Manchester (UK) Thursday 7 April 2022: Seventy per cent of ICMIF members exceeded their local market’s annual growth over the last financial year, according to the International Cooperative and Mutual Insurance Federation’s latest edition of the ICMIF Members: Key Statistics report.
These results follow positive findings from our recent ICMIF Members Sustainable Investment Report 2021, where 80% of ICMIF members named in the study exceeded the total market’s annual premium growth for last year.
The ICMIF Members: Key Statistics 2022 report provides analysis of the collective performance of the 200 members that make up ICMIF today and how they perform against the wider market in both long-term and short-term comparisons.
Key findings:
- USD 247 billion in premium income
- USD 2 trillion in total assets
- Over 226,000 people employed by member organisations
- 356 million members/policyholders served
- 70.3% of ICMIF members exceeded their local market’s annual growth
In 2020, ICMIF members wrote an aggregate of USD 247 billion in insurance premiums, of which 45% (USD 112 billion) was in life insurance and 55% (USD 135 billion) was in non-life (including health) insurance.
ICMIF members, as a collective, saw their held assets surpass USD 2 trillion for the first time in the Federation’s history.
Shaun Tarbuck, Chief Executive of ICMIF, said: “The findings of the new ICMIF Members: Key Statistics report are hugely encouraging and we can clearly see that the mutual and cooperative insurance sector is continuing to grow, with 70.3% of ICMIF members outperforming their local markets. The 200 member companies of ICMIF have recorded USD 247 billion in premium income and they serve 356 million member/policyholders.
“In 2022, ICMIF is celebrating its centenary year and to do so knowing that our members’ held assets have surpassed USD 2 trillion for the first time in our 100-year history is an additional reason for us to celebrate,” Tarbuck concluded.
Also included in ICMIF Members: Key Statistics 2022 is analysis of ICMIF members based on legal structure, location, and affinity group, as well as a list of ICMIF’s fifty largest members today.
About ICMIF
With its global headquarters in the United Kingdom and regional associations in the Americas and Japan, ICMIF represents 200 values-based insurers in 61 countries. 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.
For further information or to request a copy of the report, please contact: Alison Grant, Communications Manager, International Cooperative and Mutual Insurance Federation: [email protected]
