The world’s 500 largest mutual and cooperative insurance companies* have again been ranked by the International Cooperative and Mutual Insurance Federation (ICMIF) in the 2019 edition of its Global 500 report.
According to this year’s Global 500 report, the world’s largest mutual and cooperative insurers (ranked by premium income for year-end 2017) collectively wrote just under USD 1.2 trillion in insurance premiums in 2017. Aggregate premiums of Global 500 companies grew in 2017 by 1.1% from the previous year. In terms of lines of business, there was stronger growth in non-life premiums, increasing 4.5% to USD 569 billion in 2017. Life business of Global 500 companies decreased by 1.9% in 2017, falling to USD 603 billion.
In this year’s Global 500 list, US mutual insurer State Farm (USA) was again ranked as the largest mutual/cooperative insurer in the world. Japanese cooperative insurer and ICMIF member Zenkyoren was ranked as the second largest.
A total of 66 ICMIF members are featured in the Global 500 rankings, including 10 of the 30 fastest-growing mutual/cooperative insurers.
This is the 10th edition of the report, which is published annually alongside Global Mutual Market Share, ICMIF’s market intelligence report on the size and financial performance of the global mutual and cooperative insurance industry (published in February 2019).
*Also includes organisations whose legal status may not be classified as “mutual” or “cooperative” in their national law, but whose structure and values reflect the mutual/cooperative form, such as fraternal benefit societies, friendly societies, Takaful providers, reciprocals, non-profits, exchanges, protection and indemnity (P&I) clubs, and limited companies owned by people-based organisations, community organisations and foundations.