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Life Insurance Corporation of India (LIC) is the fourth largest insurer in the world, according to a ranking by S&P Global Market Intelligence based on life, accident and health reserves.
Allianz SE, China Life Insurance Company and Nippon Life Insurance Company ranked above the Indian state-owned insurer.
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European firms dominate the list of top 50 global life insurers. The United States of America has the highest number of life insurers (eight) followed by the United Kingdom (seven).
Out of the top 50 companies, Europe has 21 and Asia 17. Mainland China and Japan shared the top spot in Asia with five companies each.
North America had 12 spots on the list with eight companies based in the US, two in Canada and two in Bermuda.
According to the experts, a key area of concern for the life insurance industry is the difficulty to adapt to large-scale transfer of wealth from one generation to the next.
“There’s not a single area in the world that isn’t going to be experiencing that wealth transfer. The life insurance industry is not yet ready to address this challenge as it does not have the right products and technology,” said Samantha Chow, global leader for the life, annuities and benefits sector at Capgemini.
Public perception built in favour of insurance after the pandemic, but it has started to flatten. “In addition to aging populations and lower birth rates, there’s been a shift in how people think about life insurance. The “explosive growth” in the demand for cover seen during the pandemic has started to plateau but life insurers are keen to find opportunities for growth amongst the evolving demographics,” said Brian Galbraith, principal at Deloitte with its insurance practice.
Experts say technology is important for the insurance business to advance. “The players who are really being successful are investing heavily in their digital capabilities but also in their agents,” Rob Sims, managing director and partner with Boston Consulting Group’s insurance practice.
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