US mutual insurance market continues to thrive
The International Cooperative and Mutual Insurance Federation (ICMIF) today revealed that US mutual insurers have continued to outperform the total US market since 2007. The full research will be launched to more than 270 delegates from 35 countries at ICMIF’s Biennial Conference this coming October (6-9) in Minneapolis, Minnesota., Thrivent Financial, the largest fraternal benefit society in the US, will host the event.
Market InSights Report: USA 2014 key findings
The US mutual sector registered a total growth of 29% between 2007 and 2014, compared to a 3.4% growth in the total US insurance industry
Growth of the mutual market exceeded the total US market in six of the previous seven years, with year-on-year mutual market share growth since 2010.
Mutual insurers collectively wrote USD 475 billion in direct premium income
37.1% share of the total US market
USD 2.6 trillion in admitted assets
Approximately 450,000 people employed
More than 330 million member/ policyholders served
Almost 1,800 mutual insurance companies active in the USA
The US is the largest mutual market in the world in terms of mutual insurers’ premium income (contributing around 36% of the global total). It is also the 11th largest market in the world compared to mutuals’ share of the national market (source: Global Mutual Market Share 2013)
Minneapolis based Thrivent Financial – who currently serve more than two million members in the US - will host ICMIF’s Biennial Conference (6-9 October). Thrivent Financial President and CEO– also ICMIF Board and Executive Committee Member - Brad Hewitt said: “ICMIF’s research tells a very consistent and encouraging tale for our nation’s mutual insurance movement. Premium volumes of the US mutual insurance sector reported an impressive total growth of 29% between 2007 and 2014. As a result, the mutual sector’s share of the total US insurance market increased from 29.8% in 2007 to a record high 37.1% in 2014, a proportional growth of just under a quarter.
“With such impressive national performance for the sector it is fitting that the ICMIF Biennial Conference takes place in the US. I particularly look forward to welcoming the world’s mutual insurance leaders and opinion-formers to Minneapolis. Our city is characterized by hard work and devotion to the community and our neighbours. We share those values with the mutual insurance movement and ICMIF and we’re so pleased to welcome these leaders to our city.
Shaun Tarbuck, CEO of ICMIF added: “The conference slogan ‘More than insurance’ reflects the difference and added value that cooperative and mutual insurers offer their markets – and our hosts for this year’s Conference, Thrivent Financial, are a perfect example of that difference.
“Mutuals typically go beyond what is normally expected of an insurer for the benefit of their customer/members; putting them at the centre of the business; from product development, underwriting and investments, to sales, service and claims. They also demonstrate a far wider level of responsibility by supporting local communities, combating climate change and alleviating poverty. It is these aspects of mutual and cooperative businesses that make them ‘More than’ just insurers.”