Mutual and cooperative insurers in Latin America reported record premium volumes in 2014, according to the latest statistics published by the International Cooperative and Mutual Insurance Federation (ICMIF).
The Market InSights: Latin America 2014 report shows how the mutual and cooperative insurance sector collectively wrote over USD 22.5 billion in insurance premiums in 2014, a 9% growth from the previous year (compared to 5% for the total regional market). Since 2007, mutual/cooperative insurers have been the fastest-growing part of the Latin American market, resulting in an increase in their market share from 10.0% to 12.1% in 2014.
The report includes year-on-year analysis of the premium growth of mutual and cooperative insurers since 2007, with comparison to the rest of the insurance sector. The report also includes growth by business line (life and non-life), asset growth, and a definitive list of the largest mutual/cooperative insurers by 2014 premium income.
Market InSights reports from ICMIF 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 of the global mutual and cooperative insurance sector. Published annually alongside the Global 500, a definitive list of the 500 largest mutual and cooperative insurers in terms of premium income, the report highlights how since 2007 the mutual and cooperative model has been the fastest growing part of the global insurance market; maturing from a global share of 23.8% to 27.3% in 2013.
- USD 22.5 billion in premium income
- 12.1% of the total regional market
- USD 39.4 billion in total assets
- Over 44,000 people employed
- More than 25 million member/policyholders served