Aggregate insurance premiums of European mutual and cooperative insurers reached a record EUR 424 billion in 2015, following a growth of 1.4% from the previous year (2014: EUR 418 billion). The mutual and cooperative sector has 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 24.1% in 2007 to 31.3% in 2015.
The latest statistics on the European mutual and cooperative insurance market are from the Market InSights: Europe 2015 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 collective premiums of European mutual and cooperative insurers in 2015 were almost 35% greater than pre-crisis premium volumes. In comparison, the total regional insurance market had grown by just 4% between 2007 and 2015.
The Market InSights: Europe 2015 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 3,000 mutual and cooperative insurance companies operating in Europe today. Record membership numbers were achieved in 2015 as 427 million member/policyholders were served by the European mutual and cooperative insurance sector. Nearly 460,000 people were also employed within the sector in 2015.
In the foreword to the report, Grzegorz Buczkowski, CEO of the TUW SKOK (Poland) and President of AMICE, commented: “2015 was a year of continued change for European insurers, with the sector finalising changes from the massive regulatory change of Solvency II, requirements of the increased consumer protection and the competitive pressures of the digital revolution. Against this background, it was another record year for the European mutual and cooperative insurance sector; with EUR 424 billion in premiums, we extended our run of continued growth to eight years, in seven of which we outperformed the total European insurance market. All these numbers show that the mutual model of customer focus, solidarity and sustainability, put into practice by mutual and cooperative insurers, continues to prove its value to our insured members as well to financial markets and national economies.”
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 number of mutual and cooperative insurers and number of people protected by mutual/cooperative insurance (as members/policyholders). 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 EU, 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 2015 figures highlight how the global market share of the mutual/cooperative sector grew from 24.1% in 2007 to 26.7% in 2015.