State-owned insurance giant Life Insurance Corporation has emerged as the strongest and the tenth most valuable insurance brand globally. According to a report by London-based consultancy firm Brand Finance, the total value of the world's top 100 most valuable insurance brands dipped 6 per cent from $462.4 billion in 2020 to $433.0 billion in 2021.
"As predicted, insurance brands have taken a hit this year as they negotiate the fallout from the pandemic - from the near standstill of the global economy and prolonged low interest rates to slowing development across the sector in general. They have, however, fared better than our initial predictions at the outbreak of last year, demonstrating the resilience of the world's top insurance brands," said Declan Ahern, Director, Brand Finance.
Most valuable insurance #brands revealed!Brand Finance (@BrandFinance) April 28, 2021
-Top 100 drop 6% due to #COVID19
-@pingan_group most valuable, US$44.8bn
-@ChinaLifeBRK overtakes @Allianz to 2nd place
-Chinese brands account for 30% total value; US brands up 14%
REPORT: https://t.co/r4RdoHXClG pic.twitter.com/ZdHUVenOyp
Brand Finance's report stated that going against the trend, LIC's brand value increased 6.8 per cent to $8.65 billion. The top 10 are dominated mostly by Chinese insurance companies. The US has two companies, while France, Germany and India have one each.
PingAn Insurance of China leads the most valuable insurance companies list with brand value of over $44 billion, followed by China Life Insurance with over $22 billion, Germany's Allianz with $20 billion, France's AXA with over $17 billion, China Pacific Insurance Company with over $15 billion, China's AIA with $14 billion, US' Government Employees Insurance Company with $11 billion, US' Progressive Corporation with $8.9 billion, People's Insurance Company of China with $8.8 billion and India's Life Insurance Corporation with $8.65 billion.
The report also looks into the strongest insurance brands. The list is led by Italy's Poste Italiane, followed by Spain's Mapfre, India's LIC, China's PingAn Insurance, South Korea's Samsung Life Insurance, Italy's Unipol Sai, US' Aflac, UK (Bermuda's) Hiscox, South Africa's Old Mutual and US' Progressive Corporation.
Copyright©2021 Living Media India Limited. For reprint rights: Syndications Today