Record market share growth for US mutual insurers
The US mutual insurance sector reported a record year in terms of premium volume and market share in 2013, according to the latest research from ICMIF.
US mutual insurers collectively wrote a record USD 459 billion in premium income in 2013, more than a quarter greater than pre-crisis premium volumes (2007: USD 368 billion). In comparison, the US insurance market grew by a total of 2% between 2007 and 2013, making the mutual sector the fastest-growing part of the US insurance industry since the financial crisis. As a result, mutuals' share of the total US market increased from 29.7% in 2007 to a record high 36.5% in 2013.
The Market InSights: USA 2013 report from ICMIF includes a year-on-year analysis of the premium and market share growth of the mutual sector since 2007, with comparison to the rest of the US insurance sector. The report also includes analysis of premium growth by line of life and property and casualty (P&C) business; asset growth and investment breakdown; and a definitive list of the 30 largest mutual life and P&C insurers by 2013 premium income.
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 2013 figures highlight that the mutual and cooperative model has been the fastest-growing part of the global insurance industry since 2007.