The US mutual insurance sector continued to outperform the rest of the industry and achieved a record high share of the market in 2015, according to the latest research from the International Cooperative and Mutual Insurance Federation (ICMIF).
The Market InSights: USA 2015 report from ICMIF highlights that mutual insurers held a 37.7% share of the total US insurance market in 2015, a gain in market share of just under eight percentage points since before the onset of the global financial crisis (2007: 29.9%). Collectively, US mutuals also achieved record premium levels in 2015 of USD 1.32 trillion, representing an aggregate growth of 34% since 2007. In comparison, the US insurance market grew by a total of 3.6% between 2007 and 2015, making the mutual sector the fastest-growing part of the US insurance industry since the crisis.
The latest report from ICMIF on the US mutual insurance sector includes a year-on-year analysis of the premium and market share growth of the mutual sector since 2007, with comparison to the rest of the US insurance sector. The report also includes analysis of premium growth by line of life and property and casualty (P&C) business; asset growth; and a definitive list of the 30 largest mutual life and P&C insurers by 2015 premium income.
The Market InSights reports are a series of market-specific reports compiled using the latest data from ICMIF's Global Mutual Market Share research, a market intelligence report on the size and performance of the global mutual and cooperative insurance industry. The latest research highlights that the mutual and cooperative model represents 27% of the global insurance market by premium income.
The US mutual insurance sector is the largest mutual market in the world in terms of premium income, contributing more than a third of the global total. It is also one of the largest global markets in terms of mutual market share, with around 1,800 mutual insurance companies serving more than 330 million members/ policyholders.