The International Cooperative and Mutual Insurance Federation (Icmif) has released the 2023 edition of its Global 500 report, which shows the world’s top mutual and co-operative insurers collectively wrote US$1.3tn in insurance premiums in 2021, 8% more than in 2020 ($1.2tn).
The report, which ranks the world’s top mutual and co-operative insurers in terms of premium income, features 78 Icmif member organisations, an increase from 73 last year, and 66 in 2019.
According to the report, the Global 500 mutual and co-op insurers witnessed growth in non-life premiums, which went up by 8.3% to US$670bn in 2021(2020: US$619bn). An increase of 7.7% for 2021 was also registered for life business which reached USD 673 billion (2020: US$625bn).
US mutual insurer State Farm (USA) was ranked first, making it the largest mutual/co-operative insurer in the world in 2021. Japanese co-operative insurer Zenkyoren was ranked as the largest Icmif member (and second overall) in the Global 500 rankings.
Other co-operative and mutual insurers featured in the ranking included Achmea (Netherlands), R+V Versicherung (Germany), Royal London (UK), Unipol (Italy), and Aéma Groupe (France), who were all ranked amongst the largest 30 mutual/co-operative insurers. There were 34 Icmif members that reported premium levels in excess of $1bn.
The full report is available to Icmif members.