India overtakes China and UK to become world’s 10th largest life insurer

India overtakes China and UK to become world’s 10th largest life insurer

Daily Current Affairs   /   India overtakes China and UK to become world’s 10th largest life insurer

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Category : Business and economics Published on: September 01 2022

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  • India has now overtaken China and the 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 organization, 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.
  • LIC’s brand value climbed to $8.65 billion, up about 7%. India becomes the 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 the 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.
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