ICMIF members reported record premium growth last year, according to the latest financial data from the ICMIF Members: Key Statistics 2013 report. Now in its fifth edition, the report provides a summary of members’ collective financial performance in 2013, with statistics dating back to 2007 included for comparison purposes.
At a global level, ICMIF members wrote record aggregate premium levels in 2013 (USD 268 billion), following a 10.3% growth in premium volumes from the previous year. Since 2007, members have grown their premium income by 34%, compared to a 28% growth by the total mutual and cooperative insurance sector and 12% growth in the total insurance industry: making ICMIF members the fastest-growing part of the global insurance market.
As a result of this consistent growth, ICMIF members now collectively represent 5.8% of the global insurance market, up from 5.5% in the previous year and 4.9% in 2007. Members’ market share growth was also experienced in life and non-life business, with a market share in 2013 of 5.0% (2007: 3.9%) and 6.8% (2007: 6.2%) respectively.
Shaun Tarbuck, ICMIF Chief Executive, expressed his delight that ICMIF members continued to show strong growth and financial strength in 2013: “ICMIF's raison d'etre is to promote best practices and strategies that make a difference among our 225-plus members. These strong numbers show that ICMIF members are leading the industry collectively and to coin a well-known phrase 'membership has its value' and explains why leading mutual and cooperative insurers join ICMIF.”
The report also includes an analysis of other aspects of members’ financial highlights in 2013, including: the global and regional distribution of members’ insurance product lines by life and non-life business; asset growth and investment breakdown; and a list of the largest and fastest-growing ICMIF members in 2013.
ICMIF Members Key Statistics 2013 is a member-only report and requires members to register/login to the website to view and download it.
Highlights of the collective performance of ICMIF members in 2013 are below.
ICMIF members in 2013
- USD 268 billion in premium income
- 5.8% share of the global insurance market
- USD 1.52 trillion in total assets
- Over 280,000 people employed by member organizations
- 225 million members/policyholders served