The European mutual and cooperative insurance sector continued as the fastest-growing part of the regional insurance market in 2013, according to figures from the latest Market InSights: Europe report, published by the International Cooperative and Mutual Insurance Federation (ICMIF) and the Association of Mutual Insurers and Insurance Companies in Europe (AMICE).
European mutual and cooperative insurers collectively wrote a record EUR 373 billion in premium income in 2013, almost a quarter greater than pre-crisis premium volumes. In comparison, the total regional insurance market had shrunk by 4% between 2007 and 2013, resulting in a growth in mutual/cooperatives’ share of the total European market; from 23.0% in 2007 to a record high 29.8% in 2013.
The Market InSights: Europe 2013 report includes a year-on-year analysis of the premium and market share growth of the mutual and cooperative sector since 2007, with comparison to the rest of the European insurance sector. The report also includes analysis of premium income by line of life and non-life business; a definitive list of the 30 largest European mutual and cooperative insurers; and a detailed analysis of the mutual and cooperative insurance sector in European Union (EU) markets.
The report also includes further analysis into the size and reach of the European mutual and cooperative insurance sector, with EUR 2.4 trillion of assets held by mutual/cooperative insurers, over 450,000 people employed within the sector, and over 390 million member/policyholders served by approximately 2,800 mutual and cooperative insurance companies in Europe (about 50% of all insurance undertakings).
In the foreword to the report, Hilde Vernaillen, CEO of the P&V Group (Belgium), President of AMICE and Board Member of ICMIF, commented: “In 2013, a year when the total European insurance market stagnated as a consequence of a more than challenging economic climate, European mutual insurance still showed growth of almost 5%, confirming both the sector’s resilience and its attractiveness to citizens in times of uncertainty. In 2014, the European Union gained both a new Parliament and a new Commission. This means new tasks and also new opportunities for our sector to increase knowledge levels about our convincing business model. This report documents the success of the European mutual and cooperative insurance sector. It provides an ideal tool to demonstrate to policymakers the strength of our business model and its value to citizens.”
Shaun Tarbuck, CEO of ICMIF, added: “Our analytical research says that the mutual and cooperative sector has been the fastest-growing part of the European insurance industry since 2007. We are at the cutting edge of the insurance industry – and certainly the recent growth in market share of the sector suggests that the public is beginning to recognise this as well.”
The Market InSights reports are a series of market-specific reports compiled using the latest data from ICMIF's Global Mutual Market Share research, a market intelligence report on the size and performance of the global mutual and cooperative insurance industry. The latest year-end 2013 figures highlight how the global market share of the mutual/cooperative sector grew from 23.8% in 2007 to 27.3% in 2013.