Insurance companies are prospering on a global level. Because of the fact that, people are getting more aware about health, property and business. Although there are many insurance companies, only few companies are doing well while others are facing risks. This is because of premium rates and also because of the terms of policies.
Companies always have to focus from the view point of customer to get more registered members. There was a steep decline in insurance premium income due to inflation. It indicated that life premiums have fallen by 0.8% and life premiums have fallen by 3.5%. This is due to global recession and economic crisis that disturbed many companies all over the world.
Even after collapse of many giant companies, few insurance companies survived because of the government support and high capital investments. Some of the companies which were affected include AIG and Lehman Brothers in the year 2008.
Europe, America and Asia carry some of the best insurance groups which generate large sums of premiums and global insurance industry drives the economy of many countries. US and Japan account for 40 percent of world insurance.
Although it is true that the year 2008 and 2009 were deeply affected by global recession, there is still hope for global insurance industry as it is a purely consumer-driven business. Companies have greater scope to change and introduce new insurance policies that can help low income groups to have access to insurance policies.
Similarly, low insurance premiums can always encourage investors to take new policies as a safety measure. It is important at this point to understand that it is customers who are at benefit by taking an insurance policy and keeping this in view, customers must have an insurance policy. This way global insurance industry drives the interest of a customer.
