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Friday, 26 April 2019

Insurance is a begrudging purchase, generally not wanted, most feeling that they will never use it, or at least hopeful that they will never need to use it.

Most people at some level know, but likely give very little thought to, the fact that insurance underpins the world’s economy.

The economy’s growth is based primarily upon the ability to access credit. Whether obtaining a mortgage to buy a home or property, acquiring a loan, or needing credit to start or expand a farm or business. In order to access credit, the creditor generally requires that the underlying assets are protected by insurance. Absent the ability to access...

Tuesday, 12 March 2019

The survival of motor mutuals will depend on their ability to leverage the advantages of their unique ownership model to retain market share, as demand for traditional motor insurance diminishes

Arguably, the biggest risk facing the insurance industry over the next 10 years is the emerging business risk to the motor insurance industry, as the way people get around and how they want to insure their travel are transformed by new technologies and evolving consumer behaviours.

Like the rest of the insurance industry, nearly one-third of the cooperative and mutual insurance sector’s premium income is written in the motor...

Wednesday, 27 February 2019

Last year we shared two blogs by Dave Ingram, Executive Vice President at ICMIF Supporting Member organisation Willis Re on the year’s most dangerous risks for insurers. The blogs were originally written for the Willis Towers Watson Wire website. Dave’s latest article on the most dangerous risks to insurers, written in conjunction with Mark Mennemeyer, a senior Enterprise Risk Management practitioner in Willis Towers Watson’s Insurance Consulting and Technology business, is reproduced here for the benefit of ICMIF members with the kind permission of our Supporting Member Willis Re.

Turbulence is a neutral word to describe what many...

Thursday, 31 January 2019

The positive impact of my participation in the ICMIF Biennial Conference in London in 2017

On August 2017, the President of my organisation 1CISP (the Philippines), Roy S. Miclat, recommended that I attend the ICMIF Biennial Conference in October 2017 which was to be held in London (UK). Unanimously, the 1CISP Board of Directors approved my attendance at the event. I did not expect that this approval for me to be part of such a huge gathering of mutual and cooperative insurers from all around the globe would be the start of a “box of opportunities” for me and for my organisation. My journey as an ICMIF Young Leader began to unfold...

Monday, 17 December 2018

Mutuality: A success story set to continue ‘An era of renewed confidence and growth’

The socio-economic impact of mutual/cooperative insurers is often recognised as a core differentiator for our sector. Their ability to think and behave differently contributes to heightened consumer choice; product and service innovation; fair pricing; and ultimately improved consumer trust. The year 2018 has seen many success stories for our sector but particularly in terms of our consistent, long-term performance and growth; our growing influence; and increasing commitment to diversity.

Our sector’s consistent performance

Mutual...

Thursday, 06 December 2018

Although we live in an increasingly globalised society, insurance and the regulation of insurance remain a long way from the conception of a globalised industry as proposed by Levitt’s 1983 essay, “The Globalization of Markets” (Harvard Business Review), which suggested standardisation and convergence to be essential for successful businesses and markets.  Certainly, insurance has relied on the risk-smoothing effects of cross-border reinsurance to boost its robustness and resilience since long before the advent of the term “globalisation” in the 1930s, but two key characteristics of risk – complexity and evolution – will continue to...

Wednesday, 07 November 2018

The below blog was published on the Willis Towers Watson Wire website on 24 October 2018. It was written by Francis Kean, Executive Director in Willis Towers Watson's FINEX Global, is reproduced here for the benefit of our members with the kind permission of ICMIF Supporting Member Willis Re.

The acronym FSB probably conjures up for you the Federal Security Service of the Russian Federation, but it also stands for the less well known Financial Stability Board. This is a body established to coordinate at an international level, the work of national financial authorities in order to develop and promote the implementation of...

Friday, 26 October 2018

Este año, Argentina asume la presidencia del G20 y este año se llevó a cabo un Foro de Seguros del G20 por primera vez en septiembre en Bariloche, Patagonia.

Cuatro organizaciones miembros argentinas de la ICMIF, Sancor Seguros, La Segunda, San Cristóbal y ADIRA apoyaron el proyecto y ayudaron a organizar el Foro. Alejandro Simón (a la derecha en la foto), CEO de Sancor Seguros es uno de los cuatro Copresidentes del Comité Ejecutivo del Foro y habló durante el evento. Alejandro Asenjo, en colaboración con Simón, describe las experiencias del Foro de Seguros del G20 para nosotros en este blog invitado.

La experiencia debemos...

Friday, 26 October 2018

This year Argentina holds the G20 presidency and a G20 Insurance Forum took place this year for the first time ever in September in Bariloche, Patagonia.

Four Argentinian ICMIF member organisations Sancor Seguros, La Segunda, San Cristóbal and ADIRA  supported the project and helped to host the Forum. Alejandro Simón (seen on the far right of this picture), CEO of Sancor Seguros is one of four Co-Chairman of the Forum’s Executive Committee and spoke during the event. Alejandro Asenjo, in collaboration with Simón, describes the experience of the G20 Insurance Forum for us in this guest blog.

Our experience of the G20...

Wednesday, 03 October 2018

There is significant growth potential for cyber security insurance products in Europe, according to an August study by the European Insurance and Occupational Pensions Authority, although many market challenges and issues remain.

The report, “Understanding Cyber Insurance – A Structured Dialogue with Insurance Companies,” points out that most earlier studies focus on either the United States or global cyber markets, rather than specifically looking at the European environment. After all, upwards of 90 percent of cyber insurance policies are sold to Americans and as little as 5 percent of premiums come from Europe.

The...

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