Cooperative and mutual insurers are collectively owned by their policyholder-members. Any profits are returned to members through rebates or reduced premiums rather than distributed to outside investors. Cooperative and mutual insurers make up over 50% of insurers in Europe, insuring 200 million people. They provide benefits like long-term stability, inclusion of member needs, and act in a socially responsible manner. The Association of Mutual Insurers and Insurance Cooperatives in Europe (AMICE) advocates for the mutual insurance model and hosts conferences for members to share best practices.

1. Cooperative and
mutual insurance
in Europe
for mutual benefit
Cooperative Insurance Conference
Istanbul, 24 March 2014

2. A cooperative or mutual insurer is an insurance
undertaking which is collectively owned by its
members who are at the same time its clients
(policyholders).
What exactly is a cooperative or
a mutual insurer?

3. How does a cooperative or mutual
insurer differ from stock company
insurers?
3
Cooperative or mutual insurer
Any profits earned by a mutual insurance company are returned
to policyholders in the form of rebates or reduced future
premiums, or saved for the future.
Stock company insurer
A stock insurance company is owned by outside investors who
have purchased company stock; profits generated by a stock
insurance company are distributed to the investors without
necessarily benefiting the policyholders.

4. The mutual and cooperative insurance sector ...
... includes some 3,000 undertakings in Europe (i.e. more than 50%
of
all insurance undertakings).
... insures 200 million Europeans.
... employs more than 300,000 staff.
Market shares of the sector: 28.5% in Europe (2008:
25.9%)
over 32% in non-life
(incl. health)
some 25% in life insurance
Facts and figures about
mutual/coop insurance in Europe
 50% in the Netherlands
 45% in Germany
 43% in Denmark
Sources: ICMIF Global Mutual Market Share Report 2012, AMICE Statistics
 40% in France
 35% in Spain
 30% in Finland

5.  ~ 110 insurance undertakings as
direct members + six national
associations
 from 20 countries
 Mutuals account for ~30% of
market share in Europe
 AMICE (direct) members have
close to 60%
AMICE Membership

6. United in diversity
For mutual benefit

7. Diversity in AMICE membership
 Insurers that operate in the form of a cooperative (e.g. TR, BE, IT)
 Insurers that operate in the form of a mutual (e.g. DE, FR, NL, DK, ...)
 (Horizontal) mutual groups (e.g. DE, FR, FI)
 Mutuals that act as the holding of an insurance group, with or
without insurance activities of their own (e.g. DE, AT)
 Insurers owned by cooperative banks (e.g. DE, PL, IR; FR, FI)
 Insurers owned by (non-ins) cooperatives (e.g. IT, GR, UK)
 Hybrid forms (e.g. NL, NO, AT)
 Other not-(only-)for-profit / stakeholder-driven insurers

8. Diversity in history and background (I)
 Insurers established in a region, either by citizens (Hamburg),
the king (Copenhagen, Italy) or the territory (France)
 Insurers with a professional background ...
 for employees, often established by trade unions or workers
movements (teachers, policemen, medical staff, priests, ...)
 for “free professions” (architects, pharmacists, doctors, lawyers,
notaries, ...), often with a specialised product portfolio
 for independent entrepreneurs (farmers, fishermen, driving
schools, jewellers, butchers, taxis, shopkeepers, truckers, ...)
 for enterprises (fruit growers, hospitals, constructors, industry,
cities, ...)
 for interest groups (motorcyclists, boat owners, ...)

9. Diversity in history and background (II)
 Insurers established through outstanding initiatives by
individuals
 Insurers established by the public hand (complementary health
insurance in Slovenia, hail insurance)
 Insurers established by non-insurance movements, e.g.
Cooperatives (IT, UK, GR, TR, IR, ...)
But what unites them is their business model:
Insurance for mutual benefit = Mutual Insurance

10. What are the benefits of mutual/coop insurers for….
10
... the member-policyholders
All surplus is exclusively used for the
benefit of the members.
No dividend is paid to outside
shareholders.
Members are included and participate in
the democratic governance.
... the insurance markets
The mutual business model competes
with the shareholder-oriented model
Mutual insurers are innovative; they
listen to the needs of their members.
 They have a long-term business
orientation and investment behaviour.
... our society
Mutual insurers act in a socially
responsible way.
Many mutual insurers are engaged in
societal activities.
Mutual insurers tend to be reliable
long-term employers.
... the economy
Mutuals’ long-term orientation provides
stability to the financial sector.
The diversity of business models
increases the resilience of the
sector.

11. 11
Promoting
Assisting
Advocating
AMICE’s main objectives
 Through exchange of experience and best
practice
 By providing information and services to
member
 Members in their national discussions.
 Mutuality as the
alternative model
 The mutual model
where it does not
exist
 A societal role for
mutual insurers
 Fair treatment of
all legal forms
 Proportionality
 A secure future
for small and
specialised
insurers

12. Hear more about all this ....
at the AMICE Congress
in Nice (France)
on 4-6 June 2014
under the topic
Business – the mutual way
visit www.amicenice.eu

13. www.amice-eu.org
Association of Mutual Insurers and
Insurance Cooperatives in Europe aisbl
Rue du Trô ne 98/14 | B-1050 Brussels | Belgium
T: +32 2 503 38 78 | F: +32 2 503 30 55 | secretariat@amice-eu.org