Mutual and cooperative insurance companies generated record premium income of $1.61 trillion in 2024 while maintaining a 26.1% share of the global insurance market, according to the latest Global Mutual Market Share (MMS) report released today by the International Cooperative and Mutual Insurance Federation (ICMIF).
The “Global Mutual Market Share 2026” report explains that the 2024 reported data compared with the US$1.5 trillion in 2023, the market share is basically unchanged at 26%, indicating the continued resilience of the mutual insurance model.
Liz Green, CEO of ICMIF, commented: “In an era when trust is increasingly hard to earn, these findings demonstrate why mutual and co-operative insurance companies remain trusted to deliver for their members, customers and communities.
“Record premium revenue in 2024 is more than just a measure of financial performance. It reflects the enduring strength of a business model built on member ownership, long-term management and service rather than short-term shareholder returns. Mutual insurance companies continue to demonstrate that business success and social purpose go hand in hand.”
Meanwhile, total assets were reported at $10.8 trillion, with investments reaching $9 trillion. Currently, approximately 856 million members and policyholders worldwide receive services, and approximately 1.2 million people are employed in the global mutual insurance industry.
The report provides the most comprehensive assessment of the global mutual and cooperative insurance industry, using data from more than 4,700 mutual insurance companies in 80 countries and territories.
The report also highlights the continued strength of mutual insurance companies in many of the world’s largest insurance markets. According to the report, mutual insurance companies have a market share of more than 40% in the United States, France, Germany and other countries, and more than a quarter of the insurance market share in 19 countries around the world.
Green added: “In an environment shaped by economic uncertainty, technological disruption and changing customer expectations, the mutual aid sector continues to adapt, innovate and evolve while remaining focused on creating long-term value for the people and communities it serves.”
While the report highlights the industry’s continued strength in mature insurance markets, it also identifies significant opportunities for mutual and cooperative insurers to expand their presence in emerging markets, with mutuals currently accounting for just 3.0% of total premiums.
