The International Cooperative and Mutual Insurance Federation (ICMIF) has published its Global 500 report for this year. The report contains an analysis of the world’s 500 largest mutual and cooperative insurance companies, known as the Global 500 list, ranked by 2014 premium income. This is the eighth edition of the report, published annually alongside Global Mutual Market Share, ICMIF’s market intelligence report on the size and financial performance of the global mutual and cooperative (published in March 2016).
According to this year’s Global 500 report, the world’s largest mutual and cooperative insurers wrote over USD 1.2 trillion in insurance premiums in 2014, representing a 3.4% premium growth from the previous year. Of the 500 largest mutual and cooperative insurers, 376 (or 75%) reported positive premium growth in 2014, and 18% (90) registered double-digit growth in 2014. A record number of ICMIF members (80) are included among the 500 largest mutual and cooperative insurers around the world.
The report also includes an analysis of the Global 500 in terms of type of insurer, organizational structure and company longevity. This research found that the world’s 500 largest mutual/cooperative insurers been writing business for, on average, 93 years each, and that 213 (equivalent to 43%) of Global 500 insurance organizations have been in operation for 100 years or more.
The key highlights of the report are:
- 86% of Global 500 insurers in 2014 were located in North America (219 mutuals) and Europe (209).
- The USA was by far the most represented country in the Global 500 list in 2014, with 40% (203) of mutuals featured. Most of these (70%) were non-life insurers
- In terms of organizational structure, 68% of the Global 500 were “mutual” insurers. A further 13% were cooperative insurers and the remaining 20% was made up of other insurers, such as non-profit, reciprocal and fraternal insurers
- In terms of company longevity (i.e. number of years in business), the average age of Global 500 insurers was 93 years. There were 213 mutual companies (equivalent to 43%) that had been in operation for 100 years or more