UK mutual and cooperative insurers wrote GBP 23.5 billion in premium volume and served a record 25.5 million member-policyholders in 2022, according to the International Cooperative and Mutual Insurance Federation’s latest UK Market InSights, a joint report by ICMIF and the Association of Financial Mutuals (AFM).
In terms of annual growth, the UK mutual and cooperative insurance sector posted a 0.3% contraction in premiums written in 2022, comprising an 8.3% reduction in life business and a 13.1% growth in non-life business. The sector has exceeded the annual growth of the total UK insurance market eleven times in the last 15 years.
Key findings on the UK mutual insurance sector:
- UK mutuals wrote a combined GBP 23.5 billion in insurance premiums in 2022 (2021: GBP 23.6 billion)
- GBP 13.6 billion in life business (2021: GBP 14.8 billion), & GBP 9.9 billion in non-life business (2021: GBP 8.8 billion)
- 8.0% share held of the total UK insurance market (2021: 8.7%, 2007: 4.4%)
- GBP 187.1 billion assets held, GBP 160.3 billion in investments
- 25.5 million member-policyholders served
- 22,563 people employed
Ben Telfer, ICMIF Senior Vice-President, Membership, who first presented these findings at the AFM Conference in October 2023, said: “Mutual and cooperative insurance companies in the UK continue to demonstrate commendable resilience in overcoming the challenges of recent years, contributing significantly to the market’s robust recovery.
“The fact that 25.5 million member-policyholders are served by UK mutual and cooperative insurers today- a record high- underscores the enduring trust and effectiveness of mutualism within the sector.”
The UK Market Insights 2023 report also includes further life and non-life analyses, past years’ premium totals and market shares, and a breakdown of assets/investments held by the sector since 2007.
