Mutual and cooperative insurers wrote a record EUR 406 billion (USD 453.8 billion) in premiums in 2015 and claimed more than 31% of the total insurance market in Europe, according to a report published today by the International Cooperative and Mutual Insurance Federation (ICMIF).
The Market InSights: Europe 2015 report, was launched by ICMIF’s European association, the Association of Mutual Insurers and Insurance Cooperatives in Europe (AMICE), at its Annual General Meeting in Brussels last week.
The report shows that mutual and cooperative insurers in the European Union (EU):
- Served 414 million member/policyholders through c.3000 mutual and cooperative insurance companies
- Held a 32.4% share of the total EU insurance market in 2015.
- Record premium income level were also reported in the wider European region, reaching €404bn in 2015, a market share of more than 31%.
ICMIF’s Chief Executive, Shaun Tarbuck said: “These statistics show that the mutual model of customer focus, solidarity and sustainability, put into practice by mutual and cooperative insurers, continues to prove valuable points of difference for the public and for commercial customers.”
This is the fourth year that ICMIF and AMICE have collaborated on this report, based on the data the global association collects on the sector. Data on premiums, market shares, members/policyholders, employment, and assets for the European mutual and cooperative insurance market (36 countries) and for the EU markets for life and non-life give an accurate overview of the mutual and cooperative insurance sector.
ICMIF represents almost 300 mutual and cooperative organisations in 75 countries around the world. More than half of these organisations operate in Europe. ICMIF’s European association AMICE drives the European mutual and cooperative insurers’ advocacy strategy.