Mutual insurers' premium production hit record EUR 406 billion in 2015
The report, jointly launched by Association of Mutual Insurers and Insurance Cooperatives in Europe (AMICE) and the International Cooperative and Mutual Insurance Federation (ICMIF), at AMICE's Annual General Meeting in Brussels, shows that mutual and cooperative insurers in the EU served 414 million member/policyholders through c. 3,000 mutual and cooperative insurance companies. Mutual and cooperative insurers held a 32.4% share of the total EU insurance market in 2015. In 17 EU countries that share was more than 20%. The mutuals' share was above 40% in France, Germany and the Netherlands, three of the five largest EU markets.
"All these numbers show that the mutual model of customer focus, solidarity and sustainability, put into practice by mutual and cooperative insurers, continues to prove its value to our insured members as well as to financial markets and national economies," stated AMICE's President, Grzegorz BUCZKOWSKI.
This is the fourth year that ICMIF and AMICE have collaborated on this report, based on the data the global association collects on the sector. Data on premiums, market shares, members/policyholders, employment, and assets for the European mutual and cooperative insurance market (36 countries) and for the EU markets for life and non-life give an accurate overview of the mutual and cooperative insurance sector. AMICE also launched a new collection of good practices undertaken by its members for staff, member-policyholders and society. The publication comprises 33 case studies describing initiatives in a diverse range of areas including digital solutions, claims management and health initiatives.
The report also shows a strong role for mutuals in such newer EU members from Central and Eastern Europe as Slovakia and Romania. "The mutual sectors in these markets are made up of subsidiaries of multinational mutual groups from Western Europe which entered the market through acquisitions of local insurers following privatization," the report reads. In other CEE countries, as Poland, Slovenia, Bulgaria and Hungary, there are present also domestic mutual insurers. Overall, the mitual insurers' presence in the region is increasing in relevance.