TUW PZUW, the mutual insurer, belonging to the Polish PZU Group, is the second fastest growing mutual insurance company in the world, according to the latest edition of the Global 500 report prepared by the International Federation of Cooperative Insurance and Mutual Insurance Companies (ICMIF).
The high position of TUW PZUW is the effect of the dynamics of premiums written in 2017, which amounted to 178%. The insurer was included in this report for the first time.
„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”, said Rafał Kiliński, the President of the Management Board of TUW PZUW.
The Global 500 report ranks by premium income the world’s 500 largest mutual and cooperative insurance companies. According to the report’s findings, the 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. In this year’s Global 500, US mutual insurer State Farm (USA) was again ranked as the largest mutual insurer in the world.
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% in 2007 to 26.7% in 2017.
