AMICE President Grzegorz Buczkowski, said in a release: "Europeans are increasingly recognizing and placing a heightened value on the mutual/cooperative insurance approach to managing risk. In addition to the coverage offered, consumers appreciate the focus on values such as sustainability, service, democracy and support to society." (Credit: Sittinan via Adobe Stock)
Overall, mutual and cooperative insurers made up slightly more than one-third of the total European insurance market in 2020, according to a report from two European insurance trade groups, which noted mutual and cooperative insurers accounted for 29.7% of the market in 2011.
From 2010-2020, mutual/cooperative insurers increased total premium volume by 32%, while non-life premium growth increased by nearly 39%, according to the Association of Mutual Insurers and Insurance Cooperatives in Europe (AMICE). During the period, mutual insurers outperformed the overall market. Since 2010, the European insurance market has seen its total premium volume increase by around 14%, while overall non-life insurance premium volume has grown 27.8%.
AMICE President Grzegorz Buczkowski, said in a release: "Europeans are increasingly recognizing and placing a heightened value on the mutual/cooperative insurance approach to managing risk. In addition to the coverage offered, consumers appreciate the focus on values such as sustainability, service, democracy and support to society."
While 2020 was a challenging year across the industry, mutual insurers continued to outpace the total European market, according to AMICE. During the year, premiums across the total European market declined 6.7%, while mutual/cooperative insurers saw premium income decreases of 1.6%.
"This newly-published research shows that mutual/cooperative insurers have consistently increased their market share in recent years, even so far as showing increases in premiums written when the consolidated European insurance market is showing a decline in premium income," Sarah Goddard, secretary general of AMICE, said in a release. "European policyholders are proving that the mutual/cooperative insurance model is regarded for its strength and stability, and valued for its customer-centric approach."
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