Study reveals mutuals increase market share

Europe

Two-thirds of all insurers in Europe, representing 27% of total insurance premiums, are mutual, according to a new report from mutual insurance association AISAM. Juhani Heiskanen, director of Finnish mutual Tapiola that oversaw the project, said the report is a first in its analysis of the mutual sector. “Never before has the mutual insurance sector in Europe been so comprehensively mapped in such a consistent way”. Of 7,180 insurers across Europe (including health insurers), the report identified 68% as mutual. Overall, the market share of mutuals has increased slightly – by 1% - from 2000 although a 4% increase in the market share of non-life insurance markets to 39% was not matched by mutual life insurance which saw its share fall from 21% to 19%. “The real champions or the most ‘mutual’ countries are Sweden with 37% (60% including the hybrids and mutual-owned holdings), Finland with 44% (65%) and France with 34% (45%)”, the report said.