The International Cooperative and Mutual Insurance Federation (ICMIF) announced a record year in terms of its members’ aggregate premium income and total assets in 2014, according to the latest ICMIF Members: Key Statistics 2014 report. Now in its sixth edition, the report provides a summary of members’ collective financial performance in 2014, with statistics dating back to 2007 included for comparison purposes.
At a global level, ICMIF members reported record premium volumes in 2014, collectively writing USD 268 billion in insurance premiums. Since 2007, members have grown their premium income by an impressive 37%, compared to a 31% growth by the total mutual and cooperative insurance sector and 13% growth in the total insurance industry. In terms of assets, ICMIF members held a record USD 1.8 trillion in total assets in 2014, representing an increase of 38% from 2007 asset values.
Shaun Tarbuck, Chief Executive, ICMIF, commented on the updated 2014 figures for its members released in this report: “The latest data shows that not only have mutual and cooperative insurers continued as the fastest-growing part of the global insurance industry since the financial crisis; but also, the collective growth of ICMIF members has exceeded the impressive growth of the mutual/cooperative sector.”
He added: “ICMIF now represents a record 230 members across more than 70 countries. 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 ICMIF Members: Key Statistics 2014 report also includes an analysis of other aspects of members’ financial highlights in 2014, including: the global and regional distribution of members’ insurance product lines by life/non-life business; investment breakdown; and a list of the largest and fastest-growing ICMIF members in 2014.