Mutuals account for more than third top 100

Europe

According to a recent report by the Association Internationale des Sociétés d’Assurance Mutuelle (AISAM), of the top 100 European insurers, nearly one third are mutual insurers and almost half would qualify as a mutual or mutual equivalent. Of the 45 mutual groups in the European top 100, 29% are mutual insurers, 6% are controlled by mutually owned holdings and another 10% are mutual inspired or related, for example cooperative insurers. Consequently, 45% of them are insurers with a mutual signature. In terms of gross direct premium written, the sector represents one third of the top 100 (about Euro270bn) with a slight higher proportion in non-life than in life insurance. Lieve Lowet, AISAM’s Secretary General, said the research showed that mutual insurers can be found throughout the ranking at all premium levels and in nearly all European countries. “Mutuality is truly a widespread phenomenon. Mutual insurers in the top 100 are particularly strong in France and Germany where there are a significant number of major players. AISAM therefore reiterates its request for a European Mutual Society statute to restore the level playing field amongst insurers and calls on the European authorities to take the correct initiatives to remedy the current inequitable situation,” Ms Lowet said.