Insurance is important to take care of uncertainties surrounding life. This page outlines Best 7 Insurance Companies in US, UK Canada and other countries.
It has been said that nothing is guaranteed in life. Yes, stable health, businesses, assets, etc. are not 100% away from losses and damages. This is where the insurances companies come to play. Business owners and almost everyone needs some sort of back up to take care of unforeseen contingencies or unplanned events.
So, one of the best ways to get it done is through insurance companies. Therefore, it is important to learn all you need to know about Insurance Companies.
What Are Insurance Companies?
Insurance companies are financial institutions that secure any form of financial loss, either for an individual or a group. These companies are in charge of risk management.
Meanwhile, some types of insurance include life insurance, non-life or property/casualty insurance, health insurance, and general insurance (standard line and excess line).
By the way, from an organizational point of view, the following types of insurance companies are distinguished in the insurance market where we have joint-stock insurance companies, captive companies, mutual insurance companies, frontier insurance companies and many more.
Importance of Insurance Companies
Insurance is a great option to deal with the unforeseen events that life poses. Yes, taking out insurance gives us the peace of mind of knowing that if something unforeseen occurs, the company will take care of everything, and we are also helping to create a more fair and safe society in which to live.
So below are some of the importance of insurance companies;
1. They Prevent Unforeseen Bad Occurrence
Insurance companies are in charge of assessing the probability of a negative event occurring, as well as the financial amount necessary to solve it. Today there is insurance to cover practically any situation you can imagine: from domestic accidents to work-related claims, through home, car or appliance insurance.
2. They Insure Your Business
Personal insurance is not the only kind of insurance because there are also ways to ensure your own business. Business insurance offers a series of coverage so that you are not afraid of the possible unforeseen events that may arise in your own business.
3. They Play A Major Role In Our Society
Insurance company currently plays an important role in society because a large number of companies in this sector are not only dedicated to ensuring their clients.
But focus a large part of their efforts on carrying out initiatives to promote health, volunteerism, eco-efficiency and help disadvantaged groups who at risk of social exclusion.
Top 7 Insurance Companies Around the World
We have highlighted some of the top insurance companies and some things you need to know about them below. Meanwhile, you should know that these insurance companies or groups that carry top A+ rating and have assets of at least $1 million.
1. American Family Life Insurance Co.
American Family is a mutual US financial Insurance company founded in 1927 and owned by Insured. They provide auto, Home, Life, Health and Business Insurance AND had over $6.8 Million income. The Company owns Several Subsidiaries involved in Insurance and Other Financial Services, such as American Standard Insurance Company and American Family Valores, LLC.
2. Country Life Insurance Co.
Country Life is an Insurance Company founded in 1925 by the United Nations Illinois Farmers Group who wish to ensure their own and other farms from fire and lightning. This company has more than 2,500 EMPLOYEES AND HAD over $3.4 Million income.
In addition to offering Your Home, Crops, Auto and Life insurance, they also offer a range of Financial Services, including management of the Investment AND annuities. Country Life Insures Over 1 Million Homes and Businesses in the US.
3. Assumption Life Insurance
Assumption Life started in the town of Waltham, Massachusetts in 1903, with the mission of ensuring the protection of Canadian families.
The mission of the Assumption group has long been a response to your financial needs by offering appropriate solutions based on variable resources. Besides, the company keeps the promise to make your experience authentic and rewarding.
Corporate values are conveyed within Assumption-Life, including integrity, accountability, teamwork, customer focus, commitment and innovation.
4. The Doctors Mutual Insurance Co.
The doctors’ mutual insurance was founded in 1902 whose aim was to offer health insurance to Medical professionals.
Today, the Company offers life and health insurance, as well as annuities, funeral pre-planning and other financial services. The Doctors Mutual has more than 1,000 employees and more than $ 3 billion in assets.
5. State Farm Mutual Insurance Co. Automobile
State Farm is a widely recognized brand that offers a multitude of Insurance and Financial Products, including Life Insurance, through a long list of affiliates. The company employs 65,000 people and had an Income of $ 68,291 Billion. The State Farm Has Over 80 Million Policies in Force in the US and Canada.
6. Association of Teachers of Insurance and Annuities of America College of Equities Fund Retirement (TIAA-CREF)
TIAA was ordered by the State of New York in 1918 to provide Guaranteed Fixed Premium deferred annuities as an Instrument to provide income to retired University Professors.
CREF was created in 1952 to allow the educators’ annuities exhibition to the Stock Market. The Company employs over 8,500 people and reported approximately $1 Billion in Income in 2013. TIAA-CREF Continues to Focus Its Activity on Retirement Planning and Annuities.
7. Empire Life Insurance
Empire life is a Toronto life insurance company that was created in 1923. Their head office moved to Kingston, Ontario in 1926. Meanwhile, in 2006, the name change took place from Empire Financial Group to Empire Life, its current name.
Empire Life exceeded the limit of $ 8.5 billion (in assets under management) in 2009. The vision of this company is based on its approach, which is intended to be accessible and easy for all Canadians.
We all like to enjoy the feeling of having everything under control. But in life, there are a lot of circumstances that influence our day-to-day activities. Sometimes these circumstances may benefit us, and other times they compromise our well-being or our health. This is where insurance companies come to play.
So, I hope we have been able to cover the major things that you should know about the USA insurance companies.
Therefore, you should share this with others who might be interested in this information and don’t forget to share you taught in the comment section below.