The International Cooperative and Mutual Insurance Federation (ICMIF) has produced an updated* 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% of the global insurance market in 2014, a significant growth in global market share from 23.7% in 2007. The mutual and cooperative sector wrote USD 1.3 trillion in insurance premiums in 2014 (compared to less than USD 1 trillion in 2007) and held over USD 8.3 trillion in assets (2007: USD 6.0 trillion).
The mutual and cooperative model is the fastest-growing part of the global insurance market since 2007, with a 30% growth in premium income during this period, compared to a 14% 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 955 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 North American and European markets, with almost 5,000 mutual/cooperative insurers in business and a mutual market share of 36% and 31% respectively.
The infographic is based on the year-end 2014 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 2014 report from ICMIF was published in March 2016 and can be downloaded here.
*Figures updated in March 2016 (English only)