Mutual and cooperative insurers’ share of global industry reaches record high
The mutual and cooperative sector continued to be the fastest-growing part of the global insurance industry since the financial crisis reporting a record high market share in 2013, according to the latest statistics published by the International Cooperative and Mutual Insurance Federation (ICMIF).
At a global level, mutual and cooperative insurers once again reported record aggregate premium levels in 2013, collectively writing USD 1.26 trillion in insurance premiums. Since the onset of the financial crisis, mutual and cooperative insurers have grown their premium income by 28% between 2007 and 2013, whilst the total insurance market only increased by 11% during the same period. As a result, the global market share of the mutual/cooperative sector grew from 23.8% in 2007 to 27.3% in 2013.
The latest figures from ICMIF form part of the Federation’s Global Mutual Market Share 2013 report, a market intelligence report on the size and performance of the global mutual and cooperative insurance industry. This research by ICMIF features an analysis of the premium income, assets and investments of 5,000 mutual and cooperative insurance companies from 77 countries around the world. The report also contains data on the number of policyholder/members of the sector, with over 915 million people served by mutual and cooperative insurers globally.
To view a Press Release on the launch of the Global Mutual Market Share 2013 report, please click here (in English only)
The global and mutual cooperative insurance sector in 2013: Key figures at a glance
USD 1.26 trillion in premium income
27.3% share of the global insurance market
USD 7.8 trillion in total assets
1.1 million people employed
915 million policyholders/members