In a worrying time, insurers need to keep trust.

As many worry about coronavirus and the effects of said virus, people
want insurers they can trust. This includes brands they trust.

The top 100 most valuable insurance brands in the world are at risk of losing
up to $100bn in brand value as a result of the Covid-19 pandemic, according to a new study.

The Brand Finance Insurance 100 2020 report says the insurance industry has been hit particularly hard by the global health crisis, potentially wiping out 20% of brand value for these companies.

Parts of the industry have been accused of failing to fulfil policies for affected customers but firms that have scored well displayed a willingness to get involved in community responses to the coronavirus.

Brand Finance CEO David Haigh said: “The Covid-19 pandemic is going to hit the insurance sector hard – Brand Finance has predicted that insurance brands could face up to a 20% drop in brand value and undoubtedly, we are going to witness revenue slowdown for all brands across the sector.

“Some brands should, however, fare better in terms of their margins, including the property and casualty insurance brands, as fewer such claims are expected during the far-reaching and ongoing lockdown period.”

In a worrying time, insurers need to keep trust.

As many worry about coronavirus and the effects
of said virus, people want insurers they can trust.
​​​​​​​This includes brands they trust.

The top 100 most valuable insurance brands in the world are at risk of losing up to $100bn in brand value as a result of the Covid-19 pandemic, according to a new study.

The Brand Finance Insurance 100 2020 report says the insurance industry has been hit particularly hard by the global health crisis, potentially wiping out 20% of brand value for these companies.

Parts of the industry have been accused of failing to fulfil policies for affected customers but firms that have scored well displayed a willingness to get involved in community responses to the coronavirus.

Brand Finance CEO David Haigh said: “The Covid-19 pandemic is going to hit the insurance sector hard – Brand Finance has predicted that insurance brands could face up to a 20% drop in brand value and undoubtedly, we are going to witness revenue slowdown for all brands across the sector.

“Some brands should, however, fare better in terms of their margins, including the property and casualty insurance brands, as fewer such claims are expected during the far-reaching and ongoing lockdown period.”

In a worrying time,
insurers need to
keep trust.

As many worry about
coronavirus and the effects
of said virus, people want insurers they can trust. This includes brands they trust.

The top 100 most valuable insurance brands in the world are at risk of losing up to $100bn in brand value as a result of the Covid-19 pandemic, according to a new study.

The Brand Finance Insurance 100 2020 report says the insurance industry has been hit particularly hard by the global health crisis, potentially wiping out 20% of brand value for these companies.

Parts of the industry have been accused of failing to fulfil policies for affected customers but firms that have scored well displayed a willingness to get involved in community responses to the coronavirus.

Brand Finance CEO David Haigh said: “The Covid-19 pandemic is going to hit the insurance sector hard – Brand Finance has predicted that insurance brands could face up to a 20% drop in brand value and undoubtedly, we are going to witness revenue slowdown for all brands across the sector.

“Some brands should, however, fare better in terms of their margins, including the property and casualty insurance brands, as fewer such claims are expected during the far-reaching and ongoing lockdown period.”

Each insurance firm has had its brand value impacted in different ways.

Ping An, the most valuable insurance firm according to Brand Finance, actually experienced 20% growth in its brand value since 1 January this year.

At $60.6bn, it is also identified as the ninth most valuable brand in the world across all industries.

The impact from Covid-19 was offset by its Good Doctor service. The health technology solution signed up 315 million registered users and close to 70 million active monthly users by the end of 2019.

Chinese insurance companies fared well overall, with five appearing in the top 10 most valuable brands, and 12 in total in the list of 100.

Furthermore, many of the Chinese firms in the top 10 recorded rises in brand value, notably AIA (up 17% to $18.2bn), CPIC (an increase of 31% to reach $14bn) and PICC (a 20% jump to $11bn).

However, China Life saw its brand value drop 10%, to $23.6bn.

Alongside valuations, Brand Finance assesses the relative strength of brands using a scorecard of metrics, such as marketing investment, stakeholder equity, and business performance.

The report deemed Italy-based Poste Italiane the strongest brand this year.

While its brand value dropped 6% to $6.7bn, the company received a Brand Strength Index score of 85.5 out of 100.

During the Covid-19 pandemic, it introduced pension withdrawals in alphabetical order to avoid crowds, worked with the nation’s law enforcement and assisted with mask distribution.

Haigh added: “Poste Italiane’s perfect combination of ubiquity, accessibility, world-class product offering, excellent reputation and transparency makes the brand the strongest insurance brand globally.”

Though many of us like to think differently, we do place our trust in brands. In a sector such as insurance, which relies on trust even before brand gets involved, it is doubly important.

A spotlight is being shone on the insurance sector and consumers are always looking for a better deal anyway. How can the industry reassure customers and keep their brand value in a turbulent time like this?

Patrick Brusnahan, Editor
Patrick.brusnahan@verdict.co.uk