The Feeling's Mutual

October 16, 2023
Insurance News

In a market that picks and chooses, the co-operative approach to risk protection seems to be having a moment

There’s nothing new about mutual risk protection. It dates back centuries, and is built on a principle as old as time: community co-operation.

And according to recent global premium figures, the mutual model has never been stronger, with Australia among the markets leading the surge. In 2021, more than 4400 mutual funds collectively wrote a record $US1.42 trillion in premium, an International Co-operative and Mutual Insurance Federation report from earlier this year states.

By market share, Australia was the 13th-fastest-growing market, with mutuals’ share growing 7.7 percentage points over the 10 years from 2011.