The latest ICMIF Members: Key Statistics report from the International Cooperative and Mutual Insurance Federation (ICMIF) shows 61% of the ICMIF membership exceeded their local market’s annual growth-rate between 2022 and 2023, compared to 59% between 2021 and 2022.
Key findings:
- USD 228 billion in premium income
- USD 1.63 trillion in total assets, of which USD 1.34 trillion is held in investments
- Over 219,400 people employed by member organisations
- 316 million members/policyholders served
The report, compiled using data taken from members’ most recent financial reports, has stated aggregate totals of USD 228 billion in premium income and USD 1.63 trillion in total assets held across the membership in 2023.
Over 219,000 people were employed by ICMIF member companies in 2023, helping to serve over 316 million members/policyholders globally.
The report provides both financial and non-financial analyses of the 208 members that make up ICMIF today, looking at types of insurance offered (including specific product lines), total premiums written, assets held, and more.
Of the USD 228 billion in insurance premiums in 2023 collectively written by ICMIF members, 43% (USD 99 billion) was in life insurance and 57% (USD 129 billion) was in non-life insurance.
Liz Green, new Chief Executive of ICMIF, said: “I am delighted once again by the findings from the latest ICMIF Members: Key Statistics report, which aggregates the performance of our growing ICMIF membership. Once again, well over half our members outperformed the annual growth of their respective national markets.
“The continued success of the mutual and cooperative model supports sustainable and inclusive economic development, promotes social cohesion and community development by encouraging member participation in decision-making, whilst providing employment opportunities for 219,400 people worldwide in 2023” Green concluded.
Also included in this report is analysis of ICMIF members based on legal structure, location, and affinity group, as well as a full ranking of the ICMIF membership by premium income in 2023.
