ICMIF MEMBERS KEY STATISTICS 2012

Transcription

1 INTERNATIONAL COOPERATIVE AN MUTUAL INSURANCE FEDERATION ICMIF MEMBERS KEY STATISTICS 2012 Product Lines Including: Members premiums: Life and non-life Premium growth: Life and non-life Life and non-life premiums by region INTERNATIONAL COOPERATIVE AND MUTUAL INSURANCE FEDERATION N O 2/2013

2 This report provides a summary of ICMIF members financial performance relating to their insurance product lines for both life and non-life business. It includes an analysis of members business lines at a global and regional level. Statistics for financial years 2008 to 2012 inclusive are shown for comparison purposes. The report has been produced alongside similar reports analyzing other aspect of members financial performance in 2012: Premium Growth and Balance Sheets. These reports are available to download from the ICMIF website at ICMIF members in 2012 USD 252 billion in premium income 5.5% share of the global insurance market USD 1.53 trillion in total assets 250,000 people employed by member companies Serve over 190 million policyholders/members

3 Members premium growth In 2012, 48% of ICMIF members premium income was written in the life sector. Just over 40% of members business was written in the non-life sector; with a further 10% as health premiums (usually classed as non-life business*). insurance, which includes both life (family ) and non-life policies (general ), made up just under 2% of total premiums in 2012, although with a doubling of insurance premiums since 2008, was the fastest-growing part of members business. Members from developed nations contributed 97% of members premiums in However, members from developing nations saw a 136% increase in premium income between 2008 and ,000 Life Premium Income (USD millions) 250, , , , % +6.2% +8.3% +2.4% +2.5% Non-Life Health 50, Figures above the bars show % growth in total premium income from the previous year *Health is usually classed as non-life insurance, although in some markets it is classed as a life insurance product.

4 Members premiums: life Nearly three-quarters of members life premiums came from traditional life insurance products in Pension and annuity policies contributed to 15.8% of members life business, with a slight drop in contribution from the previous year (2011: 16.0%). The remaining 11% of life business in 2012 was from investment and savings products (7.2%), family insurance (1.0%) and other class of life insurance (3.7%), such as income protection and long-term healthcare products. Investments/savings 7.2% 1.0% 3.7% Pension and annuities 15.8% Life 72.4%

5 Premium growth: life % 17.6% % 15% % Premium growth 10% 5% Life 3.9% Pension and annuities Investments/ savings 3.5% 0% 0.7% -2.8% -2.7% -5% -4.4% Traditional life products saw a decline of 2.8% in premiums in 2012, including a 14% drop in business written by European members. Investment and savings business also experienced a slight drop (-2.7%) from Despite an impressive growth in pension and annuity business by members in Europe (+12%) and North America (+8%), this was not enough to offset the 17% decline in premiums in Asia and Oceania, resulting in an overall global decrease of 4.4% in members pension business. However, the smaller classes of life business grew robustly for ICMIF members in 2012, with premiums (+19.8%) and other life products (+17.4%) showing double-digit growth for the second consecutive year.

6 Classes of life business For members in developed nations, the majority of premium income came from traditional life products, while the product mix for members in developing nations was more varied. Over 62% of life premiums in 2012 were from insurance, highlighting the growing importance of this type of insurance in the developing world. Traditional life products made up nearly a third of life business in developing nations, and there was a very small proportion of pension (3.5%) or other types of life products (2.0%). Members from developed nations Members from developing nations Investments/savings 7.3% 2.0% Life 31.5% 3.7% Pension and annuities 16.0% Life 73.1% 62.9% Pension and annuities 3.5%

7 Life premiums by region Europe North America Asia & Oceania Latin America Africa 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Regional life business Life Pension and annuities Investments/savings Premiums from traditional life insurance products contributed more than half the total life premiums for members in all regions, this figure reaching 83% in Asia and Oceania and 89% in Africa. Pension business was most prevalent in the Americas, representing over a quarter of all life in both regions, while European members had the highest proportion of investment and savings business (24%). Almost 90% of all members business was written by Asian members. For African members, business was more important, providing a significant share of their life business (11.5%).

8 Members premiums: non-life Members experienced robust growth in non-life* premium volumes since More than 70% of non-life business written by members in 2012 was from motor (29.6%), property (28.2%) and health (23.1%) policies. The rest of members non-life business is composed of numerous other classes of insurance, including workers compensation (1.6%), reinsurance (4.4%) and other (11.2%) insurance products. 11.2% 0.2% 1.6% 4.4% 1.3% 0.4% 29.6% Motor Property Health Workers compensation Marine, aviation and transport Agriculture Reinsurance 23.1% 28.2% *Including health, when classed as non-life insurance

9 Premium growth: non-life % 35% 36.1% 30% % Premium growth 25% 20% 15% 10% 5% 0% -5% 9.6% 9.3% 3.5% 2.8% Motor Property 1.1% -0.1% Health 5.2% Workers compensation 8.3% 5.0% Marine, aviation and transport 7.7% 5.7% Agriculture 1.9% 22.5% 6.9% 5.5% Reinsurance 13.4% -1.2% Members premiums grew in eight of the nine classes of non-life insurance in Workers compensation business saw the largest growth (+36%), with members in Latin America enjoying most of this growth. A 9.6% growth in motor premiums was attributable to the strong performance of European members and motor premium rate increases in Germany, France and the UK. Property premiums grew by 9.3%, driven by Asian members, while smaller business lines of marine, aviation and transport (+8.3%) and agriculture (+7.7%) also experienced healthy premium increases, the latter thanks to the growth of Latin American members.

10 Classes of non-life business In the developed nations, motor, property and health accounted for 84% of members non-life products., workers compensation and motor business were the dominant classes of non-life insurance for members in developing nations, together representing over 70% of total business compared to 30% for developed members. Unsurprisingly, insurance was more prevalent in developing markets (25%), as was workers compensation (24%), than in developed markets. Property (3.9%) and health premiums (8.8%) contributed a much lower proportion of total business for members in developing nations, in comparison to over half the non-life portfolios of members in developed nations. Members from developed nations Members from developing nations 11.2% 12.7% 22.0% Motor 0.3% 4.6% 0.1% 0.4% 30.0% 0.1% Property Health Workers compensation 23.9% 25.3% 3.9% Marine, aviation and transport 8.8% Agriculture 29.5% 1.8% 1.2% Reinsurance 24.1%

11 Non-life premiums by region Europe Motor North America Property Health Asia & Oceania Workers compensation Marine, aviation and transport Latin America Africa 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Agriculture Reinsurance Regional non-life business Motor insurance made up more than 20% of the non-life business of members in all five regions. Property insurance was the most important business line for members in Asia and Oceania (71%), and health insurance was the most important for European members (35%). In other non-life product lines, workers compensation policies provided nearly 40% of business for Latin America members, and reinsurance provided over 27% of North American premiums.

12 This report is available to download from the ICMIF website at ICMIF Members Key Statistics 2012: Product Lines The research team at ICMIF: Project Manager: Ben Telfer Editing: Faye Lageu Report design: Iain Worgan Published October 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. For more information please visit: facebook.com/icmif