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Mutual and cooperative insurers hit record $1.61T in 2024 premiums
ICMIF said the mutual model kept a 26.1% global market share in 2024, even as premiums rose from $1.50T in 2023.
Mutual and cooperative insurers generated record premium income of $1.61 trillion in 2024, while maintaining a 26.1% share of the global insurance market, according to the International Cooperative and Mutual Insurance Federation's Global Mutual Market Share 2026 report, via Reinsurance News.
The 2024 figure compares with $1.50 trillion in premiums in 2023, with ICMIF noting the market share has broadly stayed around the same level, underscoring what it described as the resilience of the mutual insurance model.
ICMIF also reported total assets of $10.8 trillion, with investments reaching $9 trillion. The sector serves about 856 million members and policyholders worldwide and employs around 1.2 million people, based on data from over 4,700 mutual insurers across 80 countries and territories.
The report said mutual insurers hold 40% or more of market share in countries including the United States, France, and Germany, and account for more than one-quarter of the insurance market in 19 countries. It added that mutual insurance represents just 3.0% of total premiums in emerging markets, highlighting potential growth opportunities.