Research by the International Cooperative and Mutual Insurance Federation (ICMIF), based on data taken from members’ latest financial reports, has revealed a record total premium income of USD 249 billion across the membership, according to the latest edition of the ICMIF Members: Key Statistics report.
The report provides analysis of the collective performance of the 197 members that make up ICMIF today and compares their performance to that of the total insurance market in both the long and short-term.
- USD 249 billion in premium income
- USD 2 trillion in total assets
- Over 230,000 people employed by member organisations
- 333 million members/policyholders served
- 46.7% growth in premium volume since 2007 compared to total insurance market growth of 36.1%
In 2021, ICMIF members wrote an aggregate of USD 249 billion in insurance premiums, of which 44% (USD 109 billion) was in life insurance and 56% (USD 141 billion) was in non-life (including health) insurance.
Shaun Tarbuck, Chief Executive of ICMIF, said: “We are proud to report the findings from the latest ICMIF Members: Key Statistics report, which shows ICMIF members’ annual growth of 9.9% exceeding the total insurance market figure of 8.7%, as both the mutual/cooperative insurance sector and the total insurance industry continues its rebound from COVID-19.
“We hope to see these trends continue in 2023, in both financial and non-financial metrics, as we collectively aim to create a safer, more resilient world,” Tarbuck concluded.
Also included in this report is analysis of ICMIF members based on legal structure, location, and affinity group, as well as a list of ICMIF’s fifty largest members today.