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Around the world, in every continent, from emerging economies to the financially strongest countries, mutual insurance forms the backbone of socio-economic protection. It helps us protect our future while also ensuring that we benefit from every bit of the profits.
Mutual insurance isn’t a new concept; in fact, it is the original form of insurance, originating with ancient tribal burial societies, latterly becoming formalised by ship owners who pooled their funds for damaged or destroyed vessels, and today comprising nearly one third of the total insurance market. It’s the natural choice for consumers who are seeking a more equitable way of protecting their families, health and homes, providing security for their businesses, and supporting their communities. That’s because mutual insurers don’t have any external shareholders. They can give all their profits back to their customers through reinvesting in the business, redistributing profit shares, and keeping control of the company and its financial decisions in the hands of those who use it.
The relevance of mutual insurance is stronger than ever. The financial crisis of 2008 prompted many consumers to turn to mutual insurance as a safe haven, the ideal alternative to profit-maximising, shareholder-owned financial services. And the results are clear: between 2007 and 2015, the mutual insurance sector grew by 20.2%, far outstripping the total insurance industry, which grew by just 8.3%.
The International Cooperative and Mutual Insurance Federation, ICMIF, is proud to represent this strong, vibrant and growing part of the insurance industry, and to count PPS among its flourishing family. PPS has actively helped ICMIF promote mutual insurance globally, from being a member of its Board of Directors and its Intelligence Committee over many years, to hosting the 2013 ICMIF Biennial Conference in Cape Town, attended by 350 mutual insurance leaders from around the world. These commitments – and more – mark out PPS as a true advocate for mutual insurance and have helped us extend the chance for people around the world to protect their lives and livelihoods the mutual way. ICMIF is looking forward to accompanying PPS as it continues to grow and build an even brighter future for its customers.
Chief Executive of The ICMIF