Insurance providers have dominated the top 10 of Brand Finance Australia’s (Brand Finance) top 100 most valuable brands for 2022, with NRMA Insurance (NRMA) identified as the strongest brand within the Australian insurance industry.
The Brand Finance Australia 100 2022 ranking gave NRMA a Brand Strength Index (BSI) score of 84.4 out of 100 and AAA- brand strength rating, dominating other insurance providers on the list as it performs exceptionally for its quality, reputation, and innovation.
Brand Finance managing director Mark Crowe commented: “As the strongest brand in the insurance industry, the NRMA is now also the highest-ranked in the wider financial services sector, moving ahead of the top four banks. NRMA remains an esteemed brand amongst consumers, who continue to praise its quality and reputation.”
Other insurance-linked names – albeit they are mainly known for their banking and finance operations - included in the top 10 of the top 100 most valuable brands for 2022 are ANZ (despite brand value being down 3% to $6.2 billion), NAB (brand value up 6% to $5.9 billion), Westpac (brand value up 7% to $5.2 billion), and Macquarie (brand value up 34% to reach $4.7 billion).
Brand Finance explained that Macquarie’s brand value growth was driven by its solid revenue forecasts and plans to expand its brand portfolio. It also experienced a boost to its BSI score, now at 69.2 out of 100 with a corresponding AA- rating.
However, Brand Finance noted that ANZ, NAB, and Westpac experienced brand strength losses due to lower scores across customer perception metrics. For example, as of January 2022, they took a hit from consumer credit insurance claims lawsuits, driving down perceptions of their consideration, reputation, and value for money.
“As Australian consumers are less inclined to choose the traditional banking industry, the big four brands have declined in strength, exacerbated by issues pertaining to misleading consumers over credit insurance,” said Crowe. “While the traditional banks remain a stalwart of the Australian banking industry in name, their brands will have to work hard on improving reputation to defend the competition from smaller emerging banks and nimble fintech brands.”
