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, marking 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.
Shaun Tarbuck, Chief Executive of ICMIF, said: “The findings of the new European Mutual Market Share 2022 report are hugely encouraging and we can clearly see that the mutual and cooperative insurance sector in Europe is continuing to grow incredibly well, with European mutual insurers significantly outperforming the total insurance market in Europe in both short- and long -term comparisons.
“In 2022, ICMIF is celebrating its centenary year and to do so knowing that our sector is growing so well in Europe is an additional reason for us to celebrate,” Tarbuck concluded.
Grzegorz Buczkowski, President, Association of Mutual Insurers and Insurance Cooperatives in Europe (AMICE) said: “Europe’s mutual and cooperative insurers have shown great resilience in the face of the global pandemic challenge, and this is reflected in the information on the European mutual market share described in this report. The results for Europe seen in this report show that even under the pandemic pressures across the region, Europe’s life and non-life mutual/cooperative insurance market share increased from the previous year. In 2020, mutual/cooperative insurers registered a much lower decrease in total premium income (-1.6%) compared to the significant decrease in insurance premiums across the total European insurance market (-6.7%).
“The ten-year trends indicate the continuing attraction of the mutual/cooperative insurance model, with total growth in premium of 32.1% over the period, resulting in premium income of EUR 469bn in 2020. In 2020, mutual/cooperative insurers registered a market share of 33.4%, representing more than 25% of the local market in thirteen countries,” he continued.
Buczkowski concluded: “Local legal recognitions of the mutual insurance model are varied, often reflecting national characteristics and market developments over the years. This report clearly shows that irrespective of these local differences, the mutual/cooperative insurance model has a vital role both in individual countries and across Europe, empowering policyholders, offering diversity and competition in the marketplace, and providing economic stability across the region.”
The report, first presented at the 2022 Association of Mutual Insurers and Insurance Cooperatives in Europe (AMICE) Congress on 9 June 2022, 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.
Click here to view and download the report.
