World's largest insurance companies by net premiums 2020-2021
Impact of the insurance industry on the wider economy
Insurance is the transfer of risk from one entity to another in exchange for payment. It serves as a form of risk management, allowing a degree of financial security to policyholders in the face of uncertain loss. The insurance and the reinsurance industry are huge sectors; some of the world’s largest companies are insurance companies, but despite the status and the financial clout that comes with this, the insurance industry is heavily reliant on the state of the economy, which, at present, is not in the best of shape. Many economists, however, recognize the symbiotic relationship that exists between the two; insurance has the power to fuel growth.