According to a report from the International Cooperative and Mutual Insurance Federation (ICMIF), 70% of members exceeded their local market’s annual growth over the last financial year.
These results follow positive findings from a recent 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 ICMIG report analyses 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.
The report also found that $247 billion was made in premium income, with 2 trillion in total assets and over 226,000 people have been employed by member organisations.
In 2020, ICMIF members wrote an aggregate of $247 billion in insurance premiums, of which 45% (USD 112 billion) was in life insurance and 55% ($135 billion) was in non-life (including health) insurance.
ICMIF members, as a collective, saw their held assets surpass $2 trillion for the first time in the Federation’s history.
Shaun Tarbuck, Chief Executive of ICMIF, 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 $247 billion 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 $2 trillion for the first time in our 100-year history is an additional reason for us to celebrate.”