. Big Protection”
Best Insurance policy
qualities:
Ø
Guarantees
the payment of loss
Ø
Never
become gambling
Ø
Policy
insured by maximum people
Ø
Easy
payment to customer on crisis
Ø
Evaluation
of risk before insuring
Ø
Ensure
risk sharing to customer
Two top insurance
company other than USA
NationalGeneral
insurance company:
NGI
is one of the leading companies in UAE, recognized as a fully accredited National
Insurer and rated “A-(Excellent)” by AM Best and “BBB+” by S&P.
National Insurance
Agency:
National
Insurance Agency is one of the top company located of UK its rate is A+.
How to reduce General
car insurance to cheapest car insurance:
General
car insurance reduces to cheapest car insurance by following ways:
- Less vehicle towing
- Remove vehicle hire
- Maximum deductible
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