Mutual Market Share & ICMIF Global 500 Reports 2010

Now in its fourth year, the 2010 Mutual Market Share report showcases the Federation’s latest annual research about the size and performance of the cooperative and mutual insurance market sector. The report includes comprehensive figures dating back to 2007. The data is also complemented by full analysis and commentary regarding market trends since the onset of the global financial crisis. For the first time this publication also contains graphical representations of the data.

At a glance: 2010 Mutual Market Share

The insurance sector is the largest part of wider global cooperative and mutual market, which now serves an estimated one billion people. Higher levels of trust and customer satisfaction have continued to boost the growth of the mutual and cooperative insurance sector; which now provides employment to more than one million people world-wide. Financial data (2010) collected from 99.3% of the world’s insurance market was analysed by ICMIF’s Shared Intelligence Department to complete the 2010 Mutual Market Share report. Ben Telfer, Manager, ICMIF’s Shared Intelligence commented: “The 2010 report confirms that since the global financial crisis in 2007 the sector has continued to outperform the world-wide market - and that includes some of countries currently struggling with very weak economic conditions.”

Summary of key facts:

Between 2007 and 2010 premium income from mutual and cooperative insurers grew by 14.6%; while the total insurance market grew by only 4.1%. The sector's market share increased from 23.7% in 2007 to 26.0% in 2010. While non life played a vital part, it was life business that has contributed most significantly to this success. Since 2007 four of the five global regions analysed have seen a significant increase in mutual/cooperative market share:

  • North America is up from 27.8% in 2007 to 32.3% in 2010.
  • Europe is up from 22.6% to 27.0% in 2010. The mutual and cooperative insurance sector in more than half of European countries outperformed the stock company sector in 2010, all registering double digit increases in market share.
  • The sector thrived in a number of European countries despite weak economic conditions. Spain, Greece and Romania bucked the trend in both life and non-life business.
  • In six of the world’s 10 strongest cooperative and mutual markets, market share grew in 2010. In Japan, between 2009 and 2010 the mutual and cooperative insurance market share grew from 39.8% to 41.5%.
  • In 2010 the mutual and cooperative insurance sector in Russia, Morocco and Malaysia all experienced more than 20% market share growth.

The ICMIF Global 500

This report represents a definitive list of the 500 largest mutual and cooperative insurers in terms of premium income for 2010 year end. Now in its fifth edition, it represents the analysis of 2,900 mutual and cooperative insurers from 75 markets. The largest 500 insurers have been ranked by premiums, with further analysis between life and non-life business. It also presents the fastest growing companies in the sector.

Summary of key facts:

  • Zenkyoren, Japan, continues to be the largest insurer by total premium income, within the mutual and cooperative sector.
  • Nippon Life, Japan, remained the largest life mutual and State Farm, USA, the largest non-life mutual.
  • The largest 500 mutual/cooperative insurers represent 98% of total premium income of the sector. More than 200 of these companies are from the USA and 78 are ICMIF members.
  • Over 80% of ICMIF members within the Global 500 list reported positive premium growth in 2010, with 30 organizations reporting double digit growth.