According to the latest Global Mutual Market Share (MMS) report published today by the International Cooperative and Mutual Insurance Federation (ICMIF), mutual and cooperative insurers generated record premium income in 2024 of $1.61 trillion, while maintaining a 26.1% share of the global insurance market.
The Global Mutual Market Share 2026 report explained that the 2024 reported data sits in comparison to 2023’s $1.50 trillion, with a 26% market share, which has broadly remained unchanged, demonstrating the continued resilience of the mutual insurance model.
Liz Green, Chief Executive Officer, ICMIF, commented, “At a time when trust is increasingly hard won, these findings demonstrate why mutual and cooperative insurers continue to be trusted to deliver for their members, customers and communities.
“The record premium income achieved in 2024 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.”
Meanwhile, total assets are reported at $10.8 trillion, with investments reaching $9 trillion. There are approximately 856 million members and policyholders currently being served globally, and around 1.2 million people employed across the global mutual insurance sector.
The report provides the most comprehensive assessment of the global mutual and cooperative insurance sector, drawing on data from over 4,700 mutual insurers across 80 countries and territories.
The report also highlights the continued strength of mutual insurers in many of the world’s largest insurance markets. It explained that mutual insurers hold market shares of 40% or more in countries including the United States, France and Germany, while accounting for more than one-quarter of the insurance market in 19 countries globally.
Green added, “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 3.0% of total insurance premiums.
