How many mutual and cooperative insurers are there in the EU?
In 2004, the in-depth AISAM study “Mutual insurance in figures” showed that there were more than 7,000 insurers in the then 25 EU Member States. Among these, close to 70 % were mutual and cooperative insurers.
A figure more commonly heard is that there are about 5,000 insurance undertakings in Europe today. The number published by AISAM for 2004 included, however, the some 2,000 French mutual insurers specialised in complementary health insurance (the “Mutuelles 45”).
Through consolidation in the French health insurance sector, the number of “Mutuelles 45” has now fallen to some 700, without however significantly losing members and/or market share. In 2009, the number of insurance undertakings in Europe can be estimated at close to 6,000, including the French health mutuals and markets like Norway and Switzerland.
Is the picture the same when examining the market shares?
According to AMICE’s study “The market share of mutual and cooperative insurance in Europe 2008” published in 2010 and based on 2008 figures, the mutual and cooperative market share in Europe is close to 25 %. The definition used for the compilation of this study includes insurers that, although legally structured as a joint-stock company, are dominantly owned by a mutual, a cooperative or a foundation and are being seen as mainly following a mutual/cooperative philosophy in their business and pursuing the core values of sustainability and proximity to their members and clients.
The market share is above one quarter in non-life insurance and between 20 and 25% in life insurance. Mutual and cooperative insurers have a generally weaker market position in the newer EU Member States of Central, Eastern and Southern Europe where they account for less than 15 % of the market volume and below 10 % in life business.
AMICE members account for just under 60% of the total market share of the mutual and cooperative sector. The total market share of AMICE members in Europe is 14 %.
Is the situation the same in each country?
No, it is not. Penetration is quite different per country.
Finland, France, Germany, and Denmark are markets where the mutual and cooperative market penetration is well above the European average. Austria, the Netherlands and Spain may be added to this list when “hybrid mutuals” (insurance companies dominated by mutuals, cooperatives or foundations) are also taken into account.
In the “new” EU member States of Central, Eastern and Southern Europe, mutual and cooperative insurance is not widely known. The market volumes of the mutual and cooperative sector in most of them is mainly composed of the activities of the local subsidiaries of large foreign mutual and cooperative insurance groups.
Number of clients served
The data available on the total number of policyholders served by mutual and cooperative insurers are not always comparable across Member States. In some cases, figures for policies sold, for policyholders, for client households, for members and for beneficiaries are mixed. In any case, it can be safely assumed that at least 150 million European citizens are served by insurers of the sector.