The Association of Mutual Insurers and Insurance Cooperatives in Europe (AMICE), in collaboration with the International Cooperative and Mutual Insurance Federation (ICMIF), unveiled the European Mutual Market Share 2023 report, showcasing the robust performance of the mutual and cooperative insurance sector in Europe.
The comprehensive statistical study reveals that the mutual and cooperative insurance market in Europe has continued its upward trajectory, accounting for an impressive 33.0% share of the total European insurance market.
The report documents a notable growth in premium volume, reaching an all-time high of EUR 509 billion in 2022, marking the second consecutive year of growth for the sector.
Key figures and findings from the report include total assets amounting to EUR 3.67 trillion, employment opportunities for over 487,000 individuals, and service to approximately 507 million members and policyholders.
The sector experienced a 1.5% growth in premium volume in 2022, consisting of a 4.9% increase in non-life business and a 1.1% contraction in life business.
Liz Green, CEO Designate of ICMIF, presented the report at the AMICE/ICMIF 7th Insurance Stakeholders’ Dialogue, emphasising the positive impact of the mutual and cooperative insurance model on economic development and social cohesion.
Green highlighted the model’s success in promoting sustainable practices and inclusive growth, with a focus on member participation in decision-making.
Grzegorz Buczkowski, AMICE President, emphasised the sector’s customer-centric approach, strength, and stability, noting that mutual and cooperative insurers have increased gross written premiums by more than 40% in the past decade.
Buczkowski highlighted the sector’s sustained market share of 33%, attributing it to the enduring appeal of its qualities.
Sarah Goddard, AMICE Secretary General, underscored the significant market presence of mutual and cooperative insurers within the EU, holding over 40% market share in eight countries and more than half in three.
She noted that the mutual market share increased in nearly two-thirds of European countries between 2012 and 2022, reinforcing the importance of the mutual and cooperative insurance community for more than 500 million members across 33 European countries.
