The value of Global influence

The key challenges for cooperative/mutual insurers often stem from the increasing influence of international and regional external organizations such as regulators, supervisors, civil society (in particular, non-governmental organizations) and the media. All these organizations can dramatically affect the future of our sector.

ICMIF works with and on behalf of its member organizations to promote the cooperative/mutual insurance sector to a wide range of global external bodies, to ensure the sector’s socio-economic importance is well understood and its interests are not ignored.

We have active relationships with key global policymakers, regulators and political leaders who have the power to influence the future for cooperative and mutual insurance.

These include:

  • The United Nations and the World Bank; 
  • High-level connections with the United Nations Development Programme (UNDP); the United Nations Office for Disaster Risk Reduction (UNISDR); the United Nations Environment Programme (UNEP); the Sustainable Development Goals (SDGs); the Office for the Coordination of Humanitarian Affairs (OCHA); and the UN Secretary General’s office 
  • Insurance Development Forum (IDF); ICMIF is a founding member and is a member of the management committee; two ICMIF members are members of the Steering Committee, its highest authority 
  • The G20 (Group of 20) and the B20 (Business 20), which makes recommendations to the Financial Stability Board (FSB); ICMIF has seven representatives on three B20 taskforces 
  • The International Association of Insurance Supervisors (IAIS); ICMIF sits on the drafting committee of the IAIS’s Application Paper on the Regulation of Mutual, Cooperative and Community-based Organizations (MCCOs)
  • The Organization for Economic Co-operation and Development (OECD) 
  • The Financial Stability Board (FSB)

In Latin America we are recognized by ASSAL (the regional arm of IAIS) as a working partner.

In Europe we are a key partner of the European Union, representing mutual and cooperative insurers as one of EIOPA’s five key stakeholders. We also represent mutual and cooperative insurers and aspects of the social economy agenda in Europe through official status on EIOPA’s Insurance & Reinsurance Stakeholders Group, Insurance Europe’s Strategic Committee and Social Economy Europe. We have recognised status and relationships with the European Commission and European Parliament, as well as an extensive network within the institutions at individual and cabinet levels.

We have also consulted widely with ICMIF members to produce our first-ever Global Manifesto and Regulators Guide to Mutual Insurance. These are key reference sources for regulators and supervisory bodies about our sector.