Mutual and cooperative insurers in Latin America collectively held a record market share in 2015, according to the latest figures published by the International Cooperative and Mutual Insurance Federation (ICMIF).
The Market InSights: Latin America 2015 report shows that since 2007, mutual/cooperative insurers have been the fastest-growing part of the Latin American market, resulting in an increase in their market share from 9.9% to 12.0% in 2015. Latin American mutual insurers collectively wrote USD 18.6 billion in insurance premiums in 2015, as a steep depreciation of virtually all local currencies against the US dollar resulted in an 5.1% decline in regional premium levels from the previous year (2014: USD 19.6 billion). 2015 was the first year of premium decrease since 2007, however, the decline in mutual business was not as severe as that of the total industry (-11.6%), resulting in a rise in mutuals’ share of the total regional market, up from 11.2% in 2014.
The report includes year-on-year analysis of the premium growth of mutual and cooperative insurers since 2007, with comparison to the rest of the insurance sector. The report also includes growth by business line (life and non-life), asset growth, and a definitive list of the largest mutual/cooperative insurers by 2015 premium income.
Market InSights reports from ICMIF 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 of the global mutual and cooperative insurance sector. Published annually alongside the Global 500, a definitive list of the 500 largest mutual and cooperative insurers in terms of premium income, the report highlights how since 2007 the mutual and cooperative model has been the fastest growing part of the global insurance market; maturing from a global share of 23.7% to 27.0% in 2014.