Record membership numbers boosted the aggregate premium income of members of the International Cooperative and Mutual Insurance Federation (ICMIF) in 2015, according to the Federation’s latest financial research.
The seventh edition of the ICMIF Members: Key Statistics report, an annual overview of ICMIF members’ collective financial performance, highlighted that members wrote a record level of premium income in 2015, collectively writing USD 307 billion in insurance premiums. Since 2007, members have grown their premium income by 18%, compared to an 8% growth in the total insurance industry.
Member companies from AMICE (the Association of Mutual Insurers and Insurance Cooperatives in Europe) were included in the financial data for the first time following its integration with ICMIF in 2016. As of October 2016, ICMIF represents 290 members in 74 countries across the world.
The ICMIF Members: Key Statistics 2015 report also includes a regional analysis of members’ premium growth and market share, insurance products by line of life and non-life business, operating ratios, and asset and investment breakdown. It also includes a list of the largest members in 2015 and the fastest-growing members from the previous year.
ICMIF Members in 2015:
- USD 307 billion in premium income
- 6.8% share of the global market
- USD 2.0 trillion in total assets
- Over 300,000 people employed by member organizations
- 365 million members/policyholders served