Page 12 - Turkinsurance Digital Magazine

10 cover story

its investment in technology now beginning to pay off and reap formance from its Asian business activities. Ping An, also tops
benefits. To attract China’s more than 500 million internet us- the table in the P&C Insurance sector, but this time Allianz is in
ers, 1% of the insurance group’s annual revenue has been spent second place with a brand value of 11.9 billion USD. 3rd, 4th
on Research & Development. Business is being won by improving and 5th places are held by US companies GEICO, Allstate and
understanding of consumers based on data collection through on- Progressive. GEICO’s brand value has risen 34% to 8.8 billion
line services. Last year, it is said, 36% of 40 million new insur- USD, leaping four places to join this year’s top ten for the first
ance customers came to the company that way. InsurTech and time. The brand’s competitive offering for auto insurance has
FinTech solutions remain an integral part of Ping An’s ongoing helped it stay ahead of its competitors. Only one Chinese brand,
strategy. Ping An is also the fourth most valuable brand in China. China Re, features in the Reinsurance sector top ten, sitting in
6th place with brand value of 1.1 billion USD. The brand’s suc-
The total brand value for all insurance brands in China, accord- cess can be attributed to its acquisition of London’s Chaucer, in
ing to this year’s Brand Finance Insurance 100 report, is 98.2 a move to expand towards a more global position. The top three
billion USD. This earns it pole position in the global insurance places in this year’s Brand Finance Insurance 100 are filled by
market. The US drops to second place with a brand value of Swiss Re, (brand value 4.2 billion USD); Hannover Re (2.7 bil-
78.1 billion USD. Brand value for China Life is up from 14.4 lion USD) and Munich Re at 2.4 billion USD. Munich Re has
billion USD to 21.8 billion USD, and more growth is likely for aired its concerns around global warming for significant losses in
it, PICC and CPIC. In Asia-Pacific (APAC) growth continues the Californian wildfires and warns that subsequent premium ris-
across life, health, property and casualty (P&C) insurance. The es could become a critical social issue. Average annual wildfire
strongest growth is seen in health insurance. While India is in- losses trailed well below US$5.0 billion, until 2017 and 2018,
creasing its health insurance penetration on its rural population, when they rose to more than 20.0 billion USD.
China is focusing health insurance and long-term care insurance
on its aging population. By 2050 39% of the Chinese people will Notable new entrant Discovery is a new entrant to this year’s
be over 65. Brand Finance Insurance 100 2019, scoring an impressive brand
strength index (BSI) score of 85.97 out of 100, making it the
Cross-sector spotlight world’s second strongest insurance brand. Discovery is South Af-
rica's largest health-insurance administrator and has seen major
success through its Vitality rewards scheme which awards points
While Chinese insurance brands Ping An, China Life, and AIA, for completing various online health assessments and routine
hold the top 3 positions in the Life Insurance sector’s top ten, medical checks. The brand is also launching a bank later this
Munich-headquartered Allianz is snapping at their heels in 4th year.
position and Prudential (UK) in 9th place reports strong per-

Rabia Kübra Kanun / kubrac@bestyayincilik.com