The International Cooperative and Mutual Insurance Federation (ICMIF) has produced a new global infographic highlighting the size and growth of the worldwide mutual and cooperative insurance industry.
The infographic shows how the mutual and cooperative sector represented 27.3%* of the global insurance market in 2013, a significant growth in global market share from 23.8% in 2007. The mutual and cooperative sector wrote USD 1.26 trillion in insurance premiums in 2013 (compared to less than USD 1 trillion in 2007) and held almost USD 8 trillion in assets (2007: USD 5.9 trillion).
The mutual and cooperative model is the fastest-growing part of the global insurance market since 2007, with a 28% growth in premium income during this period, compared to a 11% increase for the global insurance market as a whole. The social impact of mutual and cooperative insurance is also illustrated with over 1.1 million people employed by the sector across the world, and 915 million people being served as members or policyholders of mutual/cooperative insurers.
The global relevance of the mutual and cooperative model is highlighted in the infographic, with mutual and cooperative insurers operating in over 90 countries across all six continents. Mutual and cooperative insurance is especially prevalent in the European and North American markets, with almost 5,000 mutual/cooperative insurers in business and a mutual market share of 35% and 30% respectively.
The infographic is based on the year-end 2013 data from the latest Global Mutual Market Share research, a market intelligence report on the size and performance of the global mutual and cooperative insurance sector. The full Global Mutual Market Share 2013 report from ICMIF is due to be published in March 2015.
*An updated version of the infographic based on the latest year-end 2013 figures was published in February 2015 (in English only).