QBE moves up as Chinese insurers lead brand valuations

Chinese insurers accounted for half of the 10 most valuable insurance brands in an annual list, despite being affected by the country’s harsh zero-covid policy.

QBE and Suncorp also made the top-100 list compiled annually by consultancy Brand Finance, with QBE moving four places up from last year to 45th and Suncorp dropping six spots to 86th.

Brand Value takes into account factors such as an insurance brand’s impact and strength to determine its valuation.

Ping An, headquartered in the China metropolis of Shenzhen, suffered a 25% drop in brand value to $US32.2 billion ($47.8 billion) but still held on to the top spot for the seventh straight year.

Brand Finance says Ping An – which means “safe and well” in Mandarin – is now worth half of its value prior to the pandemic.

Allianz placed second with a brand value of $US21.1 billion ($31.1 billion), followed by China Life, $US17.1 billion ($25.4 billion), Axa, $US15.9 billion ($23.6 billion) and China Pacific Insurance, $US15.2 billion ($22.5 billion).

Hong Kong-based AIA placed sixth with a brand value of $US15 billion ($22.2 billion), followed by US insurers Geico $US14.1 billion ($20.9 billion) and Progressivew $11.8 billion ($17.5 billion), People’s Insurance Company of China, $US11.8 billion and American insurer Chubb, $US11.6 billion ($17.2 billion).

“As most of the western world further emerged from Covid-19 restrictions throughout 2021 and 2022, Chinese insurance brands continued to face an uphill battle in their domestic markets,” Brand Finance Asia Pacific MD Alex Haigh said.

“However, as China begins to emerge from its zero-Covid policy in 2023, its insurance brands may be able to rebound in a similar fashion to how their US based counterparts have done previously.”

Brand Finance says US-based insurers pushed for further growth, achieving an aggregate brand value increase of 10%. Twenty out of the 26 US insurance brands included in the ranking experienced increases in 2023, highlighting a positive rebound for their businesses in the region.

“In 2023, US insurance brands have doubled-down on pandemic-spurred digital advancements,” Brand Finance says. “This includes the launch of new products and services and breaking into previously under-provided customer niches. Some insurers are also looking to develop partnerships with other providers and third-party vendors.”