The world’s 500 largest mutual and cooperative insurance companies have once again been ranked by the International Cooperative and Mutual Insurance Federation (ICMIF) in the 2019 edition of its Global 500 report.
According to this year’s report, the world’s largest mutual and cooperative insurers (ranked by premium income for year-end 2017) collectively wrote just under USD $1.2 trillion in insurance premiums in 2017. Aggregate premiums of Global 500 companies grew in 2017 by 1.1 percent from the previous year. In terms of lines of business, there was stronger growth in non-life premiums, increasing 4.5 percent to USD $569 billion in 2017. Life business of Global 500 companies decreased by 1.9 percent in 2017, falling to USD $603 billion.
In this year’s Global 500, U.S. mutual insurer State Farm (USA) was again ranked as the largest mutual/cooperative insurer in the world. Japanese cooperative insurer and ICMIF member Zenkyoren was ranked as the second largest. A total of 66 ICMIF members are featured in the Global 500 rankings, including 10 of the 30 fastest-growing mutual/cooperative insurers. NCBA CLUSA member Nationwide was ranked the fourth largest insurer, reflecting a significant 6.9 percent growth rate.
The average longevity (i.e. the age or number of years in business) of the world’s 500 largest mutual insurance companies is 97 years, supporting the theory that mutual and cooperative insurers are closely associated with sustainability, stability and long-termism. Notably, 235 (equivalent to 48 percent) of the Global 500 have been in operation for 100 years or more; 71 (or 14 percent) have been in business for 150 years or more; and 16 companies (3.3 percent) are over 200 years old.
This is the 10th edition of the report, which is published annually alongside Global Mutual Market Share, ICMIF’s market intelligence report on the size and financial performance of the global mutual and cooperative insurance industry (published in February 2019).
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