Mutual share of the total insurance market is at an eight-year high

The largest insurance market in terms of mutual/co-operative market share is Finland (61%)

The global mutual and co-operative sector collectively wrote US$1.41tn in insurance premiums in 2022, taking the sector’s share of the total insurance market to an eight-year high of 26.3%.

According to the latest Global Mutual Market Share report, issued last month by the by the International Cooperative and Mutual Insurance Federation (Icmif), the global mutual insurance sector held US$10.0tn in assets in 2022.

The report also reveals that the mutual sector held a 32.5% market share in developed insurance markets. This is not the case in emerging markets, where the mutual sector’s share stood at 2.7% in 2022.

“This report provides a comprehensive analysis of the performance and market position of the co-operative and mutual insurance sector at a global and regional level, the only analysis of its kind in our sector,” said ICMIF president Rob Wesseling, who is also the chair and CEO of Canadian mutual the Co-operators.

“Our sector, unshackled by some of the pressures and competitiveness that can often block co-operation and collaboration among primarily profit-driven companies, is uniquely positioned to benefit from this type of research,” he added, “where we can showcase the strength of global co-operative and mutual insurers’ performance as a collective.

Related: Icmif Global 500 report showcases world’s largest mutual and co-op insurers

“The resilience and success of the mutual and co-operative insurance model over the last fifteen years, as observed in this research, affirms its capability as a robust and sustainable alternative to conventional insurance models in 2024 and beyond, as the sector has been for the last hundred years and more.”

ICMIF’s report includes analyses of the premium income, assets, investments, lines of business, number of employees, and number of members/policyholders of over 4,700 mutual and co-operative insurers operating across 80 countries and territories in 2022. The largest insurance markets in terms of mutual/co-operative market share were Finland (61%), Netherlands (59.6%), France (54.8%), Slovakia (46.9%), Germany (46.5%), Spain (46.5%) and Norway (46.5%). In addition to quantitative data, the report also includes case studies highlighting how some mutual and co-operative insurers supported their policyholders (members), local communities, and wider society in 2022.

“I am delighted to see Icmif launch the latest edition of our Global Mutual Market Share report,” said Shaun Tarbuck, CEO of Icmif. “The 2024 edition will give members a valuable update on the size and relevance of the global mutual and co-operative insurance sector.

“This year’s data for FY 2022 – the year the world emerged from the Covid-19 pandemic – provides the first indication of how our sector performed during the pandemic. We know the impact our sector had on the lives and livelihoods of billions of people across the world – but it’s hugely encouraging to see the strong financial performance of mutuals and also their growth compared to the rest of the insurance market.”

He added: “We have once again included a selection of case studies from Icmif members and the wider mutual and co-operative insurance sector in this year’s report in order to demonstrate the social and community impact of our business model in a post-Covid world. In the context of ongoing other global challenges, including the protracted war in Ukraine and weak international economic development, we will continue to report on the  performance of our sector and highlight how it continues to support policyholders, communities and societies in a way that differentiates itself from the rest of the insurance market.”