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Most Popular Car Insurance Australia – Global List of Top 10 Most Powerful Insurance Brands Life Insurance Company of India (LIC) has emerged as the most powerful insurance brand in the world, according to a report titled “Brand Financial Insurance 100 2024”. See the full list of the 10 most powerful insurance brands worldwide here.
Life Insurance Company of India (LIC) has emerged as the world’s strongest insurance brand, according to a report titled ‘Brand Finance Insurance 100 2024’ by London-based consultancy Brand Finance. Apart from LIC, another Indian life insurance company that has made it to the top 10 life insurance companies is SBI Life, which is currently ranked 6th.
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LIC is followed by Cathay Life Insurance from Taiwan, second from China and NRMA Insurance from Australia.
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Accordingly, the position of the strongest insurance brands. Here we have shared a complete list of top 10 most powerful insurance brands in the world.
India’s LIC (brand value stable at USD 9.8 billion) emerged as the strongest insurance brand with a brand strength index of 88.3 and a relative brand strength rating of AAA.
The second strongest insurance brand in the world is Cathay Life Insurance (brand value increased by 9% to USD 4.9 billion), and the third strongest brand is NRMA Insurance (brand value increased by 82% to USD 1.3 billion).
Life Insurance Corporation of India (LIC) is a leading public sector insurance company and India’s largest life insurance company with multinational presence, headquartered in Mumbai. As of March 2023, it is the country’s leading institutional investor with total assets under management of 49.24 trillion rupees (about US$620 billion).
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LIC, which is owned by the Government of India, operates under the supervision of the Ministry of Finance. LIC was established on 1 September 1956 after the Indian Parliament passed the Indian Life Insurance Act, which led to the nationalization of the country’s insurance sector.
Cathay Life Insurance is a Taiwanese life insurance company founded in 1962. Cathay Life was the first Taiwanese life insurance company to enter the Chinese market, starting in Shanghai in 2005. In 2017, Cathay was ranked 411 in the Fortune Global 500.
The NRMA (a trading name for the National Roads and Motorists Association) is an Australian organisation. Established in 1920, Insurance Australia Group Limited (IAG) is the parent company. The organization provides car, home, travel, business insurance, etc.
Get Current GK and GK Quiz Questions in English and Hindi for India, World, Sports and Competitive Exams Preparation here. Download Jagran Josh Current Affairs app. According to Roy Morgan, 2.6 million people changed car insurance companies in the last 12 months, while another 2.1 million took out a policy for the first time.
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New figures from Roy Morgan show that the last 12 months have been a turbulent time for the motor insurance industry – with a significant increase in the number of people looking to switch providers.
About 2.6 million car insurance policies switched to another provider in the 12 months to October 2023 amid rising cost pressures, according to data compiled by a consumer research firm.
“These figures show that the number of policies at risk of change has increased over the past year, coinciding with the highest inflation rate in 30 years and the fastest rate of growth this century… It appears that people who are keeping an eye on current surveillance are paying off. price,” Roy Morgan Chief Executive Officer Michelle Levine said in a statement.
The data – drawn from interviews with more than 60,000 Australians each year – found that people were looking for better deals on around 11.3 million car policies, but the vast majority chose to upgrade to their existing provider.
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Of the remaining auto insurance policies purchased or renewed through October 2023, 20.3 million policies were renewed without purchase, and an additional 2.1 million auto insurance policies were purchased by first-time policyholders.
For first-time car insurance buyers, Roy Morgan figures showed AAMI, Allianz and NRMA had the highest share of new policies.
In the 12 months to October 2023, AAMI had around 12.1 per cent of new motor insurance policies, while Allianz had 9.7 per cent of new policies, NRMA 8.8 per cent and Budget Direct 8.3 per cent , Suncorp Insurance – 5.9 percent and RACQ it was 5.8 percent.
However, the picture is slightly different from the overall motor insurance market, where Roy Morgan found the NRMA was the most popular insurer with 16.8 per cent of all policies in the last 12 months.
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It was followed by AAMI with 11.8 per cent policies, Allianz with 7 per cent policies, Budget Direct with 6.7 per cent policies and RACQ with 5.8 per cent policies.
“The numbers vary between new entrants and the overall market – some of the more established organizations seem to have a lower share of new entrants than the overall market,” he explains.
“Higher inflation and interest rates could be behind the rupee’s advantage – we note that some companies with higher share among new entrants (eg Budget Direct) are quite value-oriented.”
Source: Roy Morgan Single Source (Australia). Base: Australians 18+; Consumers of motor insurance (including CTP), 22 November-23 October, n=53,865, 22 November-23 October, n=53,211. “I can’t say” responses were not included.
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Susanna Guthrie has been a journalist for over ten years, covering everything from world news to fashion, entertainment, health and now cars. Susanna, who previously worked for titles including The New Daily, Elle, Harper’s Bazaar, People Magazine and Cosmopolitan, now enjoys inspecting the family cars with the help of her husband and three-year-old son. With digital chat support, claims and services, billing, your insurance is as good and cool as sitting on the beach.
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We support Auto & General, one of Australia’s largest insurance companies. This means we are part of a group that insures over a million Australians!
Oceania Insurance is here to leverage this wealth of experience and make insurance easier, smarter and more efficient. Our friendly team is ready to chat, you get help from real people, but none of the same old delays.
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Our web-ready policy manager means you can independently submit your claim, update your policy details, get documents, check renewal details and much more. And if you ever need help, our friendly team will guide you digitally step by step.
We have moved to digital chat systems as our primary means of communication through our website, iMessage, WhatsApp, email, text, etc. using This eliminates old problems like listening to music while on pause or waiting on long phone lines.
Our friendly team of experts will be on hand to help you in any way you can, from changing your policy using the online policy manager to guiding you through updating your policy and making claims. And using digital chat, we’ve made insurance a little easier and more efficient.
Auto & General is an insurance group that has insured millions of Australians since the turn of the millennium.
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We are transforming the insurance experience at one of Australia’s largest insurers to be smarter, better and more efficient. You get the benefits and coverage of a trusted insurance company, delivered through digitally enabled chat and support systems. It’s that easy. Best Credit Cards Balance Transfer Cards Rewards Cards Cash Back Cards Frequent Flyer Cards Low Interest Cards No Annual Fee Business Card Payment Calculator
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