12th June 2022
Europeans have been increasingly turning to mutual and cooperative insurers in Europe and are choosing to embrace the mutual/cooperative member/policyholder insurance model when considering insurance options. This is one of the key conclusions to come from the new AMICE/ICMIF 2020 Mutual Market Share Report that was presented this week to AMICE delegates at its Congress in Mainz, Germany. The report covers 28 countries: 23 EU Member States, Norway, Serbia, Switzerland, Ukraine and the UK.
Key findings are:
-Mutual/cooperative insurers are now responsible for more than one-third of all insurance in Europe, with a market share of 33.4% in 2020, representing premium income of E469bn. This is a significant increase over the past ten years: in 2011, European mutual/cooperative insurers collectively wrote E352.5bn in insurance premiums, a share of 29.7% of total European insurance underwritten;
-Over the ten-year period 2010-2020, mutual/cooperative insurers achieved a total premium volume increase of 32.1%. For non-life premium growth the figure is higher: 38.9%. The equivalent figures for the total market are 14.3% growth and 27.8% growth respectively;
-In 2019-2020, mutual and cooperative insurers have increased their share in several local insurance markets, particularly in France(5.1%) and Sweden(5%). The sector’s market share is 60%+ in the Netherlands, just under 60% in France and more than 50% in Austria, Slovakia, Denmark and Sweden. It is approaching 50% in Finland and Germany.
AMICE president, Grzegorz Buczkowski, said “Europeans are increasingly recognising and placing a heightened value on the mutual/cooperative insurance approach to managing risk. In addition to the coverage offered, consumers appreciate the focus on values such as sustainability, service, democracy and support to society.”
Sarah Goddard, secretary general of AMICE, said “This newly-published research shows that mutual/cooperative insurers have consistently increased their market share in recent years, even so far as showing increases in premiums written when the consolidated European insurance market is showing a decline in premium income. European policyholders are proving that the mutual/cooperative insurance model is regarded for its strength and stability, and valued for its customer-centric approach.”
AMICE Trends(21 articles)