The International Cooperative and Mutual Insurance Federation (ICMIF) and the Association of Mutual Insurers and Insurance Cooperatives in Europe (AMICE), the voice of the mutual and cooperative insurance sector in Europe, have together published the European Mutual Market Share 2023 report.
A comprehensive statistical study, the European Mutual Market Share 2023 report documents the size and the market share of mutual and cooperative insurance in Europe. The report shows that Europe’s mutual and cooperative insurers have seen a steady growth in business in recent years, and in 2022 experienced a growth in premium volume of 1.5% (in euro terms) from the previous year. This marked the second successive year of premium growth for the region following a 9.1% contraction in 2020 and comprises a 4.9% growth in non-life business and a 1.1% contraction in life business.
Key findings:
- EUR 509 billion in premium income;
- 33.0% share of the European insurance market;
- EUR 3.67 trillion in total assets;
- Over 487,000 people employed;
- Approximately 507 million members/policyholders served
Liz Green, CEO Designate, ICMIF presented the report at the AMICE/ICMIF 7th Insurance Stakeholders’ Dialogue (6 December 2023) and said: “The mutual and cooperative insurance model’s positive performance in Europe is reflected in its premium income, which reached an all-time high of EUR 509 billion in 2022. In 11 of the last 15 years, the annual growth of the European mutual insurance sector exceeded that of the total European insurance market.
“The model’s success supports sustainable and inclusive economic development, promoting social cohesion and community development by encouraging member participation in decision-making, whilst providing employment opportunities for over 487,000 people in Europe in 2022,” Green concluded.
“Over the past ten years, gross written premiums for mutual/cooperative insurers has increased by more than 40%, and in 2022 European mutual and cooperative insurers held a market share of 33%. This reflects the continuing attraction of our sector’s qualities of customer-focus, strength and stability.” said Grzegorz Buczkowski, AMICE President. He continued, “Sustainability, resilience and solidarity with members/policyholders continue to characterise the activities and roles of mutual/cooperative insurers across Europe. This report confirms that members/policyholders continue to value these essential qualities of our community”.
Sarah Goddard, AMICE Secretary General commented, “Within EU Member States, mutual/cooperative insurers hold more than 40% market share in eight countries, and more than half of the market share in three of these. Additionally, the mutual market share increased in almost two-thirds of European countries in the decade from 2012. More than 500 million members/policyholders across 33 European countries derive their security from the mutual/cooperative insurance community, alongside the 487,000 people employed in the sector.”
