Life Insurance Corporation of India (LIC) secures the fourth spot globally among insurers, with reserves at $503.7 billion, as per S&P Global Market Intelligence. Topped by Allianz SE, China Life Insurance, and Nippon Life Insurance, LIC stands out in the top tier. European firms dominate the list, with 21 entries, while the US leads individual countries with eight insurers. Asia, led by China and Japan, has 17 companies in the top 50. Challenges for the industry include adapting to wealth transfer between generations, with technology investment crucial for future growth, experts note. The shift in perception towards insurance post-Covid-19 shows potential opportunities amid evolving demographics.
LIC Ranks Fourth Globally in Insurance, Faces Industry Challenges
![](https://affairsace-media.s3.ap-south-1.amazonaws.com/2023/12/05185402/1700736727-4867.jpg)