India has overtaken which countries to become the 10th largest life insurer in the world?

Daily Current Affairs

US and France

China and UK

Japan and Russia

Germany and Singapore

Correct Answer : China and UK

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.

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.

Important Points :

* 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.

* LIC’s brand value climbed to $8.65 billion, up about 7%. India becomes 10th largest life insurer globally.

* 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..

Source : Economic Times

Published On : August 30, 2022

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