Can A Single Person Own An Insurance Company.

[Bisolami]

The basic thing is that opening an insurance company is not a day job and it is not something that is very easy or that we can achieve in a week. It requires a process. Before you open an insurance company, you need to write a business plan, choose a legal structure, choose the name of the company, register the company's name, get a tax number, and so on.

I did not mention all the processes of opening an insurance company here but these are the major things you need to know whenever you want to open an insurance company.

Now, let me ask you. Do you think all of these are achievable for one person? I think it is not possible to open am insurance company alone. You need people around you. You need people that you will plan with. A single person can't write a business plan and all other things.

Also, I don't think I have ever seen an insurance company which is owned by a single person.

 

[Elbosn221]

Overall, it depends on the types of insurance coverage that you offer. As of 2021 in the second quarter, life insurance companies had a profit margin around 4.1%. Insurance brokers had a profit margin around 8.7%. Accident and health insurance companies had a profit of around 5.5%.