PZUW is the second fastest-growing mutual insurer in the world
The high position of PZUW is the effect of the dynamics of premiums written in 2017, which amounted to 178%. PZUW, with a margin of USD 101.6 million, was included in this report for the first time. Rafal KILINSKI, President of the Management Board of PZUW, points out: "We are proud that the second year of operations of TUW PZUW has been noticed in the international arena. The results achieved in 2017 meant that we joined the group of the largest mutual insurance companies in the world." TUW PZUW is the response of the PZU capital group to the ever-growing interest in mutual insurance, which gives the opportunity to better manage risk, optimize contract costs and the time of conclusion of insurance contracts for corporate entities, hospitals and local government units.
The Global 500 report ranks by premium income the world's 500 largest mutual and cooperative insurance companies. According to the report's findings, top 500 global mutual insurers collectively wrote just under USD 1.2 trillion in insurance premiums in 2017. Their aggregate premiums income grew in 2017 by 1.1% from the previous year. In terms of lines of business, there was stronger growth in non-life premiums, increasing 4.5% to USD 569 billion in 2017. Life business of Global 500 companies decreased by 1.9% in 2017, falling to USD 603 billion.
The report also highlights that in the 10-year period since the onset of the financial crisis (2007 to 2017), premium income of the global mutual and cooperative insurance sector grew by a total of 30% compared to 17% growth of the total global insurance industry. As a result, the global market share of mutual and cooperative insurers rose from 24.0% in 2007 to 26.7% in 2017.
In 2017, 922 million members/policyholders were served by mutual/cooperative insurance companies, a 13% growth since 2012. The growing positive socio-economic impact of the mutual and cooperative industry was also evident in the increase in the number of people employed by the sector, which reached 1.16 million in 2017 - a 24% growth since 2007.
In this year's Global 500, US mutual insurer State Farm (USA) was again ranked as the largest mutual/cooperative insurer in the world. Japanese cooperative insurer and ICMIF member Zenkyoren was ranked as the second largest.