According to the latest report by Swiss Re, one of the largest and most respected reinsurers in the world, global insurance premiums increased 1.5% in real terms to almost $ 5 trillion in 2017, after a 2.2 % increase in 2016. Therefore, the insurance market is the largest market in the world. It is estimated that the size of this segment has already reached $ 7 trillion in 2018, driven by strong growth in China.
Emerging economies are expected to account for 40 percent of global premium volume by the end of the next decade. Ten years ago, that proportion did not reach 10%.German insurer Allianz predicted that Latin America will be the second fastest growing region, second only to China.Allianz estimates that the Latin American insurance industry will grow by an annual average of 9.9% between 2018 and 2020.
According to the latest ICMIF report, the global representative of the mutual and cooperative insurance sector, by the year 2016 this market accounted for 26.8% of the global insurance market, with US $ 1.3 trillion in premium income.If this representation does not change, and everything points to a growth of the sector, the mutual and cooperative insurance market will represent almost US$ 2 trillion in 2018:

By 2016, the sector accounted for almost 27% of the total insurance market, compared to 24% in 2012. The regional distribution is as follows: North America 37%; Europe 31%, Asia and Oceania 15%, Latin America 12%, Africa 3%.
Commenting on the results of the survey, Shaun Tarbuck, ICMIF's executive director, said "Mutual insurers and cooperatives have continued to expand their global reach, demonstrated by the growth in the total number of policy holders served and people employed worldwide.Mutuals and cooperatives continued to show their relevance at the regional level, holding a significant stake in the European and North American markets and a growing influence in the markets of Africa and Latin America. "
Okay, but what does this have to do with Mutual.Life? Everything. We are a company with international potential and our proposal aims to solve a common problem in third world countries, and we do not have to go very far... let's start with Latin America. According to ICMIF, Latin America accounts for 12% of the global mutual and cooperative insurance market and has shown steady growth.Unfortunately, Brazil's representation in this amount is still small due to protectionist regulation, which should change drastically in 2019, with the vote on Bill 3139/2015, a proposal to regulate mutual societies, in the Chamber of Deputies.It should be noted that in countries such as Argentina, Uruguay and Paraguay, mutual societies have been regulated since the 1970s, that is, Latin America's largest economy is almost 40 years behind its neighbors. In addition, SUSEP signals the implementation of a "regulatory sandbox" (provisional permission for testing and validation by insurtechs).
We share the opinion of Luis Gutiérrez, president of Grupo BB and Mapfre in the areas of Auto, General Insurance and Affinities, who said that "2017 was a challenging period for the sector, encouraging players to bring new formats to suit products and processes to the new moment that the customer lives and that, by 2018, believes that reinvention and creativity, focusing on the client's journey, will continue to be the direction of the entire market. In this context, digital transformation is and will continue to be a fundamental element ".
Conclusion: 2018 was a historic year for insurtechs, with the emergence of several initiatives and regulatory frameworks approved worldwide, and in this sense, everything indicates that 2019 will be the year of Brazil and Latin America .The strong growth expected for the Brazilian economy, coupled with the flexibilization of regulation, will make 2019 a peculiar year for the largest insurance market in Latin America. For Mutual.Life, the "perfect storm," will be the year we launch our platform .Our base, Brazil, will be a fertile ground and an excellent springboard for other emerging markets.
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