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The insurance sector mutuals is growing faster than the total market

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November 23, 2018 09:30

Photo : Freepik

A new report indicates that members of the insurance sector, mutuals and cooperatives have grown at an overall rate much faster than that of the whole of the insurance market and the global market of insurance mutuals and cooperatives since 2007.

The report of the International Cooperative and Mutual Insurance Federation (ICMIF) indicates that its 197 member organizations have registered an overall growth of more than 39 %, against 16.8% for the global markets.

Premium increase 39.3 %

Since 2007, members of the ICMIF have increased their volume of premiums collective 39.3 %. This figure exceeds by more than 10 percentage points of the total market share of cooperatives/mutual insurance companies (29.2 percent) and is also significantly above the average of the total market, increase of 16.8 % in total.

The report noted that in 2017, the members of ICMIF, had a turnover of 232 billion US dollars. The companies had a total assets of 1.7 trillion dollars, employed more than 220 000 people and had 300 million members/insureds.

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