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February 7, 2022

Brand matters

Brand matters

Updated global brand rankings Property & Casualty Reinsurers, 2021 (including Specialty Lines)

Brand power

Brand confers a meaningful competitive benefit in reinsurance. Those reinsurers rated as having the ‘best-quality’ brands have both high awareness and desirable brand attributes.

‘Market importance’ (tied to ‘usage’, both domestically and globally) contributes significantly to brand awareness, meaning that brand attributes are most relevant in comparisons between reinsurers of similar scale. It also means that the competitive landscape between reinsurer brands is a tiered one.

Reinsurer brands can be categorised between Global, Regional, and Local. Seven brands emerge from the analysis as being genuinely Global, carrying their value statement across all regions.

Methodology

As part of our annual Study of the reinsurance segments, NMG Consulting gathers unprompted perspectives from insurers and reinsurance brokers as to their views of the ‘best quality’ brands and their leading attributes.

One lens on brand performance is provided in the form of a ‘global ranking’, derived as a synthetic index the views of insurers and reinsurance brokers.

Brand experience

Across industries, leading brands tend to have associations that can be categorised based on their style of engagement which in turn have different levels of emotional resonance.

Reinsurers have demonstrated their client-orientation throughout the pandemic, although just a handful of franchises are perceived as being innovative.

Exhibit 1: Brand associations of leading reinsurance brands, 2021

Freeform responses of insurance clients and broking partners

Source: NMG Consulting – P&C Reinsurance Study – 2021

Brand rankings

Exhibit 2: Top 50 brands – Global – Property, Casualty & Speciality Reinsurance

Rankings derived by way of a synthetic index of the unprompted views of insurers and reinsurance brokers (> 30,000 datapoints)

Source: NMG Consulting – P&C Reinsurance Study – 2021

Mark Prichard is the CEO of NMG Consulting based in Sydney (Mark.Prichard@NMG-Group.com)

Jane Cheng, Partner based in London (Jane.Cheng@NMG-Group.com)

Desiree Lim, Consultant based in Singapore (Desiree.Lim@NMG-Group.com)

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