The share of the total European insurance market held by mutual and cooperative insurers has increased to a record high of 33.4%, according to the International Cooperative and Mutual Insurance Federation’s latest Mutual Market Share report, representing a 9.2 percentage-point increase from the first available market share figure (24.2%) recorded in 2007.
ICMIF’s European Mutual Market Share 2022 also finds European mutual insurers have significantly outperformed the total European insurance market in both short- and long-term comparisons of total, life, and non-life premium growth.
This follows a year (FY 2020) in which European mutual insurers collectively wrote EUR 469 billion in insurance premiums, consisting of EUR 200 billion in life business and EUR 268 billion in non-life business.
Key findings:
- European mutuals wrote a combined EUR 469 billion in insurance premiums in FY 2020.
- European mutuals’ market share of the European insurance market has increased to a record high of 33.4%, a 9.2 percentage-point increase from our first available figure (24.2%, 2007).
- European mutuals exceeded the total European insurance market’s 10-year premium growth in total, life, and non-life business by 17.8, 17.2, and 11.1 percentage points, respectively.
- European mutuals exceeded the total European insurance market’s annual premium growth (2019-2020) in total, life, and non-life business by 5.1, 3.1, and 3.1 percentage points, respectively.
The report, first presented at the 2022 Association of Mutual Insurers and Insurance Cooperatives in Europe (AMICE) Congress in June, also includes further life and non-life analyses, past European premium totals and market shares, and a list of individual European countries’ local market shares.
