Manchester, UK, Monday 23 March 2015: The International Cooperative and Mutual Insurance Federation (ICMIF), which represents the global mutual and cooperative insurance industry, today announced new statistics confirming that the global mutual and cooperative insurance sector enjoyed another year of strong financial performance in 2013.
At a global level, the mutual and cooperative sector reported record aggregate premium levels in 2013, collectively writing USD 1.26 trillion in insurance premiums. Since the onset of the financial crisis, mutual and cooperative insurers grew their premium income by 28% between 2007 and 2013, whilst the total insurance market only increased by 11% during the same period. As a result, the global market share of the mutual/cooperative sector grew from 23.8% in 2007 to 27.3% in 2013.
The latest figures from ICMIF form part of the Federation’s Global Mutual Market Share research, a market intelligence report on the size and performance of the global mutual and cooperative insurance industry. This research by ICMIF features an analysis of the premium income, assets and investments of 5,000 mutual and cooperative insurance companies from 77 countries around the world. The report also contains data on the number of policyholder/members of the sector, with over 915 million people served by mutual and cooperative insurers around the world.
Shaun Tarbuck, ICMIF Chief Executive, suggests that greater levels of trust and customer satisfaction associated with mutual and cooperative insurers has given them a competitive advantage against shareholder-owned insurers. “Our analytical research says that the mutual and cooperative sector has been the fastest-growing part of the global insurance industry since 2007. We are, I feel, at the cutting edge of the insurance industry – and certainly the recent growth in market share of the sector suggests that the public is beginning to recognise this as well. When a cooperative/mutual insurer creates member value it, in turn, fosters competitive advantage and ultimately increases market share. All the statistics collated by ICMIF’s research team tell the same story: we’ve earned the right to call ourselves strong.”
The latest data released by ICMIF comes at a time when other research has identified the insurance sector as one of most important sectors in the global cooperative economy. The third edition of the World Co-operative Monitor report was launched at the 2014 Québec International Summit of Cooperatives in Canada, with the total turnover of the largest 300 global cooperative and mutual organizations estimated at USD 2.2 trillion. Just under half of this turnover was generated by the mutual/cooperative insurance sector, as 46% of the largest 300 organizations were insurance cooperatives or mutual insurance companies.
Mr Tarbuck reiterated the findings from this global research on the mutual and cooperative movement adding: “We’ve a lot to offer in a world which, for many, seems to be becoming ever more hazardous. People need insurance which is really tailored to their needs – not sold to them simply to boost the end of year profits for shareholders.”
To download a complimentary copy of the report, please click here.
For more information or to arrange interviews, please contact:
Liz Green, Senior Vice-President, External Relations, ICMIF, email@example.com +44 7793 264 220
Alison Grant, Communications Manager, ICMIF firstname.lastname@example.org +44 161 952 5078
NOTES TO THE EDITOR
About the mutual and cooperative insurance sector
• The mutual sector holds 27.3% of global insurance market share by premium.
• Premium growth of the mutual insurance sector since 2007 is 28% vs 11% in industry
• The sector’s assets of USD 8 trillion are 30% of global insurance assets and have grown by 29% since 2007
• Employment in the sector has grown by 20% since 2007 and accounts for more than one million jobs
About ICMIF (see www.icmif.org)
• ICMIF holds five years’ worth of exclusive data about the mutual sector
• With its global headquarters in the United Kingdom and regional offices in Washington DC, USA; Tokyo, Japan and Brussels, Belgium, today ICMIF represents over 225 values-based insurers in 70+ countries with over USD 270 billion in premium income.
• ICMIF delivers unique networking opportunities, market and member intelligence and external relations services. It takes a strong lead in encouraging best practice amongst its member firms in key insurance issues, including; performance management, legal and governance, marketing, brand and reputation, reinsurance and social and environmental performance.
• ICMIF is active in the microinsurance and Takaful sectors, with Takaful providing Shariah-compliant risk amelioration products to Islamic markets
Follow ICMIF on Twitter at @ICMIF_Web