Social impact of cooperative and mutual insurers continues to increase

London, UK, 20 October 2017: The International Cooperative and Mutual Insurance Federation (ICMIF) today announced preliminary finding from their 2016 Global Mutual Market Share research. These findings confirmed the growing social impact of mutual and cooperative insurance in 2016.

Cooperative and mutual insurers have consistently increased their policyholder numbers since 2012.

During its Biennial Conference held in London this week, ICMIF told the 350 delegates from 37 countries that 990m policyholders now have mutual/cooperative insurance products, an increase of 2m since the previous year and an overall increase of 110m since 2012.

Cooperative and mutual insurers have consistently increased their employee numbers since 2012

Over 1.13 million people were employed by the sector across the world in 2016, compared to 1.08m in 2012.

In 2016 the sector represented almost 27% of the total insurance market, compared to 24% in 2012.

The regional breakdown is as follows: North America 37%; Europe 31%, Asia and Oceania 15%, Latin America 12%, Africa 3%.

Commenting on the research findings, Shaun Tarbuck, Chief Executive of ICMIF, said “Mutual and cooperative insurers continued to expand their global reach, shown by a growth in the aggregate number of policyholders served and people employed around the world. Mutuals and cooperatives continued to show their relevance at a regional level, holding an important stake in the European and North American markets and a growing influence in the African and Latin American markets.”

 

The full Global Mutual Market Share report for 2016 will be March 2018.

 

Download the infographic here.

 

ENDS

For more information or to arrange interviews, please contact:

Alison Grant, Communications Manager, ICMIF alison@icmif.org +44 161 952 5078

Liz Green, Senior Vice-President, Membership Services, ICMIF, liz@icmif.org +44 7793 264 220

About the mutual and cooperative insurance sector

  • The mutual sector holds 26.8% of global insurance market share by premium.
  • Premium income was 1.3 trillion USD in 2016
  • In 2016 the sector’s assets were USD 8.3 trillion
  • Employment in the sector accounts for more than 1.13 million jobs
  • Over 990 million people are served as member/policyholders by mutual/cooperative insurers

About ICMIF (see www.icmif.org and follow us on Twitter: @ICMIF_Web)

  • With its global headquarters in the United Kingdom and regional offices in Washington DC, USA; Tokyo, Japan and Brussels, Belgium, today ICMIF represents 290 values-based insurers in 75+ countries with over USD 300 billion in premium income and USD 2 trillion in total assets held.
  • ICMIF delivers unique networking opportunities, market and member intelligence and external relations services. It takes a strong lead in encouraging best practice amongst its member firms in key insurance issues, including; performance management, legal and governance, marketing, brand and reputation, reinsurance and social and environmental performance.
  • ICMIF is active in the microinsurance and Takaful sectors, with Takaful providing Shariah-compliant risk amelioration products to Islamic markets