10 World’s Largest Cooperative Insurance– According to World Cooperative Monitor Report in 2022, International Cooperative Alliance, there are 10 World’s Largest Cooperative Insurance. These Cooperative Insurance have extensive markets in insurance industries and can compete with other insurance companies.
Basically, Cooperative Insurance are cooperative that has some insurance products to their customer and members. Basically, Cooperative Insurance provide risk coverage services that give compensation for losses, damages due to some uncertain events. In our unpredictable life, the people or companies can minimize the financial effects of miscellaneous and unpredictable risk. Without the help of insurance products, the risk can disturb our activities, business and exhaust human’s internal finance.
Principally, cooperative is the type of the business unit that can accommodate the goal of their members. Helping people through cooperative can be useful because the cooperative can help to overcome the problems of their members. In the beginning, the history of cooperative came from the movement of people with the same vision to develop the better life. All of this insurance cooperatives are fully owned by Their members. Here is the rank of 10 World’s Biggest Insurance Cooperatives. All of the data was obtained from to World Cooperative Monitor Report in 2022, International Cooperative Alliance (ICA).
The Rank of 10 World’s Largest Cooperative Insurance
| Ranks | Name of Cooperative Insurance | Premium Income in 2020 |
|---|---|---|
| (Billion US$) | ||
| 1 | Nippon Life | 48.61 |
| 2 | Talanx Group | 46.95 |
| 3 | Zenkyoren (National Mutual Insurance Federation of Agricultural Cooperatives) | 43.39 |
| 4 | State Farm | 41.99 |
| 5 | Liberty Mutual | 39.49 |
| 6 | Meiji Yasuda Life | 25 |
| 7 | Achmea | 23.04 |
| 8 | Sumitomo Life | 22.62 |
| 9 | Northwestern Mutual | 19.32 |
| 10 | COVEA | 18.9 |
| Source : World Cooperative Monitor 2022, International Cooperative Alliance | ||
Brief Description of 10 World’s Largest Cooperative Insurance
1.Nippon Life
Nippon Life Cooperative Insurance has main office in mabashi Sanchōme, Chūō-ku, Osaka, Japan. Historically, this Japan insurance cooperative was founded in July 4th, 1889. Along with business development in 2022, this cooperative, as of 2022, Nippon Life has sales office approximately 1,510 globally and this cooperative has 18,771 of agencies. Based on the financial position of the balance sheet of 2021, Nippon Life Insurance has assets around 773 billion US Dollar with Liabilities around 693 billion US Dollar. Meanwhile, in 2020, Nippon Life generated 48.61 billion US$ of Premium Income.
2.Talanx Group
Talanx is Germany multinational Cooperative Insurance that has main office in Hannover, Germany. According to Balance Sheet of Annual Report in 2021, the company has assets around 10.7 billion Euro / 10.7 billion US Dollar with Liabilities around 5.1 billion Euro / 5.1 billion US Dollar. In 2020, Based on the business performance, Talanx Group generated 46.95 billion US$ of Premium Income in 2020.
3.Zenkyoren (National Mutual Insurance Federation of Agricultural Cooperatives)
Zenkyoren (National Mutual Insurance Federation of Agricultural Cooperatives) was founded in 1951 as a cooperative insurance organisation. Operationally, Zenkyoren has some duties with providing insurance coverage for JA (Japan Agricultural Cooperatives) members and policyholders against accidental loss of life and property damage and assisting members with worry-free coverage throughout their lives. Along with business development, in 2022, Zenkyoren has million customers of each insurance product. Basically, Zenkyoren has Comprehensive Life Insurance 22.0 million policies, Building Endowment Insurance 9.3 million policies, Automobile Insurance 8.2 million policies. Financially, in 2022, Financially, As of March 2022, Zenkyoren has assets around ¥ 58,192 billion and they generated 43.39 billion US$ of Premium Income in 2020.
4.State Farm
State Farm is a giant Cooperative Insurance from United United States with corporate headquarters in Bloomington, Illinois. Historically, this cooperative was Founded in 1922 by George J. Mecherle. Fundamentally, this person, George J. Mecherle was a farmer and then become the insurance agents and then bulit his own insurance company, State Farm. Nowadays, State Farm is the largest property and casualty insurance and auto insurance provider in the United States. Financially, in 2019, State farm had assets around US$294.82 billion and in 2020, State farm generated 41.99 billion US$ of Premium Income in 2020.
5.Liberty Mutual
Liberty Mutual Group is a global insurance (Property and Casualty insurance) company from America. Operationally, Liberty Mutual has main office in Berkeley Street, Boston, Massachusetts. Liberty Mutual started its business in July 1, 1912. As of 2021, Liberty Mutual has assets around $156.043 billion with Equities around $27.848 billion. Based on the business performance in 2020, Liberty Mutual Group generated 39.49 billion US$ of Premium Income in 2020.
6.Meiji Yasuda Life
Meiji Yasuda Life Cooperative Insurance has main office in Tokyo and started its business since 2004 with the merger between Meiji Life and Yasuda Life. Based on the balance sheet in 2021, the company has assets around 415 billion US Dollar with liabilities around 374 billion US Dollar. Based on the business performance in 2020, Meiji Yasuda Life generated 25 billion US$ of Premium Income.
7.Achmea
Achmea Holding N.V. is the Cooperative Insurance from Netherlands. Historically, this company was founded in Janury 1st, 1995 due to the merger of Zilveren Kruis and Avéro Centraal Beheer Groep. As of 2020, Achema generated 23.04 billion US$ of Premium Income in 2020.
8.Sumitomo Life
Sumitomo Life Cooperative Insurance or in Japanese known as Sumitomo Seimei Hoken Sōgo-gaisha, Sumisei is a mutual life insurance company that was founded in 1907 and has head office in Osaka. Based on the balance sheet in 2021, the company has assets around 351 billion US Dollar with liabilities around 338 billion US Dollar. Based on the business performance in 2020, Sumitomo Life earned 22.62 billion US$ of Premium Income.
9.Northwestern Mutual
Northwestern Mutual is the insurance and investment company that has main office in Milwaukee, Winconsin. Historically, this company was founded in 1857. To Date, this company has employed of 6,700 of people. Based on the financial performance in 2020, Northwestern Mutual generated 19.32 billion US$ of Premium Income in 2020.
10.COVEA
COVEA is mutual Cooperative Insurance that has main office in Paris, France. Historically, Covea was founded in 1999. This company has some insurance products in Property insurance, Liability insurance, and financial services. Along with business development of the company, this company has employed around 23 thousand of people and generated 18.99 billion US$ of Premium Income in 2020.
Bibliography of 10 World’s Largest Cooperative Insurance
International Cooperative Alliance.2022. Cooperative identity, values & principles Accessed via https://www.ica.coop/en/cooperatives/cooperative-identity on March 9th, 2023.
Nippon Life. 2023. Accessed via https://www.nissay.co.jp/english/ on March 9th, 2023.
Talanx Group. 2023. Accessed via https://www.talanx.com/en/talanx-group on March 9th, 2023.
Zenkyoren (National Mutual Insurance Federation of Agricultural Cooperatives). 2023. Accessed via https://www.ja-kyosai.or.jp/ on March 9th, 2023.
State Farm. 2023. Accessed via https://www.statefarm.com on March 9th, 2023.
Liberty Mutual. 2023. Accessed via https://www.libertymutual.com/ on March 9th, 2023.
Meiji Yasuda Life. 2023. Accessed via https://www.meijiyasuda.co.jp/english/ on March 9th, 2023.
Achmea. 2023. Accessed via https://www.achmea.com.au/ on March 9th, 2023.
Sumitomo Life. 2023. Accessed via https://www.sumitomolife.co.jp/english/ on March 9th, 2023.
Northwestern Mutual. 2023. Accessed via https://www.northwesternmutual.com/ on March 9th, 2023.
COVEA. 2023. Accessed via https://www.covea.eu/en on March 9th, 2023.
