Global 500 for 2015
The latest edition of the Global 500 report from the International Cooperative and Mutual Insurance Federation (ICMIF) presents a definitive analysis of the world’s 500 largest mutual and cooperative insurance companies* ranked by premium income, using 2015 year-end data. This is the ninth edition of the report, published annually alongside Global Mutual Market Share, ICMIF’s market intelligence report on the size and financial performance of the global mutual and cooperative (published in March 2017).
According to this year’s Global 500 report, the world’s largest mutual and cooperative insurers collectively wrote just under USD 1.2 trillion in insurance premiums in 2015, representing 95% of the total global mutual/cooperative sector. Aggregate premiums of Global 500 companies grew in 2015 by 2.6% from the previous year, and for the second consecutive year, there was stronger growth in non-life business (+4.2%) compared to life business (+1.0%). In total, 365 (or 73%) of the 500 largest mutuals recorded a positive growth in premium levels in 2015, and 70 mutual insurers (equivalent to 14%) posted double-digit premium growth from 2014.
In the rankings for 2015, US non-profit health insurer Kaiser Permanente replaced State Farm (USA) as the largest mutual/cooperative insurer in the world. Japanese cooperative insurer and ICMIF member Zenkyoren was ranked as the third largest in 2015 and a further four ICMIF members were among the 20 largest mutual/cooperative insurers. In total, a record 108 ICMIF members featured in the Global 500 rankings for 2015. Of these, 81 (or 75%) registered positive premium growth from the previous year and six were featured among the 20 fastest-growing mutuals in 2015.
As in previous years, this edition of the report includes an analysis of the Global 500 in terms of type of insurer and organisational structure. The company longevity of the Global 500 was also again analysed and this research found that the world’s 500 largest mutual/cooperative insurers have been writing business for, on average, 94 years each, and that 217 (equivalent to 44%) of Global 500 insurance organisations have been in operation for 100 years or more.
To download your complimentary copy of the report please click here.