The International Cooperative and Mutual Insurance Federation (ICMIF) today announced preliminary finding from their 2016 Global Mutual Market Share research. These findings confirmed the growing social impact of mutual and cooperative insurance in 2016.
Cooperative and mutual insurers have consistently increased their policyholder numbers since 2012.
During its Biennial Conference held in London this week, ICMIF told the 350 delegates from 37 countries that 990m policyholders now have mutual/cooperative insurance products, an increase of 2m since the previous year and an overall increase of 110m since 2012.
Cooperative and mutual insurers have consistently increased their employee numbers since 2012
Over 1.13 million people were employed by the sector across the world in 2016, compared to 1.08m in 2012.
In 2016 the sector represented almost 27% of the total insurance market, compared to 24% in 2012.
The regional breakdown is as follows: North America 37%; Europe 31%, Asia and Oceania 15%, Latin America 12%, Africa 3%.
Commenting on the research findings, Shaun Tarbuck, Chief Executive of ICMIF, said “Mutual and cooperative insurers continued to expand their global reach, shown by a growth in the aggregate number of policyholders served and people employed around the world. Mutuals and cooperatives continued to show their relevance at a regional level, holding an important stake in the European and North American markets and a growing influence in the African and Latin American markets.”
The full Global Mutual Market Share report for 2016 will be March 2018.
Download the infographic here.