The International Cooperative and Mutual Insurance Federation (ICMIF) said its members wrote a record level of premium income in 2015.
According to the organisation, ICMIF members collectively wrote US$307 billion in insurance premiums last year and held US$2 trillion in total assets and 6.8% share of the global market.
Cooperative and mutual insurers that are part of the ICMIF also employed more than 300,000 people in 2015 and served 365 million policyholders.
Since 2007, ICMIF members have grown their premium income by 18%, outperforming the entire insurance industry which has posted 8% growth.
“Mutual and cooperative insurers performed robustly in 2015 as they continued to expand their global reach, shown by a growth in aggregate premium income; numbers of policyholders served and people employed around the world,” said ICMIF chief executive Shaun Tarbuck.
He explained that mutual and cooperative insurers continue to show their relevance at a regional level, holding an important stake in the European and North American markets and a growing influence in the African and Latin American markets.
“The latest data shows that mutual and cooperative insurers continue to be the fastest-growing part of the global insurance industry since the financial crisis,” Tarbuck said.
Related stories:
Report shows rising global status of this insurance sector
Mutual, cooperative insurers last long and sustain robust growth
