The International Cooperative and Mutual Insurance Federation (ICMIF) has revealed that its 197 member organisations have achieved an aggregated growth of 39.3% (compared to global market growth of 16.8%) during the last ten years, according to the ICMIF Members: Key Statistics 2018 report.
ICMIF has published an updated version of its ICMIF Members: Key Statistics Report for 2018. The 2018 edition of the report provides a comprehensive overview of the 197 member organisations that make up ICMIF’s global network of cooperative and mutual insurance companies.
The report highlights that ICMIF members have grown at a significantly faster aggregate rate than both the global insurance market as a whole and the total cooperative and mutual insurance market since 2007. During this 10-year period, ICMIF members increased their collective premium volume by 39.3%. This exceeded the total cooperative/mutual market by more than 10 percentage points (29.2%) and was also considerably greater than the total market average, which grew by a total of 16.8%.
ICMIF members in 2017:
- USD 232 billion in premium income
- 10-year growth of 39.3% (compared to global market growth of 16.8%)
- USD 1.7 trillion in total assets
- Over 220,000 people employed by member organisations
- 300 million members/policyholders served
The latest edition of the report includes new areas of analysis of ICMIF members, including location, legal structure, product lines and affinity groups.
As with previous editions, this year’s Key Statistics report also provides a trend analysis of members’ latest collective financial performance. The report finds that, in 2017, ICMIF members wrote an aggregate of USD 232 billion in insurance premiums, of which 46% (USD 106 billion) was in life insurance and 54% (USD 126 billion) was in non-life (including health) insurance.
Also included within the ICMIF Members: Key Statistics 2018 report, are: a regional analysis of members’ insurance products by line of life and non-life business; a list of the largest members in 2017; and the fastest-growing members from the previous year.