Insurance is a significant part of any enterprise since future risks and possible losses are beyond human comprehension. However the meaning of insurance in modern times is not restricted to mere philanthropic endeavor and it has grown into a major financial industry with consistent growth. Insurance is an age-old practice (initially the idea of insurance was largely restricted to life, health, accident, and now it has widened to include more concepts). The global insurance industry has received its largest boost from the developed economies such as the US, Japan, the UK, and others.
In fact, the first instance of issuance of insurance in its modern sense had taken place in the UK, when in the aftermath of the Great Fire of London in 1666 Nicholas Barbon began building insurance business. The UK has a rich insurance industry with a great many insurance companies (both life and non-life) of worldwide reputation.
List of Insurance Companies in UK
|Aviva Insurance||RSA Insurance||Beazley|
|Legal & General||QBE Insurance (Europe)||Brit Insurance|
|Prudential||Direct Line Insurance (UK Insurance Ltd.) (1)||Chesnara|
|Old Mutual||NFU Mutual||Hiscox|
|Standard Life||FM Global||Great Lakes Reinsurance (UK)|
|Resolution||Bupa Insurance||Allianz UK|
|Phoenix||Catlin||Chubb Insurance Company of Europe|
|AEGON UK||Chartis UK (2)||Admiral Group|
|XL Group||Amlin||Lancashire Holdings|
|St.James’s Place||ACE Europe (3)||Novae|
Man’ life full of risks and uncertainties. What he considers as his prized possession (his life in the greater sense; or job, income in lesser sense) can elude him at any juncture and under any circumstance.However, even if man cannot assure, he can at least insure his life against all possible risks and threats that are evolved from time to time.
Life insurance is a contract between two parties whereby the insurer (the insurance company) covers up the insured for losses (to life or job) arising out of any unforeseen events in return for a regular payment of “premium”. Life Insurance is a booming industry (besides non-life insurance) in modern world and particularly the Western economies, including the UK, account for the lion-share of global insurance. There are a large number of life-insurance companies in the UK which are truly international in their standard and scope of operation.
List of Life Insurance Companies in Uk
|Aegon||Bupa Life||Liverpool Victoria|
|Ageas||Friends Life||PruProtect Life|
|Aviva||Legal and General||Zurich|
List of Health Insurance Companies in UK
|Freedom Health Insurance||Simply Health||Medicare International|
|Helpucover Health Insurance||PruHealth||AXA PPP Healthcare|
|SAGA Health Insurance||National Friendly Healthcare||AVIVA Health Insurance|
|BUPA Health Insurance|
Non Life Insurance
Insurance is a flourishing financial industry in modern times. However, insurance today does not mean only those types which involve human life, like for example, life insurance, health insurance, disability insurance, annuities, pensions, and others. There is also non-life type of insurance, like for instance, fire insurance, marine insurance, flood insurance, and others. In fact if we trace the origin of insurance in Western countries like the US or the UK, the first instances of insurance were mainly non-life [the fire insurance issued following the Great Fire of London in the UK in 1666, or the fire insurance company formed in South Carolina, the US, in 1732 were the earliest instances of insurance in modern sense.
The Non-life or general insurance companies are those which sell other types of insurance besides the regular ones concerning human life. In most countries, both life and non-life insurance providers are subject to different regulations, and the main reason for that is while life insurance business is long term in nature (coverage for which can last over many decades), non-life insurance business generally covers a shorter period, for instance, just one year.
• Prudential PlC
• RBS Group
• Zurich Financial Services
• Royal & SunAlliance
• Allianz Cornhill
• NFU Mutual
• Cooperative Insurance Society
• Standard Life
• Lloyds TSB Group
• Legal and General
• Axa Repetition
• Zurich Financial Services Repetition
Last Updated on : 12th Sept. 2013