The 500 largest mutual and cooperative insurance companies* in the world, in terms of premium income, have once again been ranked by the International Cooperative and Mutual Insurance Federation (ICMIF) in the 2023 edition of its Global 500 report.
ICMIF member organisations represent 78 of the Global 500 companies in this year’s report, compared to 73 last year, and 66 in 2019.
Global 500 companies collectively wrote USD 1,349 billion in insurance premiums in 2021, representing an 8.1% growth from USD 1,248 billion in 2020.
In terms of life/non-life business, there was slightly stronger growth in non-life premiums amongst Global 500 companies, increasing by 8.3% to USD 671 billion in 2021 (2020: USD 620 billion) whilst life business of Global 500 companies grew by 7.9% in 2021, rising to USD 678 billion (2020: USD 628 billion).
In this year’s Global 500, US mutual insurer State Farm (USA) was again ranked as the largest mutual/cooperative insurer in the world. Japanese cooperative insurer Zenkyoren was ranked as the largest ICMIF member (and second overall) in the Global 500 rankings.
The 2023 Global 500 ranking included 78 ICMIF member organisations from 30 different countries. As well as Zenkyoren, Achmea (Netherlands), R+V Versicherung (Germany), Royal London (UK), Unipol (Italy), and Aéma Groupe (France) were all ranked amongst the largest 30 mutual/cooperative insurers. There were 34 ICMIF members that reported premium levels in excess of USD 1 billion.
This report follows the publication of ICMIF’s latest Global Mutual Market Share report in June, which provides a detailed analysis on the size and financial performance of the global mutual and cooperative insurance sector.
*Also includes organisations whose legal status may not be classified as “mutual” or “cooperative” in their national law, but whose structure and values reflect the mutual/cooperative form, such as fraternal benefit societies, friendly societies, Takaful providers, reciprocals, non-profits, exchanges, protection and indemnity (P&I) clubs, and limited companies owned by people-based organisations, community organisations and foundations.
** Total market data courtesy of Swiss Re’s sigma 4/2022 – World insurance: inflation risks front and centre , July 2022.
