The mutual market share at the end of 2006 was 23.9% showing a slight decrease from 2005 of 24.7%. Of the largest ten insurance countries, representing 78% of the world market, five of them have over 25% of their markets in mutual and cooperative businesses, namely, Germany 41%, France, 40%, Japan 36%, USA 30% and Spain 29%.
The global market share for non-life business was 28.0% (up slightly from 27.9% in 2005) represented by USD 414,501 million in premiums. The global market share for life business was 21.1% (down from 22.4% in 2005) represented by USD 444,105 million in premiums.
The ICMIF Global 500
For the first time ever there is a definitive list of the largest 500 mutual and cooperative insurers globally. This unique piece of research from ICMIF includes 2,350 mutual and cooperative insurers. The insurers have been ranked by premiums with further analysis between life, non-life and fastest growing in both lines of business. All of the data is based on the 2006 year end business results.
The report will be annually updated and will enable key trends to be identified as well as acting as a key lobbying tool to raise awareness of the mutual and cooperative insurance sector.
The ICMIF Global 500 insurers represent 96% of the total premiums of the mutual and cooperative market and represent 23% of the world insurance market. The split between life and non-life business is almost identical with USD 434,096 million in life and USD 409,648 million in non-life, representing 19% and 28% of the global market respectively. In terms of growth, life grew at 3.6%, and non-life at 4.0% year-on-year.
The largest twenty organisations include nine from the USA, four from Japan, three from France, two from Germany and one from each of Italy and the Netherlands representing a real global distribution of organisations across different continents. There is also an even split between life and non-life with five being predominantly non-life, seven being mostly life and eight being composites; showing that mutuals and cooperatives cover life, non-life and composite business.
The ICMIF Mutual Market Share 2005-2006 and Global 500 report is available free of charge to members of ICMIF. Non-members wishing to obtain a copy of the report at a cost of GBP 325 should initially contact Shaun Tarbuck.