Chinese insurance giants lead global market – 2024 brand value rankings

Chinese insurance giants lead global market – 2024 brand value rankings | Insurance Business Asia

Insurance News

Chinese insurance giants lead global market – 2024 brand value rankings

European insurers also secured top spots

Insurance News

By
Roxanne Libatique

The Brand Finance Insurance 100 2024 report has once again placed Chinese insurance giants at the forefront of the global insurance industry.

According to the report, Ping An leads with a brand value increment of 4% reaching US$33.6 billion.

Following closely, China Life Insurance and CPIC have secured their positions within the top five, with brand values escalating to US$17.5 billion and US$15.3 billion, respectively.

Allianz, in particular, has seen a notable rise in brand value by 17%, amounting to US$24.6 billion. AXA, too, has witnessed a growth, marking a 4% increase to reach US$16.6 billion.

Strongest insurance brand in 2024

The report also revealed that India’s Life Insurance Corporation (LIC) has been dubbed the sector’s strongest brand, with its brand strength index score standing at 88.3. Despite a steady brand value of US$9.8 billion, LIC’s AAA rating underscores its robust brand equity.

Cathay Life Insurance and NRMA Insurance (NRMA) were also highlighted for their substantial brand strengths.

Highlighting the dynamic shifts within the insurance sector, NRMA from Australia and Denmark’s Tryg have emerged as the report’s fastest climbers, showcasing significant surges in their brand values and signalling the potential for rapid advancement within the insurance rankings.

Alex Haigh, managing director at Brand Finance Asia Pacific, shared insights into the enduring growth and strategic prowess of Chinese insurance brands.

“The continued growth of Chinese insurance brands in the global market underscores their strategic agility and relentless pursuit of innovation while their European counterparts such as Allianz and AXA demonstrate remarkable adaptability through customer-centric strategies and digital transformations,” he said. “Our research shows that these players are well poised for growth in an increasingly competitive landscape.”

Brand Finance Sustainability Perceptions Index

A new aspect of the report, the Sustainability Perceptions Index, assesses the financial impact of sustainability on brand values.

Allianz topped this year’s index with the highest Sustainability Perceptions Value at US$3.7 billion, indicative of its effective sustainability communications and efforts. This component of the report emphasises the increasing importance of sustainability in enhancing brand value and perception in the insurance industry.