Global growth in number of people protected by mutual and cooperative insurance
The mutual and cooperative insurance sector served a record 988 million people in 2015, according to figures published in the latest Global Mutual Market Share 2015 report by the International Cooperative and Mutual Insurance Federation (ICMIF).
The ICMIF report highlights an 11% growth in the collective number of members/policyholders of mutual and cooperative insurers since 2012. The growing positive socio-economic impact of the mutual and cooperative industry was also evident in the increase in the number of people employed by the sector, which reached 1.12 million in 2015 – a 21% growth since 2007.
Now in its ninth edition, Global Mutual Market Share is market intelligence report on the size and performance of the global mutual and cooperative insurance industry. This research by ICMIF features an analysis of the premium income, assets, investments and social data of over 5,000 mutual and cooperative insurance companies from 77 countries around the world.
Widespread currency depreciation against the US dollar resulted in a decline in premium revenues and market share of the global mutual and cooperative insurance sector in 2015. In terms of premium income, mutual and cooperative insurers wrote aggregate premiums of USD 1.2 trillion in 2015, representing 6.5% decline from record premium levels achieved in the previous year. Despite this negative growth, mutual and cooperative insurers managed to grow their premium income by a total of 20.2% between 2007 and 2015, whilst the total insurance market only increased by 8.3% during the same period. As a result, the global market share of the mutual/cooperative sector grew from 24.1% in 2007 to 26.7% in 2015.
In her foreword in the report, Hilde Vernaillen, Chair of ICMIF, highlighted the importance of the Federation’s extensive research on the mutual and cooperative sector: “The Global Mutual Market Share reports are an important tool for the mutual and cooperative insurance sector, because they allow us to talk meaningfully about the socio-economic importance of mutual/cooperative insurers in conversations with important stakeholders, both external and internal. It gives us, our management, boards and employees, good reason to feel proud to be part of the fastest-growing part of the insurance industry and motivated to ensure that we continue to build on our successes.”