A new report says members of the cooperative and mutual insurance sector have grown at a significantly faster aggregate rate than both the global insurance market as a whole and the total cooperative and mutual insurance market since 2007.
The report by the International Cooperative and Mutual Insurance Federation (ICMIF) said that its 197-member organizations have achieved an aggregate growth of more than 39 per cent, compared to global market growth of 16.8 per cent.
Since 2007, ICMIF members increased their collective premium volume by 39.3%. This exceeded the total cooperative/mutual market by more than 10 percentage points (29.2%) and was also considerably greater than the total market average, which grew by a total of 16.8%.
The report noted that in 2017 ICMIF members had US$232 billion in premium income; US$1.7 trillion in total assets, employed more than 220,000 people and had 300 million members/policyholders.