Mutual and co-op insurers generated a record US$1.61tn in premium income in 2024 and maintained a 26.1% share of the global insurance market, according to the latest Global Mutual Market Share report published by the International Cooperative and Mutual Insurance Federation (Icmif).
The report provides the most comprehensive assessment of the global mutual and co-op insurance sector, drawing on data from more than 4,700 mutual insurers across 80 countries and territories.
The findings show that the sector continue to strengthen its position within the global insurance industry, achieving the highest premium volume ever recorded while maintaining more than one-quarter of the worldwide insurance market.
Key findings include a record premium income of US$1.61tn in 2024, up from US$1.5tn in 2023; and a 26.1% share of the global insurance market, broadly unchanged from 26% in 2023, demonstrating the continued resilience of the mutual insurance model.
Total assets stand at US$10.8tn, with investments reaching US$9tn.
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Approximately 856 million members and policyholders are being served worldwide, the report adds, while around 1.2 million people are employed across the global mutual insurance sector.
The report highlights the continued strength of mutual insurers in many of the world’s largest markets. Mutual insurers hold market shares of 40% or more in countries including the US, France and Germany, while accounting for more than a quarter of the market in 19 countries.
“At a time when trust is increasingly hard won, these findings demonstrate why mutual and co-operative insurers continue to be trusted to deliver for their members, customers and communities,” said Icmif CEO Liz Green.
“The record premium income is not simply a measure of financial performance. It reflects the enduring strength of a business model built on member ownership, long-term stewardship and service rather than short-term shareholder returns. Mutual insurers continue to demonstrate that commercial success and social purpose go hand in hand.
“In an environment shaped by economic uncertainty, technological disruption and changing customer expectations, the mutual sector continues to adapt, innovate and grow while remaining focused on creating long-term value for the people and communities it serves.”
While the report highlights the sector’s continued strength in established insurance markets, it also points to significant opportunities for mutual and cooperative insurers to expand their presence in emerging markets, where mutual insurance currently represents just 3% of total insurance premiums.
