The International Cooperative and Mutual Insurance Federation (ICMIF) and the Association of Mutual Insurers and Insurance Cooperatives in Europe (AMICE) have jointly published the European Mutual Market Share 2023 report. The report shows that Europe’s mutual and cooperative insurers have seen steady growth in business in recent years, experiencing a 1.5% growth in premium volume in 2022 compared to the previous year. This marked the second successive year of premium growth for the region, following a 9.1% contraction in 2020. It comprises a 4.9% growth in non-life business and a 1.1% contraction in life business.
Liz Green, CEO Designate, ICMIF, presented the report at the AMICE/ICMIF 7th Insurance Stakeholders’ Dialogue (December 6, 2023), stating: “The mutual and cooperative insurance model’s positive performance in Europe is reflected in its premium income, which reached an all-time high of EUR 509 billion in 2022. In 11 of the last 15 years, the annual growth of the European mutual insurance sector exceeded that of the total European insurance market.
“The model’s success supports sustainable and inclusive economic development, promoting social cohesion and community development by encouraging member participation in decision-making, while providing employment opportunities for over 487,000 people in Europe in 2022,” Green concluded.
“Over the past ten years, gross written premiums for mutual/cooperative insurers have increased by more than 40%, and in 2022, European mutual and cooperative insurers held a market share of 33%. This reflects the continuing attraction of our sector’s qualities of customer-focus, strength, and stability,” said Grzegorz Buczkowski, AMICE President. He continued, “Sustainability, resilience, and solidarity with members/policyholders continue to characterize the activities and roles of mutual/cooperative insurers across Europe. This report confirms that members/policyholders continue to value these essential qualities of our community.”
Sarah Goddard, AMICE Secretary-General, commented, “Within EU Member States, mutual/cooperative insurers hold more than 40% market share in eight countries, and more than half of the market share in three of these. Additionally, the mutual market share increased in almost two-thirds of European countries in the decade from 2012. More than 500 million members/policyholders across 33 European countries derive their security from the mutual/cooperative insurance community, alongside the 487,000 people employed in the sector.”
