Reale Mutua has joined the International Cooperative and Mutual Insurance Federation (ICMIF) as a full member, positioning Italy's largest mutual insurer within a global network as the cooperative insurance sector continues to expand its market share, reaching an eight-year high of 26.3% of the total insurance market in 2022.
The mutual and cooperative insurance market emerged as the fastest-growing segment of the global insurance industry in the decade following the financial crisis, with premium income rising 30% between 2007 and 2017, compared to 17% growth across the total global insurance industry, ICMIF data showed.
The membership aligns with Reale Mutua's mutual model, its Benefit Corporation status, and environmental, social and governance positioning outlined in institutional reports. The move forms part of the group's broader internationalisation objectives set out in its strategic plan.
The membership places Reale Mutua within a network that includes some of Europe's most prominent mutual insurers.
ICMIF's board features executives from Gruppo Unipol, Italy's leader in non-life business with 12,000 employees and €13.3 billion in insurance income in 2021, as well as Germany's HUK-Coburg, the country's largest motor insurer with more than 11 million insured vehicles.
Six of the 10 strongest insurance brands in Germany are mutual insurers, including HUK-Coburg, DEVK Versicherungen and R+V Versicherung, according to industry data.
Reale Mutua employs over 4,400 people across Italy, Spain, Chile and Greece, protecting more than 5 million members with premium collection exceeding €6.3 billion.
ICMIF represents members across over 60 countries, with combined premiums of more than $238 billion and assets of $1.75 trillion. The global mutual and cooperative sector collectively wrote $1.41 trillion in insurance premiums in 2022, the federation said.
The membership grants Reale Mutua access to specialised sustainability measurement tools, including the ICMIF-calibrated Insurance Sustainable Development Goal Calculator, launched in November 2023 as the world's first insurance SDG baseline.
Research from ICMIF shows that 78% of member assets, totalling $1,027 billion, are now aligned to sustainable investment frameworks, whilst 51% of member respondents have made net-zero commitments.
The federation promotes standardised sustainability reporting using benchmarks including the Global Reporting Initiative and harmonising reporting methods through the International Sustainability Standards Board and regulatory initiatives such as the Corporate Sustainability Reporting Directive.
Luca Filippone, general manager of Reale Group, said the entry into ICMIF "represents a natural and strategic step in our growth and international expansion path". He added that the membership reinforces the company's commitment as a Benefit Corporation and its focus on sustainability.
ICMIF chief executive Liz Green said the organisation was "delighted to welcome Reale Mutua" to the federation, noting that the Italian insurer would contribute "valuable knowledge, perspectives and best practice that will enrich our wider community of mutual and cooperative insurers".
The membership aligns with the United Nations' designation of 2025 as the International Year of Cooperatives, under the theme "Cooperatives Build a Better World".
