Manchester, UK, Tuesday 13 June 2017: Mutual and cooperative insurers wrote a record EUR 406 billion (USD 453.8 billion) in premiums in 2015 and claimed more than 31% of the total insurance market in Europe, according to a report published today by the International Cooperative and Mutual Insurance Federation (ICMIF).
The Market InSights: Europe 2015 report, was launched by ICMIF’s European association, the Association of Mutual Insurers and Insurance Cooperatives in Europe (AMICE), at its Annual General Meeting in Brussels last week.
The report shows that mutual and cooperative insurers in the European Union (EU):
- Served 414 million member/policyholders through c.3000 mutual and cooperative insurance companies
- Held a 32.4% share of the total EU insurance market in 2015.
- Record premium income level were also reported in the wider European region, reaching €404bn in 2015, a market share of more than 31%.
ICMIF’s Chief Executive, Shaun Tarbuck said: “These statistics show that the mutual model of customer focus, solidarity and sustainability, put into practice by mutual and cooperative insurers, continues to prove valuable points of difference for the public and for commercial customers.”
This is the fourth year that ICMIF and AMICE have collaborated on this report, based on the data the global association collects on the sector. Data on premiums, market shares, members/policyholders, employment, and assets for the European mutual and cooperative insurance market (36 countries) and for the EU markets for life and non-life give an accurate overview of the mutual and cooperative insurance sector.
ICMIF represents almost 300 mutual and cooperative organisations in 75 countries around the world. More than half of these organisations operate in Europe. ICMIF’s European association AMICE drives the European mutual and cooperative insurers’ advocacy strategy.
ENDS
For more information or to arrange interviews, please contact:
Alison Grant, Communications Manager, ICMIF [email protected] +44 161 952 5078
Liz Green, Senior Vice-President, Membership Services, ICMIF, [email protected] +44 7793 264 220
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About ICMIF
- ICMIF holds nine years’ worth of exclusive data about the mutual sector
- With its global headquarters in the United Kingdom and regional offices in Washington DC, USA; Tokyo, Japan and Brussels, Belgium, today ICMIF represents amost 300 values-based insurers in 75+ countries with over USD 300 billion in premium income and USD 2 trillion in total assets held. ICMIF delivers unique networking opportunities, market and member intelligence and external relations services. It takes a strong lead in encouraging best practice amongst its member firms in key insurance issues, including; performance management, legal and governance, marketing, brand and reputation, reinsurance and social and environmental performance.
- ICMIF is active in the microinsurance and Takaful sectors
- Follow ICMIF on Twitter at @ICMIF_Web
About the mutual and cooperative insurance sector
- The mutual sector holds 27% of global insurance market share by premium.
- Premium growth of the mutual and cooperative insurance sector since 2007 is 22.1% vs 8.2% in industry
- The sector’s assets of USD 8.1 trillion in 2014 have grown by 33% since 2007
- Employment in the sector accounts for more than 1.1 million jobs
- Over 960 million people are served as member/policyholders by mutual/cooperative insurers
