The European mutual and cooperative insurance sector held a 31.2% share of the total regional market in 2014, following a record growth in premium income of 7.2% from the previous year. Mutual and cooperative insurers have consistently outperformed the total regional market since the onset of the global financial crisis (2007/08), resulting in their collective share of the regional market rising from 23.3% in 2007 (proportional growth of 34%).
The latest statistics on the European mutual and cooperative insurance market are from the Market InSights: Europe 2014 report published by the International Cooperative and Mutual Insurance Federation (ICMIF) and the Association of Mutual Insurers and Insurance Cooperatives in Europe (AMICE). The report highlights that European mutual and cooperative insurers collectively wrote more than EUR 400 billion in insurance premiums for the first time in 2014, more than a third greater than pre-crisis premium volumes. In comparison, the total regional insurance market had grown by just 0.6% between 2007 and 2014.
The Market InSights: Europe 2014 report also includes a year-on-year analysis of the premium and market share growth of the mutual and cooperative sector since 2007, with comparison to the rest of the European insurance sector. The report includes analysis of premium income by line of life and non-life business; a definitive list of the 30 largest European mutual and cooperative insurers; and a detailed analysis of the mutual and cooperative insurance sector in European Union (EU) markets.
The report also includes further analysis into the size and reach of the European mutual and cooperative insurance sector, with over 450,000 people employed within the sector, and over 409 million member/policyholders served by approximately 2,700 mutual and cooperative insurance companies in Europe (about 50% of all insurance undertakings).
In the foreword to the report, Hilde Vernaillen, CEO of the P&V Group (Belgium), former President of AMICE and Board Member of ICMIF, commented: “The results of the statistical analysis are impressive: our sector continues to outperform the rest of the market – mostly joint-stock company insurers. Or, in other words, our business model, based on customer focus, solidarity and sustainability, is regarded by more and more customers as being of great valuable to them. This helps us tremendously to persuade those who are not yet convinced of the strength of our sector and business model.”
Shaun Tarbuck, Chief Executive of ICMIF, added: “The European mutual and cooperative insurance sector has performed exceptionally well since the financial crisis. Europe is the largest regional insurance market in the world in terms of mutual/cooperative insurance premiums and number of mutual and cooperative insurers. The sector’s strong and consistent growth in recent years has been one of the main contributors to the overall global growth in mutual and cooperative insurers’ collective market share. The figures in this report help us to promote cooperatives/mutual insurers as preferred insurance providers within Europe and the European Union, and demonstrate their contribution to long-term socio-economic growth within the region”
The Market InSights reports are a series of market-specific reports compiled using the latest data from ICMIF's Global Mutual Market Share research, a market intelligence report on the size and performance of the global mutual and cooperative insurance industry. The latest year-end 2014 figures highlight how the global market share of the mutual/cooperative sector grew from 23.7% in 2007 to 27.0% in 2014.