By Miles Hadfield
Co-op insurers have been bucking local trends for market growth over the last financial year, according to figures from the International Cooperative and Mutual Insurance Federation (ICMIF).
The latest edition of the ICMIF Members: Key Statistics 2022 report shows that 70% of ICMIF members exceeded their local market’s annual growth.
These results follow positive findings from the ICMIF Members Sustainable Investment Report 2021, where 80% of ICMIF members named in the study exceeded the total market’s annual premium growth for last year.
The ICMIF Members: Key Statistics 2022 report provides analysis of the collective performance of the 200 members that make up ICMIF today and how they perform against the wider market in both long-term and short-term comparisons.
Key findings include US$247bn (£190bn) in premium income; US£2tn (£1.5tn) in total assets; Over 226,000 people employed by member organisations; 356 million members and policyholders served; 70.3% of ICMIF members exceeded their local market’s annual growth
In 2020, ICMIF members wrote an aggregate of US$247bn in insurance premiums, of which 45% – US$112bn (£86bn) was in life insurance and 55% – US$35bn (£27bn) was in non-life (including health) insurance.
ICMIF members, as a collective, saw their held assets surpass U$2tn for the first time in the Federation’s history.
CEO Shaun Tarbuck said: “The findings of the new ICMIF Members: Key Statistics report are hugely encouraging and we can clearly see that the mutual and cooperative insurance sector is continuing to grow, with 70.3% of ICMIF members outperforming their local markets. The 200 member companies of ICMIF have recorded US$247bn in premium income and they serve 356 million member/policyholders.
“In 2022, ICMIF is celebrating its centenary year and to do so knowing that our members’ held assets have surpassed US$2tn for the first time in our 100-year history is an additional reason for us to celebrate.”
Also included in ICMIF Members: Key Statistics 2022 is analysis of ICMIF members based on legal structure, location, and affinity group, as well as a list of ICMIF’s 50 largest members today.
-ICA CoopNews
