The world’s 500 largest mutual and cooperative insurers collectively wrote over USD 1.2 trillion in premium income in 2013.
The International Cooperative and Mutual Insurance Federation (ICMIF) has once again published its Global 500 report, the definitive annual list of the world’s largest mutual and cooperative insurance companies, now updated to include 2013 year end data.
The Global 500 report, now in its seventh year, features the largest 500 mutual and cooperative insurers ranked by 2013 premium income, from a sample of over 5,000 insurance companies in 77 countries.
Collectively, the world’s largest mutual and cooperative insurers wrote over USD 1.2 trillion in insurance premiums in 2013, representing a 4.2% premium growth from the previous year. Of the 500 largest mutual and cooperative insurers, 388 (or 78%) reported positive premium growth in 2013, and more than 20% (110) registered double-digit growth in 2013. A record number of ICMIF members (80) are included among the 500 largest mutual and cooperative insurers around the world.
For the first time, the report also includes an analysis of the Global 500 list in terms of organizational structure and company longevity. This new research found that the world’s 500 largest mutual/cooperative insurers have been writing business for, on average, 93 years each, and that 214 (equivalent to 43%) of the Global 500 insurance organizations have been in operation for 100 years or more.
The Global 500 report from ICMIF follows the Federation’s Global Mutual Market Share 2013 (published in March 2015), a market intelligence report on the size and financial performance of the global mutual and cooperative insurance sector. The report highlights that since the onset of the financial crisis, mutual and cooperative insurers have grown 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.