The D2C insurance trust table: owned by the people it protects
25 brands. 2 rankings. A military family mutual leads, and member-owned funds fill the table.
“An insurer's brand is written in the claims it pays.”
WCRC Intelligence Unit
The finding that frames the industry
Across WCRC's 2026 Most Trusted D2C rankings, 25 brands come from insurance. They average a D2C Trust Score of 76.98. The 16 Australian and New Zealand brands average 78.24, and the nine American brands 74.73. India's Most Trusted D2C ranking has no brands in this industry.
This is the oldest group in the D2C rankings, with a median founding year of 1954. Many of these brands began as funds set up by a profession, a workplace or a community to look after its own.
USAA at the top: what the leader proves
USAA's 87.36 is the highest insurance score in the rankings. It was founded in 1922 by 25 US Army officers who pooled together to insure each other's cars, and it still serves military families. It returned $3.8bn to members for 2025.
The lesson is that a clear community and member ownership build deep loyalty. The weakness is transparency: its 2025 annual report release gave no revenue or net income figures.
Australia and New Zealand: the mutual model
AA Insurance (86.72) has more than 560,000 customers and says it has been voted Reader's Digest Most Trusted General Insurer for 16 years running. Southern Cross Health Society (85.34) paid about NZ$1.8bn in claims in FY2026. FMG (82.78) has been owned by its rural members since 1905.
Australia's health funds lead on value. HCF (83.14) returned 90.5 cents in benefits for every premium dollar in FY2026, against an industry average of 85.4 cents. HBF (82.96) paid a record A$1.97bn in claims. Teachers Health (78.32), Defence Health (77.12) and CBHS (74.16) serve members of a single profession or employer.
The listed insurers
Three listed insurers rank in Australia and New Zealand. nib (77.30), founded by steelworkers in 1952, was the first private health fund to list on the ASX. Tower (76.26) had 318,000 customers in 2025. Medibank (75.16) says about 6 million people rely on it, though a 2022 cyber attack still brings investigations and litigation.
America: scale and apps
GEICO (85.46), owned by Berkshire Hathaway, has offered low-price direct auto cover for decades and earned premiums of $44.5bn in 2025. Lemonade (79.36) offers fast app-based claims and an annual Giveback to charities its customers choose.
The newer American brands have more ground to make up. Ethos (74.52), Oscar Health (72.08), Kin Insurance (70.02) and Root (69.92) are still building trust, and comparison brokers eHealth (68.88) and SelectQuote (65.00, US #100) depend on carrier commissions.
Where the industry is exposed
Rising claims costs are hitting profits. HCF's net profit fell 55% in FY2026 as claims rose 10.5%, and AA Insurance's profit fell about 15%. Lemonade lost $165.5M in 2025 and Oscar Health about $443M. Kin is exposed to Florida hurricanes, and Tower's profit was helped by favourable weather it expects to normalise. Several smaller funds, including UniMed and Southern Cross, saw membership fall.
Five things that will define the industry
- Whether member-owned insurers can keep returning more of each premium as claims costs rise.
- How GEICO responds to Progressive on pricing technology.
- Whether Medibank can move past its 2022 cyber attack.
- How app-based insurers such as Lemonade and Root reach profit.
- Whether an Indian insurer enters the Most Trusted D2C ranking next year.
The combined table: all 25 brands by score
| # | Brand | US | ANZ | Score |
|---|---|---|---|---|
| 01 | USAA | #4 | — | 87.36P |
| 02 | AA Insurance | — | #4 | 86.72P |
| 03 | GEICO | #6 | — | 85.46P |
| 04 | Southern Cross Health Society | — | #5 | 85.34P |
| 05 | HCF | — | #13 | 83.14P |
| 06 | HBF | — | #15 | 82.96P |
| 07 | FMG | — | #16 | 82.78P |
| 08 | Lemonade | #23 | — | 79.36P |
| 09 | Teachers Health | — | #38 | 78.32P |
| 10 | MAS | — | #43 | 77.62P |
| 11 | nib | — | #45 | 77.30P |
| 12 | Defence Health | — | #46 | 77.12P |
| 13 | Tower | — | #52 | 76.26P |
| 14 | Medibank | — | #59 | 75.16P |
| 15 | GMHBA | — | #62 | 74.72P |
| 16 | Ethos | #66 | — | 74.52P |
| 17 | Westfund | — | #63 | 74.24P |
| 18 | CBHS | — | #65 | 74.16P |
| 19 | HIF | — | #71 | 73.20P |
| 20 | UniMed | — | #72 | 72.74P |
| 21 | Oscar Health | #81 | — | 72.08P |
| 22 | Kin Insurance | #86 | — | 70.02P |
| 23 | Root | #87 | — | 69.92P |
| 24 | eHealth | #89 | — | 68.88P |
| 25 | SelectQuote | #100 | — | 65.00P |
P Provisional score. Unmarked scores are published scores carried over from the World's Most Powerful 100 Brands 2026 or validated by WCRC.
The industry in full, ranking by ranking
America's Most Trusted D2C Brands 2026
9 Insurance brands. See the full ranking
| Rank | Brand | Owner | Founded | Score | Latest revenue (as per company filings) |
|---|---|---|---|---|---|
| #004 | USAA | Private | 1922 | 87.36P | $48.6B total revenue (FY2024, up 14%; net income $3.9B) |
| #006 | GEICO | Berkshire Hathaway Inc. | 1936 | 85.46P | $44.5B premiums earned (FY2025); $45.2B premiums written; $6.8B pre-tax underwriting earnings |
| #023 | Lemonade | Lemonade, Inc. | 2015 | 79.36P | $737.9M total revenue (FY2025) |
| #066 | Ethos | Ethos Technologies | 2016 | 74.52P | $387.6M revenue, FY2025 ($387,608K; direct channel $242.5M) |
| #081 | Oscar Health | Oscar Health, Inc. | 2012 | 72.08P | $11,701.4M total revenue (FY2025) |
| #086 | Kin Insurance | Private | 2016 | 70.02P | $201.6M revenue (FY2025, up 29%; gross written premium $634.4M) |
| #087 | Root | Root, Inc. | 2015 | 69.92P | $1,517.1M total revenues (FY2025) |
| #089 | eHealth | eHealth, Inc. | 1997 | 68.88P | $554.0M total revenue (FY2025) |
| #100 | SelectQuote | SelectQuote, Inc. | 1985 | 65.00P | $1,618.5M total revenue (FY2026, year ended June 30, 2026; Senior $575.9M, Healthcare Services/SelectRx $844.9M, Life $186.0M) |
Australia & New Zealand's Most Trusted D2C Brands 2026
16 Insurance brands. See the full ranking
| Rank | Brand | Owner | Founded | Score | Latest revenue (as per company filings) |
|---|---|---|---|---|---|
| #004 | AA Insurance | Vero Insurance New Zealand | 1994 | 86.72P | NZ$1.01B premium revenue (FY2026, year ended 30 Jun 2026) |
| #005 | Southern Cross Health Society | Member-owned friendly society | 1961 | 85.34P | NZ$2,052.1M premium revenue (FY2026, year ended 30 Jun 2026) |
| #013 | HCF | Not-for-profit health fund with no shareholders | 1932 | 83.14P | A$4.52B total insurance revenue (FY2026, year ended 30 Jun 2026) |
| #015 | HBF | Not-for-profit, member-based health fund | 1941 | 82.96P | A$2.33B group insurance revenue (FY2026, year ended Jun 2026) |
| #016 | FMG | Member-owned mutual | 1905 | 82.78P | NZ$709.2M insurance revenue (FY2026, year ended 31 Mar 2026) |
| #038 | Teachers Health | Not-for-profit company limited by guarantee | 1954 | 78.32P | A$1,013.4M insurance revenue (FY2025, year ended 30 Jun 2025) |
| #043 | MAS | Member-owned mutual | — | 77.62P | NZ$234.3M insurance revenue (FY2026, year ended 31 Mar 2026) |
| #045 | nib | nib holdings Ltd | 1952 | 77.30P | A$3.81B group revenue (FY2026, year ended 30 Jun 2026) |
| #046 | Defence Health | Not-for-profit company limited by guarantee | 1953 | 77.12P | A$708.2M premium revenue (FY2026, year ended 30 Jun 2026) |
| #052 | Tower | Tower Ltd | 1869 | 76.26P | NZ$600M gross written premium (FY2025, year ended 30 Sep 2025) |
| #059 | Medibank | Medibank Private Ltd | 1975 | 75.16P | A$9,115.2M group revenue from external customers (FY2026, year ended 30 Jun 2026) |
| #062 | GMHBA | Member-owned not-for-profit | 1934 | 74.72P | A$668.1M insurance revenue (FY2026, year ended 30 Jun 2026) |
| #063 | Westfund | Member-owned not-for-profit health fund | 1953 | 74.24P | A$309.4M insurance revenue (FY2026, year ended 30 Jun 2026) |
| #065 | CBHS | Not-for-profit, member-owned company limited by guarantee | 1951 | 74.16P | A$627.3M insurance revenue (FY2026, year ended 30 Jun 2026) |
| #071 | HIF | Not-for-profit health fund | 1954 | 73.20P | A$187.6M insurance revenue (FY2026, year ended 30 Jun 2026) |
| #072 | UniMed | Member-owned mutual society | 1979 | 72.74P | NZ$208.9M insurance revenue (FY2026, year ended 30 Jun 2026) |
Questions people ask
- What is the most trusted D2C insurance brand in 2026?
- USAA, with a WCRC D2C Trust Score of 87.36. It ranks #4 in America's Most Trusted D2C Brands 2026.
- What is the most trusted D2C insurer in Australia and New Zealand?
- AA Insurance, with a score of 86.72 (#4 in Australia & New Zealand's Most Trusted D2C Brands 2026).
- Which Australian health fund is most trusted?
- HCF, with a score of 83.14 (#13 in Australia & New Zealand's Most Trusted D2C Brands 2026).
- How many insurance brands are in WCRC's 2026 Most Trusted D2C rankings?
- 25: nine in America's ranking and 16 in Australia & New Zealand's. India's ranking has none in this industry.
- What is the oldest insurance brand in the rankings?
- Tower, which dates back to 1869 in New Zealand.
Methodology in brief
This analysis groups every brand from WCRC's Most Trusted D2C Brands rankings of 2026 into newsroom industries and compares them on the scores, ranks and facts published in those rankings. The WCRC D2C Trust Score rates each brand from 0 to 100 across seven pillars led by Consumer Trust and Sentiment, Brand Recall, Brand Positioning and Brand Love. The detailed methodology is available on request.
About WCRC. WCRC (World Centre for Research and Consulting) is an independent research and consulting organisation. It publishes brand rankings including the World's Most Powerful 100 Brands, regional and national Most Powerful 100 Brands rankings, and national Most Trusted D2C Brands rankings, through its sites wcrcint.com, wcrcleaders.com and mostvaluablebrands.com. The WCRC Intelligence Unit publishes research briefings and industry analysis.
© 2026 World Centre for Research and Consulting (WCRC). This article may be quoted with attribution to WCRC and a link to this page.