ICMIF has just published the second edition of ICMIF Members: Key Statistics 2010, which analyses in detail the financial data about member companies at a global and regional level. The report highlights how the premium income of ICMIF members increased by 3.4% in 2010 compared with the previous year. This growth in premium income was just below that of the total insurance market, with members maintaining a global market share of 5.56%. A similar growth was experienced in life and non-life premiums of member companies, with a market share in 2010 of 4.79% and 6.62% respectively. The most encouraging findings from the report are the two-year analysis of members’ premiums, which saw a growth of 14% in the period 2008-2010, well ahead of the total market which only grew by 1.6%; with exceptional growth in the life business of members of 17.3%. As a result, ICMIF members increased their total market share by 12.2% during this period.
The report also includes a regional analysis of premiums and market share, which continued to show members in Asia (8.3%) and Europe (7.4%) with the greatest market share, with both regions contributing to nearly 90% of total premium income for members in 2010. The split between life and non-life business for the regions highlights the larger market share in the non-life sector for ICMIF members, with the exception of North American members who increased their life market share by 3.1%. Asset growth for members over the period 2008-2010 is especially encouraging, with significant growth in all six regions over the past year contributing to a global increase of 6.2%. The largest and fastest-growing ICMIF members in 2010 are shown in premium tables, split between developed and developing nations, and for the life, non-life and health sectors, with over 80 different members from 33 countries cited.
The report was distributed to delegates at the recent ICMIF Biennial Conference in Manchester and provided statistical evidence that highlighted and confirmed the conference theme of ‘It’s Our Time’.