The global market for mutual insurers is growing, according to Shaun Tarbuck, chief executive of the International Cooperative and Mutual Insurance Federation.
Speaking in an interview to be featured in the October edition of Intelligent Insurer, Tarbuck says that the financial crisis has prompted many customers to question the priorities of shareholder-backed financial entities and, as a result, mutuals are growing in popularity. This has led to significant growth in the sector.
“The mutual insurance industry has grown around the world, and not just in isolated pockets,” Tarbuck says. “That growth is demonstrated both in the industry’s solvency and in premiums.”
In 2007, mutuals represented 23.5 percent of the global insurance market. Despite all the challenges mutuals face, such as Solvency II, their market share had grown to 26 percent by 2010.
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Mutual insurers, Shaun Tarbuck, International Cooperative and Mutual Insurance Federation