Mutual and cooperative insurers maintain their global market share
The mutual and cooperative insurance sector continued to represent 27% of the global insurance market by premiums in 2015, according to the latest statistical research from the International Cooperative and Mutual Insurance Federation (ICMIF).
The latest infographic produced by ICMIF shows that the mutual/cooperative insurance sector maintained a 27.0% global market share for the second consecutive year in 2015, a significant growth in market share from 23.7% in 2007.
In 2015, the depreciation of most major local currencies against the US dollar resulted in a 5% fall in aggregate premiums written by mutual and cooperative insurers to USD 1.2 trillion, a trend that was also observed in the total global market. However, the mutual and cooperative sector remains the fastest-growing part of the global insurance market since 2007, with a cumulative growth of 22% in premium income during this period, compared to an 8% increase for the overall global insurance market.
The growing social impact of mutual and cooperative insurance is also highlighted in this latest research by ICMIF, with over 1.11 million people employed by the sector across the world in 2015. The sector also serves over 960 million people as members or policyholders of mutual/cooperative insurers, representing a 10% growth in membership numbers over the previous three years (2012: 880 million). The global relevance of the mutual and cooperative model is also highlighted in the infographic, as almost 5,000 mutual and cooperative insurers were operating in over 90 countries across all six continents in 2015.
Commenting on the research findings, Shaun Tarbuck, Chief Executive of ICMIF, said “Mutual and cooperative insurers performed robustly in 2015 as they continued to expand their global reach, shown by a growth in the aggregate number of policyholders served and people employed around the world. The strong dollar in 2015 somewhat masked the financial performance of the sector, as there was not the strong increases in premium volumes, market share and total assets as we have consistently seen in previous years. Despite this, mutuals and cooperatives continued to show their relevance at a regional level, holding an important stake in the European and North American markets and a growing influence in the African and Latin American markets.”
The infographic is based on the provisional year-end 2015 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 Sharereport for 2015 will be published in early 2017.