Global market share of mutual and cooperative insurers remains robust
The International Cooperative and Mutual Insurance Federation (ICMIF) has released new statistics which shows that the mutual/cooperative insurance sector maintained a 27 percent global market share for a consecutive year.
The publication of the latest ICMIF Global mutual and cooperative market infographic 2016 shows its market share by premiums in 2015, according to the latest statistical research from the International Cooperative and Mutual Insurance Federation (ICMIF).
The sector has growth steady in recent years. Its market share in 2007 was 23.7 percent.
The mutual and cooperative sector remains the fastest-growing part of the global insurance market since 2007, with a cumulative growth of 21 percent in premium income during this period, compared to an 8 percent increase for the overall global insurance market.
The growing social impact of mutual and cooperative insurance is also highlighted in this latest research by ICMIF, with over 1.11 million people employed by the sector across the world in 2015.
The sector also serves over 960 million people as members or policyholders of mutual/cooperative insurers, representing a 10% growth in membership numbers over the previous three years (2012: 880 million). The global relevance of the mutual and cooperative model is also highlighted in the infographic, as almost 5,000 mutual and cooperative insurers were operating in over 90 countries across all six continents in 2015.
Shaun Tarbuck, chief executive of ICMIF, said: “Mutual and cooperative insurers performed robustly in 2015 as they continued to expand their global reach, shown by a growth in the aggregate number of policyholders served and people employed around the world.
“The strong dollar in 2015 somewhat masked the financial performance of the sector, as there was not the strong increases in premium volumes, market share and total assets as we have consistently seen in previous years. Despite this, mutuals and cooperatives continued to show their relevance at a regional level, holding an important stake in the European and North American markets and a growing influence in the African and Latin American markets.”
