Despite its vital role allowing global economies to work smoothly while providing security, protection and peace of mind to its customers, the insurance industry struggles to gain respect—perhaps it just needs to communicate better, better, says Mike Morrissey.
This is the time of the year when business magazines publish their ‘best of’ and ‘biggest of’ lists. Fortune magazine, for instance, just published its well-known Fortune 500 list of the largest companies in America, which it has been doing for more than half a century.
In recent years, as the business world has globalised, many publications have started making their lists worldwide in scope. Two recently caught my eye as I was flying from Shanghai back to New York, pondering the globalisation of the insurance industry.
Fortune released its 2013 version of the Fortune Global 500, the world’s largest companies ranked by revenues. The number one company, Royal Dutch Shell, with revenues of nearly $500 billion, was more than three times the size of the largest insurance company. That company, AXA, ranked number 20 overall with revenues of $155 billion.
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Fortune Global 500, Royal Dutch Shell, Berkshire Hathaway, International Insurance Society