Brand Finance publishes Insurance 100 2019

 
 


Brand Finance published the annual report on Insurance 100 for 2019. Chinese insurance giant Ping An was listed as the world’s most valuable insurance brand in 2019. Ping An strengthened its leadership position by increasing its brand value up to 50.5 billion USD, with a growth of 92.9% compared to 2018. Top 6 companies remained the same as the listing in 2018: Allianz maintained its position as the second most valuable brand, valued at 23.1 billion USD after 14.2% of growth since last year.


China Life also preserved its position in the 3rd rank by raising its brand value by 51.7% since 2018 and was valued at 28.1 billion USD as of 2019. French insurance giant AXA also increased its brand value by 17.5% compared to 2018, reaching a value of 15.6 billion USD and maintaining its position as the top 4th.


AIA, a Hong-Kong based insurance company, reached a brand value of 15.5 billion USD with a growth of 51% over 2018, and maintained its 5th position; followed by Chinese company CPIC, which also preserved its position in number 6 by raising its brand value up to 10.7 billion USD, up by 22.7% since last year.


On the other hand, Chinese PICC climbed from 9th to the 7th position by raising its brand value to 9.1 billion USD with a growth of 26.8% since last year. The American GEICO, with a brand value rise of 34.2% to 8.8 billion USD, leaped four places from 12th to 8th to join this year’s top ten.


Swiss Insurance giant Zurich also climbed from 10th to 9th position, with a growth of 14.7% compared to 2018, and raised its brand value up to 8.2 billion USD.  The only company that went down among the top ten was Allstate from USA. Despite increasing its brand value by 4% compared to 2018, the company declined to the 10th position with a value of 7.9 billion USD.


Chinese insurance giant is number one


Ping An is the world’s strongest and most valuable insurance brand, with its brand value up 93% to 50.5 billion USD. The brand is seeing its investment in technology now beginning to pay off and reap benefits. To attract China’s more than 500 million internet users, 1% of the insurance group’s annual revenue has been spent on Research & Development. Business is being won by improving understanding of consumers based on data collection through online services. Last year, it is said, 36% of 40 million new insurance customers came to the company that way. InsurTech and FinTech solutions remain an integral part of Ping An’s ongoing strategy. Ping An is also the fourth most valuable brand in China.


The total brand value for all insurance brands in China, according to this year’s Brand Finance Insurance 100 report, is 98.2 billion USD. This earns it pole position in the global insurance market. The US drops to second place with a brand value of 78.1 billion USD. Brand value for China Life is up from 14.4 billion USD to 21.8 billion USD, and more growth is likely for it, PICC and CPIC. In Asia-Pacific (APAC) growth continues across life, health, property and casualty (P&C) insurance. The strongest growth is seen in health insurance. While India is increasing its health insurance penetration on its rural population, China is focusing health insurance and long-term care insurance on its aging population. By 2050 39% of the Chinese people will be over 65.


Cross-sector spotlight


While Chinese insurance brands Ping An, China Life, and AIA, hold the top 3 positions in the Life Insurance sector’s top ten, Munich-headquartered Allianz is snapping at their heels in 4th position and Prudential (UK) in 9th place reports strong performance from its Asian business activities. Ping An, also tops the table in the P&C Insurance sector, but this time Allianz is in second place with a brand value of 11.9 billion USD. 3rd, 4th and 5th places are held by US companies GEICO, Allstate and Progressive. GEICO’s brand value has risen 34% to 8.8 billion USD, leaping four places to join this year’s top ten for the first time. The brand’s competitive offering for auto insurance has helped it stay ahead of its competitors. Only one Chinese brand, China Re, features in the Reinsurance sector top ten, sitting in 6th place with brand value of 1.1 billion USD. The brand’s success can be attributed to its acquisition of London’s Chaucer, in a move to expand towards a more global position. The top three places in this year’s Brand Finance Insurance 100 are filled by Swiss Re, (brand value 4.2 billion USD); Hannover Re (2.7 billion USD) and Munich Re at 2.4 billion USD. Munich Re has aired its concerns around global warming for significant losses in the Californian wildfires and warns that subsequent premium rises could become a critical social issue. Average annual wildfire losses trailed well below US$5.0 billion, until 2017 and 2018, when they rose to more than 20.0 billion USD.


Notable new entrant Discovery is a new entrant to this year’s Brand Finance Insurance 100 2019, scoring an impressive brand strength index (BSI) score of 85.97 out of 100, making it the world’s second strongest insurance brand. Discovery is South Africa's largest health-insurance administrator and has seen major success through its Vitality rewards scheme which awards points for completing various online health assessments and routine medical checks. The brand is also launching a bank later this year.

 

 

 
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