Cooperative and mutual insurance sector sees significant rise in global reputation and visibility of sector

Manchester, UK, Thursday 10 November: The International Cooperative and Mutual Insurance Federation (ICMIF), has just published the latest edition of its Global Reputation Report, an exclusive report for ICMIF members. The findings in this report show a dramatic increase in the global visibility of the mutual and cooperative insurance sector since 2013 and a significant increase in the sector’s share of voice within high-profile content and conversation.  

As the only global representative body for the cooperative/mutual insurance sector, ICMIF has an important role to play in measuring, building and protecting the sector’s reputation across the world. A strong reputation gives ICMIF and its member organizations more visibility and ensures the sector is better understood.

Key findings in the Global Reputation Report 2016 include:

  • an 11% increase in the global visibility of the sector since 2013
  • a 4.8% increase in the sector’s association with global influencers
  • a 93% increase in the sector’s share of voice within high-profile content and conversation
  • a 184% increase in references to cooperative and mutual values
  • 4 out of 5 references to cooperative/mutual values are generated by stakeholders outside the sector
  • a 60% increase in net positive sentiment towards the sector
  • a 77.5% increase in the sector’s association with key global issues in insurance

The Global Reputation Report 2016 is a follow-up to the original Global Reputation Report which we published in 2013 and is based on research undertaken by Reputation Consultancy. The 2013 research provided evidence of the quality and strength of the global reputation held by the cooperative and mutual insurance sector for the first time, and ICMIF responded to the findings by devising a strategy based on clear, measurable priorities for further strengthening the sector’s reputation.

The 2016 report measures the progress made against those priorities and identifies the key learnings and challenges for the future reputation of the sector.

Shaun Tarbuck, Chief Executive, ICMIF, said: “Here at ICMIF, our principal aims are to support, strengthen and grow the cooperative and mutual insurance sector, and to ensure that insurance protection is accessible through our unique business models to all socio-economic groups across the world. The insights gleaned from the 2013 report have been invaluable in determining how and where we can work most effectively to strengthen our sector’s reputation, one of its most powerful assets. Understanding how to manage reputation helps us to better identify and engage with the right stakeholders, to communicate our message and values more effectively, and to determine the path to sustained success. The findings of this latest report demonstrate the exciting progress that we are making,” Tarbuck concluded.

ENDS

For more information or to arrange interviews, please contact:

Liz Green, Senior Vice-President, Membership Services, ICMIF, liz@icmif.org +44 7793 264 220

About the mutual and cooperative insurance sector

  • The mutual sector holds 27% of global insurance market share by premium.
  • Premium growth of the insurance sector since 2007 is 22.1% vs 8.2% in industry
  • The sector’s assets of USD 8.1 trillion in 2014 have grown by 33% since 2007
  • Employment in the sector accounts for more than 1.1 million jobs
  • Over 960 million people are served as member/policyholders by mutual/cooperative insurers

 About ICMIF (see www.icmif.org and follow us on Twitter: @ICMIF_Web)

  • ICMIF holds nine years’ worth of exclusive data about the mutual sector
  • With its global headquarters in the United Kingdom and regional offices in Washington DC, USA; Tokyo, Japan and Brussels, Belgium, today, following the integration with AMICE, ICMIF now represents 290 values-based insurers in 75+ countries with over USD 300 billion in premium income and USD 2 trillion in total assets held.
  • ICMIF delivers unique networking opportunities, market and member intelligence and external relations services. It takes a strong lead in encouraging best practice amongst its member firms in key insurance issues, including; performance management, legal and governance, marketing, brand and reputation, reinsurance and social and environmental performance.
  • ICMIF is active in the microinsurance and Takaful sectors, with Takaful providing Shariah-compliant risk amelioration products to Islamic markets