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 2016, according to the latest statistical research from the International Cooperative and Mutual Insurance Federation (ICMIF).
Cooperative and mutual insurers have consistently increased their policyholder numbers since 2012 with 990m policyholders now having mutual/cooperative insurance products, an increase of 2m since the previous year and an overall increase of 110m since 2012.
Cooperative and mutual insurers have consistently increased their employee numbers since 2012 and now over 1.13 million people are employed by the sector across the world in 2016, compared to 1.08m in 2012.
In 2016 the sector represented almost 27% of the total insurance market, compared to 24% in 2012. The regional breakdown is as follows: North America 37%; Europe 31%, Asia and Oceania 15%, Latin America 12%, Africa 3%.
Commenting on the research findings, Shaun Tarbuck, Chief Executive of ICMIF, said “Mutual and cooperative insurers continued to expand their global reach, shown by a growth in the aggregate number of policyholders served and people employed around the world. 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 full Global Mutual Market Share report for 2016 will be March 2018.