Market InSights 2015 - International Cooperative and Mutual

icmif
FINANCIAL
INSIGHTS
International Cooperative and Mutual Insurance Federation
Market InSights 2015
Latin America
INCLUDING
REGIONAL MUTUAL AND COOPERATIVE INSURANCE MARKET SHARE
MUTUAL LIFE AND NON-LIFE GROWTH AND MARKET COMMENTARY
THE 25 LARGEST LOCALLY-OWNED LATIN AMERICAN MUTUAL/COOPERATIVE INSURERS
www.icmif.org
LATIN AMERICAN MARKET SUMMARY
Despite a small contraction in regional economic growth, the Latin American insurance market
remained robust in 2015, growing by 4.6% in real terms1, only marginally slower than the
previous year (2014: +5.2%). In nominal terms, high inflation levels in the majority of countries,
most notably Venezuela and Argentina, boosted premium volume development in local currency
terms. However, a steep depreciation of virtually all local currencies against the US dollar
throughout 2015 resulted in an 11.6% decline in regional premium levels, falling to USD 155
billion from USD 175 billion in 2014. Since the onset of the global financial crisis, premium
volumes increased in five of the previous eight years accumulating to a total growth2 of 77%
from 2007 to 2015.
LATIN AMERICAN MUTUAL MARKET SUMMARY
Between 2007 and 2015, premium volumes of the mutual and cooperative (hereafter referred
to as “mutual”) insurance sector in Latin America experienced an aggregate growth of 114%. As
a result, mutual insurers’ market share increased from 9.9% in 2007 to a record 12.0% in 2015
(see Figure 1).
Latin American mutual insurers collectively wrote USD 18.6 billion in insurance premiums in
2015, representing a decrease of 5.1% from the previous year (2014: USD 19.6 billion). 2015
was the first year of premium decrease since 2007. However, the decline in mutual business
was not as severe as that of the total industry, resulting in a rise in mutuals’ share of the total
regional market, up from 11.2% in 2014.
Figure 1
Latin American mutual premiums and market share
20,000
14%
11.7%
11.4%
12.0%
11.7%
11.3%
11.3%
12%
11.2%
10.8%
12,000
9.9%
10%
8,000
8%
4,000
0
1
2
6%
2007
2008
2009
2010
2011
2012
2013
2014
Swiss Re, sigma No.03/2016, World insurance in 2015
Regional growth rates in terms of US dollar (USD), with other growth rates in terms of local currency (unless otherwise stated).
2015
Market share
Premium
USD millions
Premiums
(USD millions)
16,000
Mutual and cooperative insurers
in Latin America collectively held
a record market share of 12.0%
in 2015, a significant increase
from 9.9% in 2007
Since 2007, growth of the mutual sector exceeded the regional market average in four of the
previous eight years. During this period, mutual insurers collectively registered a compound
annual growth rate (CAGR) of 10.0%, compared to a 7.4% CAGR seen by the total regional
market.
Brazil, the region’s dominant insurance market, continued as the largest market in terms of
mutual premiums written in 2015, accounting for a quarter (USD 4.7 billion) of total Latin
American mutual business (see Figure 2). Argentinian mutuals wrote just under USD 4.5 billion
in insurance in 2015, representing 24% of the region’s total (up from a 19% contribution in
2014). The Mexican mutual sector also saw an increase in its contribution to regional business,
growing from 14% to nearly 17% in 2015 (USD 3.1 billion). Mutuals in Venezuela (USD 1.8
billion), Colombia (USD 1.2 billion) and Chile (USD 1.0 billion) all wrote more than USD 1 billion
in insurance premiums in 2015; just over 20% of total regional business was derived from
these three markets combined.
In 11 of the 15 Latin American markets featured in this report, mutual insurance accounted for
more than 10% of the national insurance market in 2015 (see Figure 3). In five markets, mutual
insurers collectively held more than 20% of their national markets, including Argentina and
Venezuela, the region’s third and sixth largest total insurance markets respectively.
Figure 3
Latin American mutual market share (2015)
Mutual market share (2015) by country
>25%
15-25%
10-15%
5-10%
<5%
THE LATIN AMERICAN MUTUAL AND
COOPERATIVE SECTOR IN 2015
USD 18.6 billion in premium income
12.0% share of the total regional market
USD 33.3 billion in total assets
Over 42,000 people employed
Approx 25 million members/policyholders
served
Figure 2
Country split of Latin American mutual
premiums (2015)
Other
2,338
Chile (4)
1,024
Brazil (1)
4,705
Colombia (5)
1,194
Venezuela (6)
1,755
Argentina (3)
4,497
Mexico (2)
3,102
Figures in USD millions
Numbers in brackets ( ) show regional premium rank as per
Swiss Re World Insurance in 2015
Paraguay had the highest penetration of mutual insurance in 2015, with mutual insurers accounting
for just under 30% of the total market in 2015 (29.6%). The mutual sector in Puerto Rico held 26.4%
of the national market and in Panama the mutual market share in 2015 was up to 24.1% (from 22.3%
in 2014). Mutuals also held a significant share of the national market in many other medium-sized
economies in the region, including Colombia (15.2%), Panama (24.1%) and Uruguay (14.9%).
MUTUAL MARKET SHARE GROWTH
Since 2007, 14 of the 15 Latin American markets experienced a growth in mutual market share. The
exception was the Colombian mutual market which saw its market share fall from 17.7% in 2007 to
15.2% in 2015, although the loss in market share can be attributed to a one-year fall in mutual life
premiums in 2015. In the other largest Latin American markets (ranked by mutual premium income),
mutuals held a higher market share in 2015 compared to 2007 (see Figure 4).
Figure 4
Mutual market share in the largest regional markets by mutual premiums
2015
6.8%
Brazil (14)
7.0%
2011
6.5%
2007
23.2%
Argentina (29)
26.0%
18.7%
12.3%
Mexico (26)
9.0%
8.4%
23.4%
Venezuela (44)
21.1%
18.1%
15.2%
Colombia (43)
18.5%
17.7%
0%
5%
10%
15%
Mutual market share
Numbers in brackets ( ) show global premium rank as per Swiss Re World Insurance in 2015
20%
25%
30%
Mutual insurers in Peru impressively grew their market share in seven of the previous eight years,
with year-on-year growth since 2010 (from 10.2% to 14.0% in 2015). Similarly, the mutual sectors
in Panama and Guatemala posted six years of positive market share growth in the eight-year period
since 2007.
Foreign-owned multinational mutual groups from Europe and North America hold an important stake
in the majority of Latin American mutual markets, and have been a key driver for growth since the
financial crisis. Emerging markets have been attractive to overseas insurers seeking to stimulate
premium growth, as suppressed demand in mature markets since the financial crisis has hampered
premium development.
Figure 5
Local and foreign-owned mutual
compound annual growth rates (CAGR)
since 2007
25%
20%
19.9%
18.4%
15%
% growth
In Brazil, mutual market share has remained constant, as growth of the mutual sector has mirrored
the growth of the total market since 2007. In contrast, Argentinian mutuals have considerably
increased their share of the national market, from 18.7% in 2007 to 23.2%; however, mutual market
share was lower in 2015 than in 2011 (26.0%). Mutuals in Mexico and Venezuela have experienced
a rise in their share of the local market compared with both 2007 and 2011 levels. Mexican mutuals
recorded a gain of almost four percentage points since 2007 (from 8.4% to 12.3%) and Venezuelan
mutuals of more than five percentage points (from 18.1% to 23.4%).
9.5%
10%
5%
-1.4%
0%
2007-2011
2011-2015
-5%
Local-owned mutuals
Foreign-owned mutuals
In recent years, however, growth in regional mutual business has been driven by locally-owned
mutuals rather than subsidiaries of foreign-owned mutuals. Between 2011 and 2015, the CGAR of
locally-owned mutual insurers in the region was 9.5% compared to -1.4% for foreign-owned mutuals
(see Figure 5).
At a country level, mutuals in just under half (seven) increased their market share in 2015 from the
previous year. Five countries also achieved a record market share in 2015: Mexico, Venezuela, Peru,
Costa Rica and Guatemala. Mutuals in Mexico and Costa Rica saw the strongest proportional growth
in mutual market share in 2015. Mexican mutual share reached 12.3% in 2015 increasing from
10.0% in 2014 and Costa Rican mutuals held a 6.3% share of the national market in 2015, up from
4.5% in the previous year.
Colombian mutuals recorded the largest loss in mutual market share in 2015, falling to 15.2% from
17.8% in 2014, due to a decline in mutual life business. Three of the largest mutual markets in terms
of market share (Argentina, Puerto Rico and Paraguay) experienced a contraction in market share
from the previous year. Uruguay, Chile and Brazil also saw a loss in market share, albeit to a smaller
extent.
Mutuals in Mexico, Venezuela,
Peru, Costa Rica and Guatemala
all achieved a record share
of their respective national
insurance markets in 2015.
LATIN AMERICAN MUTUAL LIFE AND NON-LIFE BUSINESS
Growth (in real terms) of the total Latin American insurance market in 2015 primarily stemmed from
an improvement in the life market. Real growth of life premiums accelerated to 7.5% in 2015 from
3.1% in 2014. Despite this, the devaluation of Latin American currencies (especially the Brazilian
real and Venezuela bolívar3) led to a premium decrease in USD terms, falling 11.4% in 2015.
The mutual life sector also reported negative growth in regional premium volumes in 2015 of
-10.2%, despite positive growth in the majority of markets in local currency terms. Mutual life
premiums in 2015 (USD 3.3 billion) were 52% greater than 2007 levels. However, in comparison,
the total life market almost doubled in the same period, resulting in a loss in the mutual sector’s
share of the regional life market, down to 5.1% from 6.4% in 2007 (see Figure 6).
Real growth in the total regional non-life sector (+2.3%) was more restrained than in the life sector
in 2015, and in comparison with the previous year (2014: +6.9%). Currency depreciation again
impacted regional non-life premium volumes in USD terms, with a decline of 12% from the previous
year. Despite the contraction, non-life business revenues remained more than two-thirds greater
than pre-crisis (2007) levels.
The regional mutual non-life sector performed far better, recording a less severe 3.9% drop in
premium volumes in 2015 to USD 15.3 billion (from USD 15.9 billion in 2014). Since 2007, mutual
non-life business has expanded by more than 135% and registered a CAGR of 11.3% (compared to
the market average CAGR of 6.6%). Mutual insurers held a higher proportion of the region’s non-life
market than of the life market. Mutuals’ share of the non-life market reached 17.2% in 2015, a
sizeable increase from the previous year (2014: 15.8%) and a gain of five percentage points since
2007 (12.2%).
Figure 6
Regional mutual life and non-life premiums and market share
17.2%
15.9%
15.2% 15.4%
16,000
12.2%
16.2%
17.2%
15.8%
16%
13.7%
14%
12%
12,000
8,000
18%
10%
6.4%
6.5%
6.6%
5.9%
8%
5.1% 4.7%
5.0%
5.0%
5.1%
6%
Market share
Premiums (USD millions)
20,000
4%
4,000
2%
0
2007
2008
2009
2007 2008
2010
2009
2011
2010
2012
2011
Life
3
20
2013
2012
0%
2013
2014
2015
2007 2008
2009
2010
2011
2012
2013
2014
2015
Non-life
Due to hyperinflation in Venezuela, a weighted exchange rate has been applied for converting the Venezuela bolívar into US dollars for 2015 and previous years, which takes in consideration other currencies being used in the
country and not just the fixed official rate. Therefore, some revisions and variations to past years’ figures (for both the Venezuelan market and regional market) will be noted.
MUTUAL LIFE MARKET COMMENTARY
Traditional life insurance sales accounted for just under 70% of Latin America mutual life
business written in 2015 (see Figure 7). More than a quarter of premium income (26.6%) came
from disability and health business and the remaining 5% of life business came from other
products lines, including less than 2% from pension and annuities.
Costa Rica has the highest prevalence of mutual business and the sector posted an impressive
25% premium growth in 2015, driven by group life policies, while the rest of the market
contracted by 6%. This resulted in a proportional growth of mutuals’ share of the life market
of one third, up from 36.9% in 2014 to 48.9%. In Mexico, the region’s largest mutual sector
in terms of life premiums, mutual market share advanced to a record 13.5% in 2015 (2014:
12.4%) due to 17% growth in premiums. Chilean mutuals reported life premium growth of
almost 40% (market average growth of 24%), although mutual penetration remained lower than
in other markets (2015: 4.0%).
Figure 7
Mutual life premiums by line of
business (2015)
Disability
and health
26.6%
Other
2.9%
Life
68.7%
Pension and
annuities
1.7%
Despite the overall growth in the mutual market share of life business across the region in
2015 (5.1% from 5.0% in 2014), mutuals in 11 of the 15 Latin American markets experienced a
fall in market share. Colombia suffered the largest loss in mutual market share, falling to 14.5%
from 23.2% in 2014. Colombian life premiums fell sharply in 2015 (-31%) for the second year
due to the cancellation of (loss-making) life contracts. In Puerto Rico, the mutuals’ share of the
total life market dropped to 17.6% in 2015 from 22.3% in the previous year. Paraguay, Peru and
Uruguay also saw a decrease in mutual market share in their respective life markets.
MUTUAL NON-LIFE MARKET COMMENTARY
Motor insurance was the largest line of mutual non-life business in Latin America, contributing
almost half (49.3%) of total regional premiums in 2015 (see Figure 8). It was the dominant line
of mutual business in the majority of Latin American markets, with more than a 50% share in
three of the five largest markets in the region (see Figure 9).
Workers’ compensation business accounted for 18% of regional mutual non-life business in
2015. This line of business was most prevalent in Argentina where it contributed 37% of the
country’s mutual non-life premiums (through mutually-owned Aseguradoras de Riesgos del
Trabajo, or ARTs). Over 95% of the region’s total workers’ compensation business was written by
these Argentinian ARTs.
In other lines of business, health insurance contributed 7.2% of total mutual premiums in
2014, with the highest concentration in Brazil (15% of the country’s total non-life premiums).
Transport and property premiums made up 4.5% and 3.7% of mutuals’ non-life business
respectively. Mexican mutuals had the highest proportion of property premiums (17%) out of
the region’s largest mutual markets in 2015. The remaining 17% of regional mutual non-life
revenue came from other insurance products, such as agricultural, personal accident and
liability lines.
Figure 8
Mutual non-life premiums by line
of business (2015)
Other
11.9%
Agriculture
2.4%
Accident/liability
3.1%
Property
3.7%
Transport
4.5%
Motor
49.3%
Health
7.2%
Worker’s
compensation
17.9%
As expected considering the region’s overall growth in non-life market share, over 70% of
markets increased their national mutual share in 2015. In Brazil, mutual non-life growth was
just under 10% stimulated by a rapid increase in agricultural insurance business and supported
by a second year of double-digit increases in motor premiums. Mutual growth remained ahead
of the market average (+6.2%), as the mutual sector’s share of the total market rose to 13.6%
in 2015 from 13.2% in 2014. Mutual insurers in Argentina reported an aggregate premium
growth of 36% in 2015 and overtook Brazil as the region’s largest non-life mutual sector.
However, growth was just below the market expansion (41%) and resulted in a third successive
year of loss in non-life market share (down to 27.8% from a peak of 32.3% in 2012).
The Mexican mutual sector recorded the most impressive premium development in 2015, as
huge increases in industrial risk and transportation premiums contributed to a 58% premium
growth (compared to market average growth of 10.8%). Mutual non-life insurers grew to hold
more than 10% of the market (11.3%) for the first time in 2015, increasing from 7.9% in 2014.
Mutual premiums surged in Venezuela as a result of soaring inflation in the country, although
the contribution to regional growth by Venezuelan mutuals was limited due to the devaluation of
the local currency. Nonetheless, growth of the national mutual sector exceeded the rest of the
market, resulting in an increase in non-life market share to a record 23.7% from 22.4% in 2014.
In other markets, mutuals in Peru and Panama posted the strongest growth in non-life market
share in 2015, increasing to 17.3% (from 15.4% in 2014) and 21.6% (from 19.3%) respectively.
The Puerto Rican non-life mutual sector, the region’s largest in terms of mutual share, saw
renewed growth in 2015, taking its market share up to 32.7% in 2015 (2014: 31.6%). Non-life
business growth of mutual insurers in Ecuador, Uruguay, Guatemala and Colombia all exceeded
the local market average, in contrast to the loss of mutual share in their respective life markets.
Figure 9
Lines of mutual non-life business by country (2015) in the five largest mutual non-life markets
Motor
Brazil
Worker’s compensation
Health
Argentina
Transport
Property
Venezuela
Accident/liability
Agriculture
Mexico
Other
Colombia
0%
10%
20%
30%
40%
50%
60%
% of national non-life business
70%
80%
90%
100%
Figure 10
The 25 largest locally-owned mutual insurers in Latin America
2015
Rank
2014
Rank
1
Gross written premiums (USD ‘000)
2015
2014
2013
% growth
2014-2015*
1,567,720
1,285,860
1,421,520
+39.1%
767,369
814,683
+45.3%
1,012,854
695,739
+8.9%
Company
Country
1
Grupo Sancor Seguros
Argentina1
2
3
San Cristóbal Seguros
Argentina
977,277
3
2
Unimed Seguros
Brazil
779,283
4
4
La Segunda
Argentina
677,991
581,436
647,386
+33.0%
5
6
Seguros Rivadavia
Argentina
411,438
313,430
295,805
+49.7%
6
5
Cooperativa de Seguros Múltiples
Puerto Rico
316,504
327,639
329,245
-3.4%
7
8
La Equidad Seguros
Colombia
171,300
185,639
143,195
+26.4%
8
7
Aseguradora Solidaria
Colombia
149,223
211,622
173,104
-3.4%
9
10
Cooperacion Seguros Coop Mutual - Patronal
Argentina
89,215
69,447
75,250
+46.5%
10
13
Río Uruguay Seguros
Argentina
77,545
51,228
52,991
+72.7%
11
9
COSVI
Puerto Rico
71,631
85,516
86,174
-16.2%
12
11
Mutual de Seguros de Chile
Chile
65,511
60,227
62,441
+24.7%
13
12
Segurcoop
Argentina
61,219
52,361
64,379
+33.4%
14
14
Sociedad de Seguros de Vida del Magisterio Nacional
Costa Rica
54,624
46,900
40,917
+15.6%
15
15
Mutualidad de Carabineros
Chile
48,651
46,880
47,495
+19.0%
16
19
Triunfo Seguros
Argentina
38,068
27,367
27,582
+58.7%
17
17
Segurometal
Argentina
36,851
30,626
38,040
+37.3%
18
18
La Nueva
Argentina
34,129
28,140
31,653
+38.4%
19
16
Mutual del Ejercito y Aviación
Chile
33,655
36,798
39,883
+4.9%
20
21
Seguros FEDPA
Panama
25,568
18,402
20,068
+38.9%
+115.1%
21
26
Productores de Frutas
Argentina
24,423
12,950
7,867
22
20
SURCO Seguros
Uruguay
21,920
23,340
23,720
+10.1%
23
25
El Progresso Seguros
Argentina
15,289
13,522
15,319
+29.0%
24
24
COLUMNA
Guatemala
14,969
13,589
12,032
+9.6%
25
27
Copan Seguros
Argentina
14,416
10,461
10,514
+57.2%
ICMIF members highlighted in orange
* Growth in terms of local currency
1
Also includes group business written in Uruguay, Paraguay and Brazil
TOTAL ASSETS OF THE MUTUAL SECTOR
Figure 11
Total assets of the mutual sector
40,000
35,000
Total assets (USD millions)
Mutual insurers in Latin America collectively held USD 33.3 billion in total assets in 2015
(see Figure 11). This represented a decrease of 5.5% from the previous year (2014: USD 35.2
billion) as currency depreciation put pressure on regional asset values in USD terms. However,
in local currency terms, virtually all Latin American markets (93%) reported an increase in total
assets from the previous year (2014).
Since 2007, total assets of the mutual sector experienced 115% growth. Mutuals’ assets
had grown year-on-year between 2007 and 2014, and the eight-year CAGR to 2015 was 10%
(matching the CAGR growth in mutual premium income between 2007 and 2015).
Mexico overtook Brazil as the largest market in terms of mutual insurers’ assets in 2015
(see Figure 12) with just under USD 8 billion in total assets, a 30% growth from the previous
year. Brazilian mutuals’ asset values fell to USD 7.4 billion in 2015, although growth from
the previous year in local currency terms was robust at 8.5%. In Argentina, mutual insurers’
aggregate assets grew by a third as they held more than USD 5 billion for the first time in
2015. Four other markets had mutual asset values of more than USD 1 billion in 2015: Chile,
Colombia, Venezuela and Puerto Rico. The seven largest markets contributed 93% of the
region’s total mutual assets.
30,000
25,000
20,000
15,000
10,000
5,000
0
20
2007 2008 2009 2010 2011 2012 2013 2014 2015
Figure 12
The largest Latin American markets in terms of total mutual assets (2015)
Mexico
7,902
Brazil
7,352
Argentina
5,630
Chile
3,248
Colombia
2,713
Venezuela
2,185
Puerto Rico
1,925
Peru
918
Panama
510
Uruguay
250
Other
689
0
1,000
2,000
3,000
4,000
Total assets (USD millions)
5,000
6,000
7,000
8,000
METHODOLOGY
ICMIF’s definition of “mutual and cooperative” in this report includes organizations whose
legal status may not be classified as such in their national law, but whose structure and values
reflect the mutual/cooperative form, i.e. companies which are owned by, governed by and
operated in the interests of their member policyholders. These include limited companies
owned by people-based organizations, friendly societies, reciprocals, non-profits, community
organisations and foundations.
Extending the definition in this way has enabled us to include all organizations which operate
on mutual/cooperative principles, in line with our research objectives, without being restricted
by legal definitions of which there is a wide variety across the globe and some of which are
particular to one country alone.
Variable currency exchange rates were used for the different years, with all figures converted
into US Dollars (USD). This allows for a more accurate calculation of mutual market share, as
exchange rates are consistent with those used by Swiss Re to calculate Latin American figures.
Growth figures of individual markets are calculated in terms of local currency throughout the
report, to eliminate the misleading effects of exchange rate fluctuations and thus ensure
accurate year-on-year comparisons.
APPENDIX - MUTUAL MARKET SHARE IN LATIN AMERICAN MARKETS
Country
Global
premium
rank*
Total mutual
market share
% growth
2014-2015
Life mutual
market share
% growth
2014-2015
Non-life
mutual market
% growth
2014-2015
2015
2014
2015
2014
2015
2014
Brazil
14
6.8%
6.9%
-0.8%
0.9%
0.9%
+3.8%
13.6%
13.2%
+3.4%
Mexico
26
12.3%
10.0%
+23.3%
13.5%
12.4%
+9.1%
11.3%
7.9%
+42.6%
Argentina
29
23.2%
23.9%
-3.2%
2.2%
2.7%
-19.1%
27.8%
28.9%
-3.7%
Chile
37
9.0%
9.2%
-1.6%
4.0%
3.6%
+11.6%
17.0%
17.1%
-0.6%
Colombia
43
15.2%
17.8%
-14.6%
14.5%
23.2%
-37.7%
15.5%
15.5%
+0.2%
Venezuela
44
23.4%
22.1%
+5.8%
3.1%
3.2%
-0.4%
23.7%
22.4%
+5.8%
Peru
48
14.0%
13.8%
+1.0%
10.4%
12.1%
-14.5%
17.3%
15.4%
+11.9%
Ecuador
55
10.6%
10.3%
+2.7%
22.0%
22.8%
-3.5%
8.4%
8.2%
+2.7%
Panama
65
24.1%
22.3%
+8.0%
32.0%
32.1%
-0.4%
21.6%
19.3%
+12.0%
Uruguay
68
14.9%
15.2%
-2.0%
14.0%
16.4%
-14.6%
15.3%
14.7%
+4.4%
Costa Rica
75
6.3%
4.5%
+37.9%
48.9%
36.9%
+32.6%
0.0%
0.0%
n/a
Dominican Republic
82
0.7%
0.8%
-7.3%
1.9%
2.1%
-9.0%
0.6%
0.6%
-7.1%
Guatemala
84
13.8%
13.3%
+3.4%
24.9%
26.2%
-5.1%
11.1%
9.9%
+11.6%
Puerto Rico(1)
n/a
26.4%
28.3%
-6.9%
17.6%
22.3%
-20.8%
32.7%
31.6%
+3.3%
Paraguay
n/a
29.6%
30.8%
-3.9%
16.5%
17.4%
-5.4%
31.6%
32.6%
-3.1%
12.0%
11.2%
+7.4%
5.1%
5.0%
+1.3%
17.2%
15.8%
+9.1%
Total
* As per Swiss Re
(1) Figures for non-life insurance in Puerto Rico exclude Health and Disability insurance
Market InSights: Latin America 2015
The research team at ICMIF:
Project Manager: Ben Telfer (ben@icmif.org)
Editing: Faye Lageu
Report design: Nick Easton
Published August 2016
Copyright © International Cooperative and Mutual Insurance Federation (ICMIF) 2016
All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means,
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prior permission in writing from the publisher.
ICMIF Market InSights reports are a series of market-specific reports compiled using the latest data from ICMIF’s
Global Mutual Market Share research, a market intelligence report on the size of the global mutual and cooperative
insurance sector. Published annually alongside the ICMIF Global 500, a definitive list of the 500 largest mutual and
cooperative insurers in terms of premium income, the report highlights how since 2007 the mutual and cooperative
model has been the fastest growing part of the global insurance market; maturing from a global share of 23.7% to
27.0% in 2014.
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