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In 2021, over 4,400 mutual insurers collectively wrote USD 1.42 trillion in insurance premiums, the highest level of premium volume ever recorded by the mutual sector, according to the International Cooperative and Mutual Insurance Federation’s latest Global Mutual Market Share report.
The report is ICMIF’s annual statistical study on the size and financial performance of the global mutual and cooperative insurance sector.
According to the ICMIF, it includes a detailed analysis of the premium income, assets, investments, number of employees and number of members/policyholders of over 4,400 mutual and cooperative insurance companies in 79 countries and territories in 2021.
The Federation’s report found that mutual insurers collectively wrote USD 1.42 trillion in insurance premiums in 2021, the highest level of premium volume ever recorded by the mutual sector.
Meanwhile, mutual insurers’ share of the global insurance market was 26.2% in 2021 down slightly from 2020’s 26.4%.
However, excluding China, the second-largest insurance market in the world with negligible mutual penetration, the ICMIF suggests the mutual sector’s market share stood at 30.1% in 2021, a ten-year increase from a market share of 29.5% in 2011.
In developed insurance markets, the mutual sector held a 32.3% market share in 2021, an increase from 31.4% in 2011.
Rob Wesseling, President and CEO, Co-operators (Canada) and Chair of ICMIF, said, “The mutual and cooperative insurance model’s positive performance is reflected in its premium income, which reached an all-time high of USD 1.4 trillion in 2021, with positive annual growth in 12 out of 14 years since 2007.
Wesseling continued, “The model’s success supports sustainable and inclusive economic development, promoting social cohesion and community development by encouraging member participation in decision-making, whilst providing employment opportunities for 1.1 million people worldwide in 2021.”
Shaun Tarbuck, Chief Executive, ICMIF, commented, “ICMIF is delighted to publish the latest edition of its comprehensive Global Mutual Market Share research.
“The 2023 edition provides a much sought-after update on the size and relevance of the global mutual and cooperative insurance sector and shows how resilient the mutual/cooperative market was over the course of the Covid-19 pandemic.
“The case studies from ICMIF members included in this year’s report really do demonstrate the social and community impact of the mutual/cooperative business model, especially during times of crisis.
“In the context of many more global challenges faced across the world, we will continue to report on the performance of the global mutual/cooperative and how the sector continues to support policyholders, communities and societies in a way that differentiates itself from the rest of the insurance market.”
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