The US mutual* insurance sector reported another record year in terms of premium volume and market share in 2014, according to the latest research from the International Cooperative and Mutual Insurance Federation (ICMIF).
The Market InSights: USA 2014 report from ICMIF shows that US mutual insurers collectively wrote a record USD 475 billion in premium income in 2014, a growth of almost 30% from pre-crisis premium volumes (2007: USD 369 billion). In comparison, the US insurance market grew by a total of 3% between 2007 and 2014, 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 29.8% in 2007 to a record high 37.1% in 2014.
ICMIF’s research also found that the US mutual insurance sector is the largest mutual market in the world in terms of premium income, contributing around 36% of the global total. It is also one of the largest global markets in terms of mutual market share, with around 1,800 mutual insurance companies serving 330 million members/ policyholders in 2014. The US mutual sector has been one of the fastest-growing in the world, as growth of the mutual market has exceeded the rest of the US market in six of the previous seven years.
The latest report from ICMIF on the US mutual insurance sector 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 2014 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 research highlights that the mutual and cooperative model represents more than 27% of the global insurance market by premium income and has been the fastest-growing part of the global insurance industry since 2007.
*Includes mutual insurance companies, fraternal benefit societies (fraternals), reciprocals, non-profits, exchanges, cooperatives and stock insurance companies owned by mutual holding companies.