The International Cooperative and Mutual Insurance Federation (ICMIF) has once again published its Global 500 report, an analysis of the world’s 500 largest mutual and cooperative insurance companies 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 2015).
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.