Life Insurance Company (LIC) from India has emerged as the world’s strongest insurance brand, according to a report titled ‘Brand Finance Insurance 100 2024’ by London-based consultancy firm Brand Finance. Besides LIC, another Indian life insurance company to make it to the top 10 strongest life insurance brands is SBI Life, currently holding the 6th spot on the rankings.
Following LIC, the rankings show Cathay Life Insurance from Taiwan, China and NRMA Insurance from Australia taking the 2ndand 3rd strongest insurance brands spots respectively. Here we have shared the complete list of the top 10 strongest insurance brands globally.
Top 10 Strongest Insurance Brands Globally, Check List Here
Check below the list of the top 10 strongest insurance brands globally as released by Brand Finance.
India’sLIC(brand value steady at USD 9.8 billion) has become the strongest insurance brand, with a brand strength index score of 88.3 and associated AAA brand strength rating.
The second strongest insurance brand globally is Cathay Life Insurance (brand value up 9% to USD 4.9 billion) while the third strongest brand is NRMA Insurance (brand value up 82% to USD 1.3 billion).
The Life Insurance Corporation of India (LIC) is a premier public sector insurer and the largest life insurance company in India, boasting a multinational presence with its headquarters in Mumbai. As of March 2023, it stands as the nation's top institutional investor, managing assets totalling ₹49.24 trillion (approximately US$620 billion).
Owned by the Government of India, LIC operates under the supervision of the Ministry of Finance.LIC was founded on September 1, 1956, following the enactment of the Life Insurance of India Act by the Indian Parliament, which led to the nationalization of the country's insurance sector.
Cathay Life
Cathay Life Insurance is a life insurance company in Taiwan that was established in 1962. Cathay Life was the first Taiwanese life insurance company to enter the Chinese market, starting in Shanghai in 2005. In 2017, Cathay ranked 411th on the Fortune Global 500.
The NRMA (trading name of National Roads and Motorists' Association) is an Australian organization. Founded in 1920, Insurance Australia Group Limited (IAG) is the parent company. The organization offers car, home, travel, business insurance, etc.
Life Insurance Corporation of India (LIC) is termed as the strongest insurance brand with a steady brand value of $9.8 billion, a brand strength index score of 88.3, and an associated AAA brand strength rating, notes a report by Brand Finance Insurance 100 2024.
Check below the list of the top 10 strongest insurance brands globally as released by Brand Finance. India's LIC (brand value steady at USD 9.8 billion) has become the strongest insurance brand, with a brand strength index score of 88.3 and associated AAA brand strength rating.
In 2022, American multinational holding company Berkshire Hathaway was the largest global insurance company, with revenues over 302 billion U.S. dollars.
1. State Farm. State Farm is the largest car insurance provider in the US, accounting for almost 17% of the overall market. The figure is equivalent to over $8 billion more in direct written premiums compared to the next-ranked insurer.
The most well-known insurance specific rating company, the scores provided by AM Best are often considered the yardstick for financial strength in the industry. The highest rating offered is A++ (Superior) while the lowest is a D (Poor).
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Check below the list of the top 10 strongest insurance brands globally as released by Brand Finance.