The most recent report tracking the performance of the industry by Benori Knowledge, a cutting-edge provider of custom research and analytics solutions, highlighted the life insurance sector’s growth at a CAGR of 11% from 2017-2022 and is projected to grow at a CAGR of 9% in the following five years. The COVID-19 pandemic’s unpredictability made it more important than ever for customers to spend money on items that would strengthen their financial security, one of which is life insurance.
India now 10th largest life insurer: LIC Third Strongest Insurance Brand
India has now overtaken China and UK to become the world’s 10th largest life insurer. According to a survey by Brand Finance Insurance 100 2021, a London-based brand valuation consultancy organisation, Life Insurance Corporation (LIC), a state-owned insurance behemoth and life insurer has emerged as the third strongest and tenth most valuable insurance brand globally. The report states that the combined value of the top 100 insurance brands in the globe decreased by 6% from $462.4 billion in 2020 to $433.0 billion in 2021.
India now 10th largest life insurer: Key Points
- LIC’s brand value climbed to $8.65 billion, up about 7%. India becomes 10th largest life insurer globally.
- The top 10 most valuable insurance brands worldwide include five Chinese insurance companies, with Ping An Insurance ranking as the most valuable brand despite seeing a 26% reduction in brand value.
- While France, Germany, and India each have one insurance company on the list, the United States has two in the top ten.India is now 10th largest life insurer in the world.
- Italy’s Poste Italiane is the strongest insurance brand, followed by LIC of India, Mapfre of the US, and Poste Italiane of Italy.
India now 10th largest life insurer: Important Takeaways
- LIC’s brand value: $8.65 billion