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The study was undertaken by research staff at the International Cooperative and Mutual Insurance Federation (ICMIF) and is due for publication during the first quarter of 2013.
Shaun Tarbuck, chief executive of the ICMIF, suggested that mutual growth since the financial crisis is owing to higher levels of customer trust and satisfaction. "The growth in the mutual market could be seen as a reaction by customers against the greed culture propagated by shareholder insurance companies", he added. "Against the backdrop of the recession, customers are looking for better value and lower costs traditionally associated with mutual insurers."
ICMIF's research found that recent growth by cooperatives and mutuals has been particularly strong in life business, where global market share increased from under 21 per cent in 2007 to 25 per cent in 2011.
There were also strong performances in most regions of the world. Insurance market share increased from 27.8 per cent to 33.3 per cent in North America between 2007 and 2011, and from 22.6 per cent to 28 per cent in Europe.