The global challenges facing cooperatives and mutual insurers today are vast and complex. No single organisation can tackle these alone, making collaboration a crucial strategy for progress. Four key partnerships are driving resilience, sustainability, and impact across the sector, demonstrating the power of collective action.

Swiss Re and ICMIF partnership: strengthening mutuals and advancing resilience

Swiss Re has been a long-standing partner of ICMIF, playing a vital role in supporting mutual and cooperative insurers. One of the key aspects of this partnership is Swiss Re’s commitment to reinsurance solutions tailored for mutuals, helping them manage risk effectively. Swiss Re also works closely with ICMIF members on risk modelling, offering analytical insights that enable insurers to better understand and prepare for emerging threats. Additionally, Swiss Re has collaborated with mutual insurers on disaster risk reduction initiatives, including parametric insurance solutions for climate-related catastrophes.

Beyond risk transfer, Swiss Re contributes to sustainability-driven insurance innovations, supporting cooperative and mutual insurers in embedding environmental, social, and governance (ESG) considerations into their business models. An important innovation within this partnership was the SDG Calculator, developed by the Swiss Re Institute in alignment with the UN Principles for Sustainable Insurance. Originally designed for internal use, the tool was later adapted through collaboration with ICMIF members, allowing them to measure and track their impact on the UN Sustainable Development Goals (SDGs)

The Insurance Development Forum: bridging the protection gap

The Insurance Development Forum (IDF), a public-private partnership involving the insurance industry, the World Bank, and the United Nations Development Programme (UNDP), is dedicated to enhancing resilience by extending insurance coverage to vulnerable populations. With insurance penetration rates in many emerging markets as low as 2-3%, the IDF works to build capacity, engage policymakers, and develop sustainable risk financing solutions.

One of its flagship initiatives, the Global Risk Modelling Alliance, supports governments in understanding and mitigating risks. By providing access to risk data and analytical tools, the IDF helps countries make informed decisions about disaster preparedness and financial protection. Additionally, IDF collaborates with regulators and policymakers to improve market structures, ensuring that insurance can play a more effective role in economic resilience.

Another key initiative is the development of sovereign and humanitarian risk financing solutions. These programmes support governments and international organisations in designing and implementing insurance-backed strategies for disaster response, helping to mitigate the economic impact of climate events and other crises.

The UNDP Challenge Fund: fostering innovation in mutual insurance

Recognising the unique role that mutual and cooperative insurers play in grassroots communities, the UNDP partnered with ICMIF to launch the Insurance Innovation Challenge. This initiative identifies and supports scalable insurance solutions that address the needs of households and small enterprises.

Several projects have already emerged from this partnership, such as CIC’s health and life insurance products in Kenya and Malawi, as well as innovative insurance solutions in Sri Lanka and the Philippines. These initiatives illustrate how cooperative insurers can bridge the financial protection gap while delivering essential services to those most at risk. The Challenge Fund not only facilitates financial support but also fosters knowledge-sharing and technical assistance to strengthen insurance models globally.

Beyond funding, this partnership promotes gender-inclusive insurance solutions, recognising the role of women in household and community resilience. Additionally, UNDP and ICMIF are exploring new areas for impact, such as nature-based solutions and climate adaptation strategies within insurance frameworks.

Mobilising capital for resilience: the Investment Advisory Board

To scale up resilience-building efforts, the UN Office for Disaster Risk Reduction (UNDRR) has convened an Investment Advisory Board (IAB), bringing together experts from the insurance, pension fund, and sovereign wealth sectors. The board’s primary goal is to unlock capital for resilience-focused investments, ensuring that both public and private sectors contribute effectively to reducing disaster risks.

A critical aspect of this initiative is the development of funding mechanisms that can be deployed globally, regionally, and at the municipal level. By leveraging established financial instruments and fostering cross-sector collaboration, the IAB is working to ensure that resilience investments are both sustainable and impactful.

The IAB is also addressing the challenge of mobilising large-scale capital into climate adaptation projects. By integrating insurance into investment strategies, the initiative seeks to enhance the financial viability of projects that reduce disaster risks while generating long-term economic benefits.

A unified approach to resilience

These partnerships, while distinct in their objectives, form an interconnected ecosystem that drives resilience on multiple fronts. The IDF is laying the groundwork for stronger insurance markets in developing regions, while the UNDP Challenge Fund is ensuring that innovative mutual insurance solutions reach communities in need. The IAB is creating mechanisms to mobilise capital at scale, and Swiss Re’s broader engagement with ICMIF members is enhancing risk management and sustainability initiatives.

Together, these initiatives demonstrate the collective power of cooperative and mutual insurers in addressing global challenges. By leveraging partnerships, expertise, and financial resources, the sector is making meaningful strides towards a more resilient and sustainable future.

Session speakers:

• Ekhosuehi Iyahen, Secretary General, Insurance Development Forum (IDF)
• Miguel Solana, Senior Advisor on Insurance and Risk Finance, United Nations Development Programme (UNDP)
• Warren Pimm, Chairperson – Investment Advisory Board (IAB), United Nations Office for Disaster Risk Reduction (UNDRR)
• Jolee Crosby, CEO Reinsurance Canada and English Caribbean, Swiss Re (Canada)
• Rob Wesseling Chair, ICMIF, and President and CEO, Co-operators (Canada) moderator