In common wIth other financial services sectors, the insurance market has faced a turbulent year. According to the ratings agency Fitch, the top 25 life insurers lost $63bn (£40.9bn) of capital. Marvin Feldman, chief executive officer of the Life Foundation, believes that re-pricing of products and a restructuring of portfolios will be necessary, but that 2010 will see robust growth of 10%.
Similarly, potential landmark changes to healthcare provision in the US enacted by the Barack obama administration will cause significant disruption to the healthcare market.
This may create opportunities for new players and represents a shift in the state of the US market. In addition, according to Barry Lundquist, president of the council for Disability Awareness, disability insurance is a field poised for rapid growth as more consumers realise its significant impact on earning capacity; meanwhile the annuities market goes from strength to strength.
Therefore, despite significant disruption, the growth of the insurance market has been robust. this is demonstrated by the significant increase of the total brand value in this year’s Brand Finance Insurance 50, the index of the world’s 50 most valuable insurance brands. the total brand value of the top 50 insurance brands has increased from $119bn (£76.4bn) in 2009 to $162.5bn in 2010.
At the regional level, the top 50 insurance brands are dominated by north American and western European companies. the US contributed more brands than any other country, with 12 brands in the table; however, European brands account for the largest proportion of brand value amounting to $108bn and, therefore, about two thirds of the total brand value is attributable to this region. European brands have seen their values increase by £36bn in 2010, which represents
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Peter Fisk is a best-selling author and inspirational speaker, and advisor to leading companies around the world and an experienced business leader. He was recently described by Business Strategy Review as “one of the best new business thinkers.”
His new book ‘People Planet Profit ‘describes how to drive innovation and growth by addressing social and environmental issues in more relevant ways – to grow and do good at the same time. It explores how to engage the “green” consumer, to embrace sustainability in more creative ways, to be compliant and responsible, but also find new source s of competitive advantage. It includes major contributions from the likes of Nike and Unilever, M&S and Arup, WWF and Generation Investment Management.
Peter is founder of the Genius Works, helping companies to “see things differently” – to develop and implement more inspired strategies for customers, innovation and marketing. Most recently he has collaborated with Brand Finance to develop Brand Genius a process of accelerated innovation, rethinking the ideas and impact of brands in today’s world.