There are many insurance companies at present. The top ten insurance companies in China in 2020 include: China Life Insurance, China Ping An, Pacific Insurance, China PICC, Xinhua Life Insurance, Taikang Insurance, Anbang Insurance, China Taiping, Fude Life Insurance and Sunshine Insurance. China Life Insurance, China Life Insurance Ping An Life Insurance Company of China and Pacific Life Insurance are among the top ten insurance companies in Asia 150.
In the ranking of domestic life insurance companies, China Life ranked first in market share and profit, first in compensation reserve adequacy ratio, and fourth and seventh in liquidity and stability respectively. From this point of view, although the company's capital capacity is slightly lower than other insurance companies, its comprehensive capacity still ranks first.
China Ping An Life Insurance Company of China Insurance Company ranks second in comprehensive competitiveness, mainly in market size, profitability and asset liquidity. In other indicators, its capital capacity is close to the industry average, ranking 10, while its compensation reserve adequacy ratio and operating stability are relatively low, ranking 15.
Insurance refers to the commercial insurance behavior in which the applicant pays the insurance premium to the insurer according to the contract, and the insurer bears the responsibility of paying the insurance premium for the property losses caused by the possible accidents agreed in the contract, or when the insured dies, suffers from disability, illness or reaches the age and time limit agreed in the contract.
From the perspective of economics, insurance is a financial arrangement to share the loss of accidents; From the legal point of view, insurance is a contractual act, a contractual arrangement in which one party agrees to compensate the other party for losses; From a social point of view, insurance is an important part of the social and economic security system and a "subtle stabilizer" for social production and social life; From the perspective of risk management, insurance is a method of risk management.