ICMIF member HUK-Coburg has been announced as the leading German insurer in terms of overall strength of brand in the recently published Markenmonitor Assekuranz 2020 (Brand monitor of insurers 2020), a market research report by consulting institute Heute und Morgen GmbH. The HUK-Coburg brand was ranked highly by German consumers for its brand reputation due to its products, processes and personal advice – especially in the area of motor vehicle insurance.
In the comprehensive brand benchmark survey for the insurance industry, over 2,000 German citizens aged 18 and over were questioned in detail about the 20 top insurance brands (not including regional insurers). The results showed that HUK-Coburg had the strongest image with the end customer, especially when it comes to “likeability, trust and recommendation,” said the market researchers in a statement about their study.
HUK-Coburg was also the clear brand champion in the motor sector. For 72% of consumers, the company is ahead in this segment. According to the market researchers, “…no other brand achieves similarly high transfer rates at this level”. The company “is therefore by far the first choice when it comes to motor vehicle insurance” concluded the analysis in the market research report.
Mutual insurers dominated the top of the rankings of insurance brands in the Markenmonitor Assekuranz report, as six of the 10 strongest brands were mutual: including other ICMIF members DEVK Versicherungen (ranked as the fourth strongest insurance brand) and R+V Versicherung (ranked sixth).
With more than twelve million customers, HUK-Coburg is the largest insurer for private households traditionally offering competitively priced products in the lines of motor insurance, liability/accident/property and legal expenses insurance as well as private health insurance, life insurance and private pension insurance. With a premium income of EUR 7.8 billion in 2019, it is among the ten largest German insurance groups. Its traditional focus is on motor insurance: with more than 12 million insured vehicles, it is Germany’s largest car insurer. It is also one of the largest providers of home contents and personal liability insurance in the German market.