Leading insurance brands globally 2020-2023, by brand value

In 2023, the insurance company with the highest brand value globally was Ping An. The brand value of the most valuable insurance company globally decreased by approximately 25 percent between 2020 and 2021. In 2023, Ping An's brand value amounted to approximately 32.25 billion U.S. dollars, down from 42.93 billion U.S. dollars in the previous year.

Insurance in China

The Chinese insurance industry almost disappeared between 1949 and 1976 during Mao Zudong's reign, but has rapidly expanded since China reopened its doors to the outside world in 1978. It has grown especially fast since the late 1990s and is now home to the two largest insurance brands in the world, Ping An and China Life. These two companies also featured in the top five global life and health insurance companies by revenue.

The rapid growth of the Chinese insurance market

The insurance industry is growing rapidly in China and the number of insurance companies is on the rise. In 2019, the total value of life insurance premiums in China was greater for life premiums than for non-life. Taking out insurance is more popular in urban areas, as people tend to be wealthier and are thus more likely to have valuable assets which they wish to protect. The number of health insurance premium payers in urban areas of China has been steadily increasing since 2008. The number of Chinese people covered by public health insurance has increased in recent years.