ICMIF members grew their collective premium income and global market share in 2016, according to the latest edition of the ICMIF Members: Key Statistics report.
The eighth edition of the report, an annual overview of ICMIF members’ collective financial performance, highlighted that members wrote a record level of premium income in 2016, collectively writing USD 307 billion in insurance premiums, a growth of 1.6% from the previous year (2015: USD 302 billion). Since 2007, members have grown their premium income by 18%, compared to a 13% growth in the total insurance industry.
Members’ share of the global market also grew in 2016, up to 6.5% from 6.4% in the previous year. 2016 was the fifth year since 2007 that members’ premium growth outperformed the growth of the total market. As a result, the global market share of ICMIF members had increased from 6.1% in 2007.
The ICMIF Members: Key Statistics 2016 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 2016:
- USD 307 billion in premium income
- 6.5% share of the global market
- USD 2.1 trillion in total assets
- Over 320,000 people employed by member organizations
- 380 million members/policyholders served