Market Insights MUTUAL AND COOPERATIVE INSURERS INTERNATIONAL COOPERATIVE AND MUTUAL INSURANCE FEDERATION

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1 Market Insights EUROPE 2011 THE EUROPEAN INSURANCE MARKET SHARE AS HELD BY MUTUAL AND COOPERATIVE INSURERS INTERNATIONAL COOPERATIVE AND MUTUAL INSURANCE FEDERATION N o 4/2013

2 Euopean Mutual Premiums and Premiums EUR millions European Premium Growth % 350, , , , , ,000 50,000 Total 22.6% % Mutual market 26.0% 25.2% 28.1% 27.4% Total market +7.3% 30% 25% 20% +14.6% +11.4% +18.1% European Market Summary The Eurozone financial crisis of 2007 and ongoing recession have significantly impacted the development of the insurance sector in many European countries. Deterioration and volatility in investment markets; exposure to sovereign debt risks in peripheral Eurozone economies; and a low interest rate environment, combined with added pressures on capital requirements with the impending Solvency II directive and other regulatory changes have all decreased premium growth potential for European insurers. Between 2007 and 2011, premium volumes in the European market shrank by 8% 1, down from EUR 1.29 trillion to EUR 1.18 trillion, as the region s share of global premiums dropped from over 42% in 2007 to 35.9% in Conversely, European mutual and cooperative (hereafter referred to as mutual ) insurers grew their premium income year-on-year since the onset of the global financial crisis, with premium volumes in 2011 almost 15% greater than in Consequently, the sector outperformed the European insurance market average, with a total increase in mutual market share of a quarter, up from 22.6% in 2007 to 28.1% in Since 2007, the mutual sector in more than 80% of European countries, including nine of the largest ten European markets, had higher-than-market premium growth. The growth in market share for the region was largely driven by an 11.4% increase in mutual life premiums since 2007; while the total life market shrank by 17%. European Mutual 2011 Life Non-Life 28.1% 25.2% 32.0% Total Life Non-Life Mutual and cooperative insurance companies in Europe significantly outperformed the rest of the industry since the onset of the global financial crisis, growing their share of the European insurance market 1 Regional growth rates in terms of EUR, with other growth rates in terms of local currency unless otherwise stated 2 Figures from Swiss Re sigma reports published from 2008 to 2013

3 As a result, the market share of mutuals in the European life sector increased by more than a third, up from 18.8% in 2007 to 25.2% in The mutual life sector in the UK, France, Italy and the Netherlands all experienced double-digit growth in market share between 2007 and The development of mutual insurance in smaller insurance markets in Eastern Europe (Poland, Hungary, Slovakia) was also driven by growth in the mutual life sector. The mutual non-life sector consistently outperformed the total non-life market in Europe, with an increase in mutual market share to 32.0% in 2011, up from 29.1% in Strong growth in mutual non-life premiums in the UK and Netherlands (influenced by fast-growing mutual health business), as well as exceptional growth in Eastern European markets (fuelled by acquisitions of local companies by foreign mutuals), contributed to an 18.1% increase in mutuals premium income from 2007 to The mutual sector in many recession-hit markets performed favourably despite rough economic conditions; for example, in Spain and Portugal, the sector gained an increase in non-life market share of over 30% since the onset of the sovereign-debt crisis. Mutual 2011 > 40% 25-40% 15-25% 5-15% < 5% Largest 10 European markets % Change in premium volumes Global Rank 2 Total Market Mutual Market 3 UK -27.6% +37.9% 4 France -0.4% +7.4% 5 Germany +8.1% +11.6% 7 Italy +11.0% +32.1% 10 Netherlands +4.9% +26.3% 12 Spain +8.3% +22.5% 16 Switzerland +7.5% +34.2% 18 Ireland -17.3% +27.6% 19 Russia % % 20 Sweden +16.6% +4.1% 1 Premium growth in terms of local currency 2 Global Rank as per Swiss Re 3 Large increases in mutual premiums due to acquisitions of local companies by foreign mutuals Mutual/cooperative insurance accounts for over a quarter of the market in 5 of the 10 largest European markets

4 European Mutual In five of the ten largest European insurance markets, mutual insurance accounted for over a quarter of the market. Mutuals have an important stake in the total insurance market in the Netherlands (50.6%), Germany (45.4%) and France (39.9%), all of which performed relatively well during the European recession. Nine of the ten largest mutual insurance markets in the world are European: mutuals hold a share of more than 40% in the mature markets of Austria (61.3%) and Denmark (42.8%), and in Eastern European markets Slovakia (44.3%) and Romania (43.1%). The high volumes of pension business written by mutuals in Denmark accounted for more than half of the Danish life market. The Finnish mutual market share in 2011 was 30.7%, excluding statutory pension business which, if included, would take the mutual market share to more than 70%. Mutual insurance is also strong in other Nordic markets, especially Norway (39.6%) and Sweden (28.3% and over 47% in non-life) 3. The mutual sector in many Eastern European markets, such as Hungary, Romania and Slovakia, is composed of subsidiaries of multinational mutual groups, which have expanded in recent years through entry into new fastgrowing markets or from acquisitions of formerly state-owned companies following privatisation reforms. Mutual Growth > 10 % 5-10% 3-5% 0-3% 0 to -5% -5 to -10% >-10% Over 70% of European countries increased their mutual market share in All figures for 2011

5 European Mutual Growth Over 70% of European countries increased their mutual market share in Estonia (+56.7%), Finland (+25.9%) and Ukraine (+14.3%) saw the greatest increase in market share, thanks to growth by foreign-owned mutuals in the Ukrainian non-life and Estonian life markets, and increases in traditional life insurance sales by Finnish mutuals. Acquisitions played a major part in mutuals growth in other European markets in 2011, with notable M&A transactions all helping to enhance the mutual presence in the UK, Spain and Italy. The mutual sector in eight of the ten largest European insurance markets grew their market share in The UK mutual market share increased for the fourth consecutive year, up to 8.2% in 2011 from 4.3% in 2007, with the majority of premium growth in non-life business. The French mutual sector grew by 2.4% in 2011, while mutual growth in Germany (+3.2%) and Italy (+11.5%) reversed the 2010 decline in mutual market share; and in particular, mutuals performed better than market in the life markets which suffered overall significant declines. Growth of non-life mutuals in Spain and Austria exceeded total market growth, resulting in an increase in mutual market share of 4.3% and 1.6% respectively. The drop in mutual market share in Switzerland and Portugal was the result of larger mutuals being adversely hit by their declining life business. Mutual business in the Russian non-life market did not enjoy the 22% growth seen by the total market, while demutualisations in Belgium impacted total mutual premium volumes which fell by 6.3% Major European Merger and Acquisitions (M&A) deals involving mutual insurers completed in 2011 Covéa (France) acquired Provident Insurance (UK) completed April 2011 Mutua Madrileña (Spain) acquired a controlling interest in SegurCaixa Adeslas (Spain) completed July 2011 Covéa (France) acquired an 81% stake in Bipiemme Vita (Italy) completed September 2011 MAPFRE (Spain) acquired a controlling interest in Middlesea Insurance (Malta) completed October 2011 Life Market The fall in total European premiums can largely be attributed to a significant drop in life business since 2007 (-16.9%), as the weak economic conditions and, as proposed by many commentators, a general lack of consumer trust in financial institutions resulted in suppressed demand for life insurance. The sharpest downturn in premiums occurred in 2008, with unit-linked insurance sales (especially savings business) affected by turbulence in the financial markets. Premiums recovered slightly in 2009 and 2010, driven by a rebound in life sales in France, Germany and Italy, as many insurance products became attractive to consumers in the low interest rate environment. However, in 2011, price readjustments and lower guarantees offered on savings products contributed to another decline in Premiums EUR millions 200, , ,000 50, % 22.2% Mutual Life Premiums and 24.7% 25.2% 23.3% % 25% 20% 15%

6 new business in many of the largest life markets, with an overall decline in European life premiums of 6.4%. Mutual life premiums grew annually between 2007 and 2010, driven largely by two years of double-digit increases by French mutuals (2009: +16.6%; 2010: +11.7%; notably for social protection policies), and three years of robust growth by the German and UK mutuals. Smaller mutual life markets in Italy and Luxembourg experienced exceptionally high growth rates between 2008 and 2010, which offset a significant decrease in mutual life business in the Netherlands in 2010 (-22.8%) and 2011 (-1.5%), where mutuals were adversely hit by competition from tax-favoured bank saving products. In 2010, European mutual life premiums increased by 6.4%, but then fell in 2011 by 4.7%. This contraction in the mutual life market was not, however, as severe as that of the total European life market, which declined by 6.3% and mutuals thus increased their market share from 24.7% in 2010 to 25.2% in The mutual share of the life market has increased year-onyear since 2007, when mutuals held just 18.8% of the market, compared to over a quarter in Growth in the mutual market share of the European life sector in 2011 was partly attributable to increases in Germany (+6.5%), France (+1.8%) and Italy (+12.3%). Premiums in the mutual life sector in Germany were boosted by a rising demand for health insurance products (classed as life insurance in Germany), fuelled by an ageing population and increased medical costs. The 4.8% growth in German mutuals health premiums offset a 0.3% decrease in their traditional life and pension business, which followed the negative growth trend of the total German life market (-4.6%), the first annual decline since the crisis. French and Italian mutuals both saw a drop in their life premiums in 2011, although the decline in the mutual market was less severe than that of the total life market, with the Italian life sector boosted by the cross-border acquisition of Bipiemme Vita by French mutual Covéa. The UK life market showed signs of recovery in 2011 with a return to positive growth, but mutual premiums dropped by 4.2% (following double-digit growth in 2010 of +13.3%), which resulted in a 4.5% loss in mutual market share. Many Nordic markets saw a lower demand for life insurance in 2011, with contraction in the Finnish and Swedish life markets, and growth stagnating in Iceland. Danish mutuals saw a loss of 7.2% in their share of the life market (down from 60.0% to 55.7% in 2011), due to a 1.6% drop in mutual pension business, although demand for other life products improved. The mutual sector in Finland increased its premiums by 10% in a life market that shrank by 4.7%. The high proportion of unit-linked life business held by life mutuals within their total life portfolios only experienced a small reduction in premium volumes in 2011, compared to group pension insurance and capital redemption policies which saw the sharpest declines in the Finnish life market. Difficult economic conditions in Spain and Portugal impacted the mutual life sector to a greater degree than the rest of Europe. In Spain, the short-lived recovery in mutual market share in 2010 (+11.8) was reversed with a loss in 2011 of 13.2%, as equity-linked policies continued to be less attractive to consumers in the volatile financial markets. The Portuguese mutual sector continued the trend of losing market share since 2007, with a drop of 35% in 2011 due to huge falls in capitalisation and sales of individual savings products by two of the largest mutuals in the country, while the whole industry suffered due to reduced tax incentives on many savings products and increased competition from the banking sector. Mutual premiums in Greece, another recession-hit market, rebounded despite the total life market continuing to decline for the fourth consecutive year; this led to an 11.3% growth in life mutual market share in There were contrasting results of mutuals performance in Eastern European markets in 2011, with gains in market share in Poland (+7.7%), the Czech Republic (+9.7%) and Hungary (+4.5%) but decreases in the Ukrainian (-13.4%) and Croatian (-6.3%) markets. The Bulgarian mutual sector suffered a 4.4% loss in market share, as a 15% drop in pension premiums within the total market adversely impacted the sector, with around 60% of Bulgarian pension business written by mutuals

7 The 20 Largest Mutual Life Insurers in Europe* in 2011 Country Presence in other European countries 1 (EUR millions) Gross Written Premiums % Growth Crédit Agricole France ITA, LUX, POR, POL, GRE 21,045 26,455 21, % 2 Debeka Versichern Germany 8,238 7,996 7, % 3 Groupama France ITA, SPA 3, UK 3, HUN, TUR, GRE, POR, BUL, ROM, SVK 6,801 7,480 7, % 4 AG2R La Mondiale France LUX 6,557 6,920 6, % 5 R+V Versicherung Germany LUX 5,826 5,932 5, % 6 Covéa France UK 4,509 4,475 4, % 7 Unipol Gruppo Italy 4,448 4,658 5, % 8 SIGNAL IDUNA Germany SWI, HUN, POL, RON 4,229 4,470 3, % 9 NATIXIS Assurances France LUX 4,129 4,941 3, % 10 Royal London UK IRE 4,032 4,076 3, % 11 Varma Mutual Pension Finland 3,977 3,735 3, % 12 Vienna Insurance Group Austria CZE, POL, RON, SVK, BUL, TUR, UKR, CRO, EST, SRB, SLO 3,944 3,905 3, % 13 Ilmarinen Mutual Pension Finland 3,725 3,383 3, % 14 Achmea Netherlands GRE, TUR, SVK, IRE, RUS, BUL, ROM 3,431 3,571 4, % 15 Alte Leipziger Germany 2,867 2,696 2, % 16 SNS REAAL NV 4 Netherlands 2,848 2,919 3, % 17 Alecta Sweden 2,829 2,864 2, % 18 KLP Norway 2,817 2,619 2, % 19 HDI Germany ITA, AUS, TUR, POL, BUL, CZE, SVK 2,762 2,597 2, % 20 Württembergische Germany 2,500 2,635 2, % ICMIF Members highlighted * Includes premiums of mutuals written in European markets only 1 Refers only to premiums written in other European markets included in this research. See Appendix 1 for country acronyms 2 Growth in EUR terms 3 Groupama disposed of its non-life business in Spain and the UK in The Dutch government nationalised SNS REAAL in February 2013

8 Non-Life Market The European non-life market returned to positive premium growth in 2011 (+3.6%), after two years of small decreases, with premium volumes 7.3% greater in 2011 than pre-crisis levels. Growth in 2011 was driven by premium rate increases in motor and other personal lines in the UK, Germany and France, which offset the decline in commercial business and easing of premium rates throughout 2008/09. Many emerging European economies, such as Poland and Russia, saw a recovery in nonlife premiums in 2011 with robust growth across most lines of business, as economic conditions improved gradually and prices hardened in the extremely competitive motor sector. The mutual non-life market grew consistently year-on-year since 2007, while the total European market stagnated between 2009 and 2010, and then showed signs of stabilisation and recovery in 2011 with a growth of 3.6%. This resulted in a 10% increase in mutual market share since 2007, as mutuals held almost a third (32.0%) of the non-life market in 2011, compared to 29.1% before the crisis. Premiums EUR millions 200, , ,000 50,000 0 Mutual Non-Life Premiums and 31.4% 32.0% 29.9% 29.4% 29.1% % 30% 25% Growth of mutual non-life business accelerated between 2009 and 2011, driven by rate increases in the largest European mutual sectors, as mutuals in nine of the largest insurance markets grew their non-life market share in 2011 (compared to only five markets with increased mutual life market share). The UK saw a 9.2% growth in mutual market share, up to 14.4% in 2011 from 13.2% in the previous year. Over 70% of mutual premiums in the UK non-life market were written in health and motor business, which both experienced a robust growth in premium income in 2011 due to an increased demand for private health coverage (similar to the German health market) and the hardening of prices to improve technical profitability across the whole motor sector. German mutuals, also with a high proportion of motor business, benefited from rate increases in the motor market and increased their market share by 1.2% (up to 32.5% from 32.1% in 2010). There were signs of improved pricing of motor premiums in many Eastern European markets in 2011, where, with the exception of Slovenia, motor premiums accounted for more than half of the non-life market, although many markets continued to suffer from downward pressures on premiums created by fierce competition within the motor insurance industry. There was a small growth in non-life market share in the Czech Republic (+0.6%) and Hungary (+0.2%), with mutuals holding just under 40% in each. Smaller mutual markets, such as Bulgaria (non-life mutual market share of 23.5% in 2011), Turkey (20.1%) and Croatia (8.8%), experienced decreases in market share in 2011, with the greatest loss in market share seen by Bulgarian mutuals (-8.5%) which suffered from a 13% drop in motor premiums in The total non-life market in peripheral European economies continued to suffer in 2011, with decreases in premium income in Portugal (-1.3%) and Greece (-2.1%). Non-life business stabilised in the Spanish (+3.4%) and Italian markets (+1.0%) in 2011, with a small rebound in premiums driven by a growth in property business in Spain and motor business in Italy. Mutuals in all four of these markets increased their non-life market share. The Spanish mutual sector continued with another year of impressive growth, with non-life premiums boosted by a major acquisition, which gave mutuals a share of more than half (50.9%) of the non-life market in 2011 (up from 44.8% in 2010). Portuguese mutuals increased non-life premiums by 5.7%, as the total non-life market contracted due to declining motor insurance business in 2011 (the result of an estimated 30% decline in new car sales within the country), raising the sector s market share from 17.9% to 19.1%.

9 The 20 Largest Mutual Non-Life Insurers in Europe* in 2011 Country Presence in other European countries 1 (EUR millions) Gross Written Premiums % Growth Achmea Netherlands GRE, TUR, SVK, IRE, RUS, BUL, ROM 16,219 16,281 14, % 2 Covéa France UK 9,844 9,189 8, % 3 MAPFRE Spain TUR, POR, IRE, MAL 8,023 7,580 7, % 4 Groupama France ITA, SPA 3, UK 3, HUN, TUR, GRE, POR, BUL, ROM, SVK 7,114 6,900 6, % 5 CZ Groep Netherlands 5,643 5,374 5, % 6 R+V Versicherung Germany LUX 5,506 5,173 4, % 7 HDI Germany ITA, AUS, TUR, POL, BUL, CZE, SVK 5,427 5,056 4, % 8 Vienna Insurance Group Austria CZE, POL, RON, SVK, BUL, TUR, UKR, CRO, EST, SRB, SLO 4,939 4,688 4, % 9 Menzis Netherlands 4,590 4,477 4, % 10 Unipol Gruppo Italy 4,358 4,267 4, % 11 UNIQA Austria POL, GER, HUN, ITA, SWI, CZE, ROM, SVK, CRO, UKR, BUL, SRB 3,719 3,561 3, % 12 MACIF France POR, POL, SPA, GRE 3,523 3,483 3, % 13 HUK-Coburg Germany 3,320 3,145 3, % 14 Crédit Agricole France ITA, LUX, POR, POL, GRE 3,300 2,316 3, % 15 Reale Mutua Italy SPA 2,834 2,758 2, % 16 BUPA UK SPA, (POL 4 ) 2,706 2,642 2, % 17 MAIF France 2,458 2,364 2, % 18 Gjensidige Forsikring Norway 2,210 2,091 1, % 19 Länsförsäkringar Sweden 2,075 2,013 1, % 20 Swiss Mobiliar Switzerland 1,895 1,805 1, % ICMIF Members highlighted * Includes premiums of mutuals written in European markets only 1 Refers only to premiums written in other European markets included in this research. See Appendix 1 for country acronyms 2 Growth in EUR terms 3 Groupama disposed of its non-life business in Spain and the UK in BUPA announced it was to acquire Polish healthcare provider LUX MED in December 2012

10 Methodology ICMIF s definition of mutual and cooperative in this report includes organisations whose legal status may not be classified as such in their national law, but whose structure and values reflect the mutual/cooperative form, i.e. companies which are owned by, governed by and operated in the interests of their member policyholders. These include limited companies owned by people-based organisations, friendly societies, reciprocals, non-profits, community organisations and foundations. Extending the definition in this way has enabled us to include all organisations which operate on mutual/cooperative principles, in line with our research objectives, without being restricted by legal definitions of which there is a wide variety across the globe and some of which are particular to one country alone. Appendix 1 - Country Acronyms Variable currency exchange rates were used for the different years, with all figures converted into Euros (EUR). This allows for a more accurate calculation of mutual market share, as exchange rates are consistent with those used by Swiss Re to calculate European figures. Growth figures of individual markets are calculated in terms of local currency throughout the report, to eliminate the misleading effects of exchange rate fluctuations and thus ensure accurate year-on-year comparisons. UK (UK) France (FRA) Germany (GER) Italy (ITA) Netherlands (NET) Spain (SPA) Switzerland (SWI) Ireland (IRE) Russia (RUS) Sweden (SWE) Belgium (BEL) Denmark (DEN) Finland (FIN) Luxembourg (LUX) Austria (AUS) Norway (NOR) Poland (POL) Portugal (POR) Turkey (TUR) Czech Republic (CZE) Greece (GRE) Hungary (HUN) Malta (MAL) Slovakia (SVK) Slovenia (SLO) Ukraine (UKR) Romania (ROM) Croatia (CRO) Bulgaria (BUL) Serbia (SRB) Estonia (EST) Iceland (ICE)

11 Appendix 2 - Mutual by European Markets Global Premium Rank* Total Mutual % Growth Life Mutual % Growth Non-Life Mutual % Growth UK 3 8.2% 8.0% +3.1% 5.1% 5.4% -4.5% 14.4% 13.2% +9.2% France % 39.0% +2.4% 36.2% 35.5% +1.8% 46.7% 46.5% +0.6% Germany % 44.0% +3.2% 60.2% 56.5% +6.5% 32.5% 32.1% +1.2% Italy % 15.5% +11.5% 13.3% 11.8% +12.3% 24.7% 23.9% +3.3% Netherlands % 50.7% -0.3% 30.0% 31.0% -3.1% 58.6% 58.4% +0.3% Spain % 32.7% 4.3% 16.5% 19.0% -13.2% 50.9% 44.8% +13.7% Switzerland % 13.5% -12.2% 6.8% 10.6% -35.7% 18.0% 17.0% +5.6% Ireland % 2.2% -3.3% 2.1% 2.2% -4.8% 2.2% 2.2% +4.1% Russia % 0.5% -7.5% 3.1% 2.1% +49.6% 0.4% 0.4% -17.2% Sweden % 27.4% +3.3% 22.3% 21.6% +3.3% 47.1% 46.6% +1.0% Belgium % 17.3% -6.3% 12.7% 13.2% -3.3% 22.1% 24.9% -11.1% Denmark % 45.5% -6.0% 55.7% 60.0% -7.2% 18.0% 18.1% -1.0% Finland** % 24.4% +25.9% 14.5% 9.0% +62.4% 44.7% 45.3% -1.3% Luxembourg % 20.8% +9.8% 26.2% 22.6% +15.8% 1.5% 1.7% -13.3% Austria % 60.4% +1.6% 50.8% 50.8% 0.0% 69.1% 68.2% +1.2% Norway % 39.2% +1.0% 37.4% 37.6% -0.3% 42.4% 41.3% +2.6% Poland % 17.0% +5.8% 15.1% 14.0% +7.7% 20.7% 20.0% +3.1% Portugal % 15.9% -17.0% 10.0% 15.2% -34.6% 19.1% 17.9% +7.1% Turkey % 17.8% -2.7% 2.6% 2.4% +11.4% 20.1% 20.7% -2.8% Czech Republic % 33.7% +4.0% 31.3% 28.5% +9.7% 38.3% 38.1% +0.6% Greece % 15.1% +8.0% 20.9% 18.8% +11.3% 13.2% 12.4% +5.9% Hungary % 34.9% +2.1% 33.2% 31.7% +4.5% 38.6% 38.5% +0.2% Malta % 0.0% n/a 4.6% 0.0% n/a 2.6% 0.0% n/a Slovakia % 43.2% +2.5% 47.0% 44.9% +4.8% 41.8% 42.1% -0.7% Slovenia % 14.1% +4.9% 6.0% 5.6% +7.0% 18.3% 17.9% +2.4% Ukraine % 6.2% +14.3% 20.6% 23.8% -13.4% 6.2% 5.5% +13.7% Romania % 43.3% -0.5% 33.9% 33.9% +0.1% 45.6% 45.6% 0.0% Croatia % 15.5% -4.5% 31.3% 33.4% -6.3% 8.8% 9.1% -2.5% Bulgaria % 28.5% -7.1% 43.7% 45.8% -4.4% 23.5% 25.7% -8.5% Serbia % 17.4% +9.0% 55.5% 57.0% -2.7% 11.9% 10.2% +16.7% Estonia n/a 5.6% 3.5% +56.7% 25.0% 16.2% +54.1% 0.0% 0.0% n/a Iceland n/a 33.9% 33.9% +0.1% 24.0% 23.9% +0.7% 34.7% 34.7% 0.0% TOTAL 28.1% 27.4% +2.5% 25.2% 24.7% +1.9% 32.0% 31.3% +4.9% * As per Swiss Re ** statutory pension business is not included in the mutual market share figures for Finland. If it was included, the total market share in 2011 would be 71.3% (2010: 64.7%) and the life market share would be 78.0% (69.1%)

12 To view other ICMIF reports in the Market InSights series, please visit Market InSights: Europe 2011 The research team at ICMIF: Project Manager: Ben Telfer Editing: Faye Lageu and Shaun Tarbuck Report design: Iain Worgan Published February 2013 All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopy, recording or any information storage and retrieval system, without prior permission in writing from the publisher. Copyright International Cooperative and Mutual Insurance Federation (ICMIF) 2013 ICMIF Denzell House Dunham Road Bowdon Cheshire WA14 4QE United Kingdom Telephone: Fax: Shaun Tarbuck, Chief Executive The International Cooperative and Mutual Insurance Federation (ICMIF) is a best practice organisation committed to giving its members from around the world a competitive advantage. ICMIF helps to grow its mutual and cooperative insurance member organisations by sharing strategies and the latest market intelligence. ICMIF Market InSights reports are a series of market-specific reports compiled using the latest data from ICMIF s Global Mutual research, a market intelligence report on the size of the global mutual and cooperative insurance sector. Published annually alongside the ICMIF Global 500, a definitive list of the 500 largest mutual and cooperative insurers in terms of premium income, the report highlights how since 2007 the mutual and cooperative model has been the fastest growing part of the global insurance market; maturing from a global share of 23.6% to 26.7% in For more information please visit: