Health insurance is an insurance product which covers medical and surgical expenses of an insured individual. It reimburses the expenses incurred due to illness or injury or pays the care provider of the insured individual directly. Health insurance is an insurance that covers the whole or a part of the risk of a person. By estimating the overall risk of health risk and health system expenses over the risk pool, an insurer can develop a routine finance structure, such as a monthly premium or payroll tax, to provide the money to pay for the health care benefits specified in the insurance agreement. The benefit is administered by a central organization such as a government agency, private business, or not-for-profit entity. There are two basic types of health insurance: 1.Mediclaim Plans, 2. Critical Illness Insurance Plans. Medicare or medical costs are rising year on year. As a matter of fact, inflation in medicare is higher than inflation in food and other articles. While inflation in food and clothing is in single digits, medicare costs usually escalate in double digits. One way to provide for medical emergencies is by taking health insurance. Health insurance offers considerable flexibility in terms of disease / ailment coverage. With health insurance, you are assured of a more secure future both health-wise and money-wise. This makes health insurance policies critical for individuals, especially if they are responsible for the financial well-being of the family. The Great 10 largest Health insurance companies in the world, by net premiums written (NPW) and non-banking assets in the year 2018.
1.UnitedHealth Group Incorporation- United States
UnitedHealth Group Incorporation is an American for-profit managed health care company based in Minnetonka, Minnesota. This brand was created in 2011 as the company’s health services business. UnitedHealth Group incorporated on July 1, 2015, is a health and well-being company. The Company operates through four segments: UnitedHealthcare, OptumHealth, OptumInsight and OptumRx. Among the middlemen tasked with making today’s healthcare efficient and cost-effective is UnitedHealth Group Inc. (UNH), the world’s largest healthcare company by revenue. Primarily an insurer, UnitedHealth Group claims over 130 million customers worldwide. It offers health care products and insurance services. It is the largest healthcare company in the world by revenue, with 2019 revenue of $242.2 billion. No one plans to fall ill or get hurt, but a serious illness can strike anyone at any time. The cost of treating the illness can cause severe financial strain on the savings you have accumulated over time. It provides health and well-being services to individuals age 65 and older. UnitedHealthcare Global – serves 6.2 million people with medical benefits, residing principally in Brazil, Chile, Colombia and Peru but also in more than 130 other countries. Net Premium Written is US $178,087,000.
2.AXA S.A.-France
AXA is a French multinational insurance firm headquartered in Paris that engages in global insurance, investment management and other financial services. Axa S.A. is a French multinational insurance firm headquartered in the 8th arrondissement of Paris that engages in global insurance, investment management, and other financial services. The Axa Group operates primarily in Western Europe, North America, the India Pacific region, and the Middle East, with a presence also in Africa. Axa is a conglomerate of independently run businesses, operated according to the laws and regulations of many different countries. The company was founded in 1816 as Mutuelle de L’assurance contre L’incendie. The firm adopted the Axa name in 1985. AXA SA (AXA), incorporated on February 20, 1985, is a holding company engaged in the business of financial protection. The Company’s segments include Life & Savings, Property & Casualty, International Insurance, Asset Management, Banking and Holding companies.
AXA operates primarily in Europe, North America, Asia Pacific Region and in other regions, including the Middle East, Latin America and Africa. AXA offers a range of Life & Savings products, including Individual and group savings products, as well as Life and Health products for both individual and commercial clients. The Company’s International Insurance Segment operations are focused on risks, reinsurance and assistance. AXA Corporate Solutions Assurance is the Company’s subsidiary engaged in large corporations in terms of property and casualty, loss prevention, risk management, underwriting and claims handling and to specialty markets across the world. The operations in the Banking segment are conducted primarily in Belgium, France and Germany. AXA Bank’s products and offers are linked with insurance business and are focused on retail products. AXA Banque has approximately 715,000 registered customers, with a retail banking product offer. Net Premium Written is US $103,033,468 in the year 2018.
3.Ping An Ins (Group) Co of China Ltd.-China
Ping An Insurance also known as Ping An of China and the company’s name Ping An translates to “safe and well”. over 204 million retail customers and 534 million Internet users, Ping An is one of the largest financial services companies in the world. Ping An Life, through its nationwide service network of over 40 branches, including approximately six telemarketing centers, and over 3,000 business outlets, provides individual customers and institutional clients with life insurance products. With The company has 236,000 employees and 635,000 insurance agents. China Ping An Insurance Company Limited also offers property and casualty insurance service in the Hong Kong market. Ping An Insurance (Group) Company of China, Ltd., incorporated on March 21, 1988, is a personal financial services provider. The Company provides insurance, banking, investment, and Internet finance products and services.
The Company operates through six segments: life insurance, property and casualty insurance, banking, trust, securities and corporate. The life insurance segment offers a range of life insurance products to individual and corporate customers, including term, whole-life, endowment, annuity, investment-linked, universal life and healthcare insurance. The property and casualty insurance segment offers a range of insurance products to individual and corporate customers, including automobile insurance, non-automobile insurance, and accident and health insurance. The banking segment undertakes loan and intermediary businesses with corporate customers and retail business, as well as wealth management and credit card services with individual customers. The trust segment provides trust services and undertakes investing activities. The securities segment undertakes brokerage, trading, investment banking and asset management services. The corporate segment includes the management and support of the Company’s business through its strategy, risk, treasury, finance, legal and human resources functions, among others. Ping An stands out among Chinese financial institutions for its aggressive acceptance of foreign capital. The company is considered to be China’s biggest insurer, with US$107 billion in gross premium income in 2018. Its market capitalization is at US$220 billion in July 2019. These business segments contributed 69%, 15%, 11%, 6%, and 2% of the company’s net profit, respectively, in 2019.
4. China Life Insurance (Group) Company- China
The company is a life insurance company established in Beijing, China on 30 June, 2003. China Life Insurance also handles non-life insurance products. China Life Insurance (Overseas) Company Limited, a wholly owned subsidiary of China Life Insurance (Group) Company which is the largest state-owned financial insurance corporation in China, is the strategic headquarter for overseas business development of the parent company. The parent company has been taking firm strides to develop modern insurance services and realize the “China Life Dream” of becoming a premier international financial insurance group. And with strong support from the parent company, China Life Insurance Company Limited has already built business networks in Hong Kong, Macau, Singapore and Indonesia. The primary focus of the Company is the enhancement of profits and creation of value through organic growth as well as mergers and acquisitions.
China Life Insurance Company Limited is a Beijing-headquartered China-incorporated company that provides life insurance and annuity products. With 70% state-ownership, China Life is the biggest life insurer in China in terms of total assets, but has experienced economic difficulty in the past years. China’s insurance market has attracted dozens of new competitors after the Chinese government liberalized. It also provides both individual and group accident and short-term health insurance policies and services. It has more than 300 million individual and group policies in force. China Life sells its individual products primarily through its own network, comprised of exclusive agents, direct sales representatives, and dedicated and non-dedicated agencies. In addition to life insurance, the company provides asset management services and health and accident insurance. Net Premium Written is US $ 92,360,557 in the year 2018.
5. Kaiser Foundation Group of Health Plans- United States
Kaiser Permanente is an American integrated managed care consortium, based in Oakland, California, United States, founded in 1945. Kaiser has an integrated care model, offering both hospital and physician care through a network of hospitals and physician practices operating under the Kaiser Permanente name. Kaiser Permanente operates in eight states like Hawaii, Washington, Oregon, California, Colorado, Maryland, Virginia, Georgia and the District of Columbia, and is the largest managed care organization in the United States. Each entity of Kaiser Permanente has its own management and governance structure, although all of the structures are interdependent and cooperative to a great extent. Kaiser Permanente is one of the largest nonprofit healthcare plans in the United States.
As of 2019, Kaiser Permanente had 12.2 million health plan members, 218,297 employees, 22,914 physicians, 59,127 nurses, 39 medical centers, and 706 medical facilities. The Permanente Medical Groups, which provide care for Kaiser Permanente members, continuously develop and refine medical practices to help ensure that care is delivered in the most efficient and effective manner possible. Each Permanente Medical Group operates as a separate for-profit partnership or professional corporation in its individual territory, and while none publicly reports its financial results, each is primarily funded by reimbursements from its respective regional Kaiser Foundation Health Plan entity. KFHP is one of the largest not-for-profit organizations in the United States. Net Premium Written is US $ 92,054,688 in the year 2018.
6. Anthem, Inc. – United States
Anthem, Inc., incorporated on July 17, 2001, is a health benefits company. Anthem is a leading health benefits company dedicated to improving lives and communities, and making healthcare simpler. The Company operates through three segments: Commercial and Specialty Business, Government Business and Other. It is the largest for-profit managed health care company in the Blue Cross Blue Shield Association. The company was formed by the 2004 merger of WellPoint. Through its affiliated companies, Anthem serves more than 106 million people, including 42 million within its family of health plans. Anthem companies serve members as the Blue Cross licensee for California; and as the Blue Cross and Blue Shield licensees for Colorado, Connecticut, Georgia, Indiana, Kentucky, Maine, Missouri, Nevada, New Hampshire, New York, Ohio, Virginia, and Wisconsin. Anthem Inc.’s also serve customers in many states across U.S. The company operates as Anthem Blue Cross in California, where it has about 800,000 customers and is the largest health insurer. It operates as Empire BlueCross BlueShield in New York State and as Anthem Blue Cross and Blue Shield in 10 states. There may be times when we use other companies to give our members and providers certain types of services, like Utilization Management or Case Management. It would always make sure that it was approved by law and allowed by our contracts beforehand.
Radiant Services, LLC may be part of the approval process for care you receive. Whether Radiant is involved or not, the process is the same. Radiant has some staff outside the United States. They want to help you get access to quality, efficient care that is backed by scientific research. Its managed care plans include preferred provider organizations (PPOs); health maintenance organizations (HMOs); point-of-service (POS), plans; indemnity plans and other hybrid plans, including consumer-driven health plans (CDHPs); and hospital only and limited benefit products. In addition, it provides an array of managed care services to self-funded customers, including claims processing, underwriting, stop loss insurance, actual services, provider network access, medical cost management, disease management, wellness programs and other administrative services. It provides an array of specialty and other insurance products and services, such as dental, vision, life and disability insurance benefits, radiology benefit management and analytics-driven personal healthcare. It also provides services to the federal government in connection with the Federal Employee Program (FEP). Net Premium Written is US $85,048,000 in the year 2018. provides non-BCBS plans under the Unicare, Amerigroup, CareMore, Simply Healthcare, HealthSun, HealthLink, and other brands in more than 25 states. Plans include PPO, HMO, POS, indemnity, and hybrid plans offered to employers, individuals, and Medicare and Medicaid recipients.
7. Allianz SE- Germany
Allianz SE is the holding company of the Allianz Group. Allianz SE operates in the field of reinsurance, providing reinsurance protection for Allianz Group companies, in particular. Allianz, headquartered in Munich, is a German financial services company operating mainly in the insurance and asset management sectors globally. As of December 31, 2019, Allianz SE employed 1,673 people. Besides Allianz SE, the Allianz Group comprises subsidiaries with over 147,000 employees in more than 70 countries. With revenues reaching approximately 127 billion U.S. dollars in 2018, it was the third largest insurance company worldwide. Allianz has more than 85 million customers worldwide and its services include property and casualty insurance, life and health insurance and asset management. Allianz operates through Allianz Belgium, previously AGF Belgium which has been re-branded to Allianz Belgium in November 2007.
The Life or Health segment offers a range of life and health insurance products on both an individual and a group basis. Allianz is one of the world’s largest investors, managing over 650 billion euros on behalf of its insurance customers while our asset managers Allianz Global Investors and PIMCO manage an additional 1.4 trillion euros of third-party assets. It runs the Asset Management business out of two distinct investment management businesses, PIMCO and Allianz Global Investors (AllianzGI). Both units operate under Allianz Asset Management (AAM). Particular strongholds include the United States, Germany, France, Italy, the United Kingdom and the Asia-Pacific region. Net Premium Written is US $83,203,137 in the year 2018.
8. Assicurazioni Generali S.p.A. – Italy
Assicurazioni Generali S.p.A. or simply Generali Group is an Italian insurance company based in Trieste. It is the largest of its kind in Italy and among top 10 in the world. Assicurazioni Generali Austro-Italiche, the company was founded on December 26, 1831. The company grew in importance, becoming one of the largest insurance operators both in Italy and in Central Europe. The Group operates through three segments: Life, Non Life, and Holding and other business. The Life segment include saving and protection products, both individual and for families, as well as products with investments purposes for companies. The Non-life segment provides various insurance products related to casualty, accident, health, and company plans. The Holding and other business segment includes non insurance assets, mostly banking and asset management activities. The Company is active globally. Generali’s major competitors at international level are AXA, Allianz and Zurich. Besides them, there are companies competing at local and regional level in various countries and markets. Today Generali operates primarily in Europe, Middle East and East Asia, with large market shares in Italy, Poland, Hungary, Germany, France, Austria, Slovenia, The Netherlands, Croatia, Serbia, Spain, Switzerland, Romania, Israel, Japan, China and Bosnia and Herzegovina, with secondary operations in Latin America.
In India the company is represented by Future Generali, a joint venture of Future group and Assicurazioni Generali. It provides both life and property or casualty insurance. The Non-Life business is known as Future Generali India Insurance Company Limited. The Life business is known as Future Generali India Life Insurance Company Limited. Main Subsidiaries of the group includes, in Italy: Genertellife, Alleanza Assicurazioni, Generali Italia and Banca Generali. Generali confirms its leadership position in the Italian insurance market with an overall share of 16.2% as it can rely on a complete range of insurance solutions for its clients in both the Life and P&C segments. During 2019, Generali Italia continued to implement its simplification programme with the goal to improve the customer experience by simplifying the relationship between customers and agents for the entire process by providing more and more accessible and innovative services. The Group’s global initiative for the society, Generali Italia launched Ora di Futuro. Net Premium Written is US $72,617,727 in the year 2018.
9. State Farm Group – United States
State Farm Mutual Automobile Insurance Company is the parent company of several affiliates and subsidiaries that provide property and life insurance, banking products, and mutual funds. It was founded in 1922. It is also the largest auto insurance provider in the United States. Approximately it has 59,000 employees and it consists of 84M policies and accounts in force in the U.S. as of December 2019. About 60% of State Farm households have more than one product. In 2019, Fire and Auto Claims handled about 22,000 claims per day. Through its two life insurance affiliates, State Farm Life was the second largest U.S. ordinary individual life insurer based on policies in force according to S&P Global Market Intelligence. State Farm offers about 100 products with approximately 19,200 agents.
The group’s parent company is State Farm Mutual Automobile Insurance Company, which is a mutual insurance company based in Bloomington, Illinois. State Farm is best known for offering property and casualty (P&C) insurance products, especially in personal lines. It offers life and health insurance, annuities, mutual funds and banking products. Nearly 867,000 policies were there in health. Net Premium Written is US $70,832,964 in the year 2018. In 2019, the insurer announced personal auto insurance rate reductions in multiple states including: Arizona, Louisiana and South Carolina.
10. People’s Insurance Company (Group) of China Ltd.- China
The People’s Insurance Company (Group) of China Limited (abbreviated as PICC Group or PICC) is the first nationwide insurance company in China and has developed into a leading large-scale integrated insurance financial group in the People’s Republic of China. It was founded in October 1949 and headquartered in Beijing. The Company is mainly engaged in property insurance, health insurance, life insurance, reinsurance, Hong Kong insurance, pension insurance and operating insurance business. The group provides insurance products for accident, universal life, general life, family property, travel, auto, health, personal credit loan guarantee and performance guarantee. It also offers cargo insurance, credit guarantee insurance, special risk insurance, engineering insurance, employer liability insurance, export product liability insurance, safety production liability insurance, government rescue insurance and technological equipment insurance. The Chinese Central Government is the controlling shareholder.
On December 7th 2012, PICC Group successfully completed its IPO on Hong Kong Stock Exchange, which was China’s first group listing of state-owned financial insurance conglomerate. In 1996, it became a holding company, as People’s Insurance Company of China Three subsidiaries were formed, as property insurer, life insurer and reinsurer respectively. PICC has branch offices in London and New York as well as in the cities and towns of China. PICC Health was a joint venture with German insurer DKV and other investors. The Life Insurance covers personal, personal insurance products-wealth management, groups, banks, and e-commerce platform online insurance. Health Insurance is a form of insurance that provides coverage or financial security for the medical expenses incurred by the policyholder. Based on the chosen health insurance plan, the policyholder gets coverage for hospitalization, day-care facility, treatment costs for listed diseases, surgical expenses along with reimbursement of the acquired expenses. Net Premium Written is US $68,204,489 in the year 2018.
