A new ICMIF video “Insurance for the people by the people” was recently shown at the 8th International Microinsurance Conference in Tanzania and a shorter version shown at the World Bank Conference on Takaful and Mutual Insurance in Turkey. The video was compiled by ICMIF’s in-house digital communications team and used contributions from ICMIF member organisations. The video demonstrates the unique value and attributes of mutual and cooperative insurance in addressing the needs of people around the world.

The video starts with a look at the historical roots of the cooperative movement and its founding principles. It then moves quickly into where the movement is today; serving over a billion people with necessary insurance and risk protection services and, in the case of microinsurance, providing empowerment to local communities.

The film goes on to take a closer look at the mutual and cooperative insurance sector; highlighting that the mutual insurance sector today makes up 26.5% of the world insurance market and that our sector has been growing at a faster rate than the stockholder insurance sector during the recent financial crisis. The video also dispels the notion that organisations lose touch with their “mutuality” as they grow in size and shares the examples of how ICMIF members Folksam (Sweden) and NTUC Income (Singapore) see the reason for their continued growth as being due to them being mutuals.

Finally, the video takes a look at role of mutual and cooperative insurance in delivering access to the low income populations. It examines the uniqueness of the mutual and cooperative models in the way that they always put the customer at the heart of all decision making and how the sector has succeeded for many years in providing insurance coverage to underserved communities. Testimonials in the video from the Philippines, India, Argentina and Benin give a short snapshot of the value that mutual and cooperative microinsurance schemes are providing today in protecting the most vulnerable in society.

The closing message for this inspirational film is the declaration made by UN General Secretary, Ban Ki-moon, at the beginning of the International Year of Cooperatives (IYC2012) who called on all stakeholders to support the cooperative model. Ban Ki-moon said that 2012 was the year when the whole world should celebrate the unique and invaluable contribution of cooperatives in building a better world.