Friday, 23 August 2019

No small business owner considers their business small.  To them it’s their drive, passion, source of pride, and perhaps most-importantly, their family’s financial well-being.  And while larger undertakings have the resources to dedicate towards GDPR compliance, it is small businesses, many times unknowingly, that have the most at stake.  That’s why offering Cyber & Privacy Breach Liability coverage is one of the most-important promises that you can make your insureds today.  

Under GDPR the definition of Personal Information is intentionally broad, and includes “any information relating to an...

Wednesday, 03 July 2019

Dominic Santschi, Product Manager Mobility Insurance at Die Mobiliar (Switzerland), spoke to ICMIF about the benefits he has gained from being a member of the ICMIF Young Leaders Forum and from attending the 2017 Biennial Conference on the Young Leaders Programme.

According to Dominic, the Young Leaders Forum and the Young Leader Programme at the Biennial Conference offer unique opportunities for younger employees at ICMIF member organisations to develop themselves both personally and professionally. Not only can they receive valuable insights from other mutual insurance companies, but they will also meet...

Tuesday, 02 July 2019

As consumers move away from personally owned and operated automobiles, we will see the evolution to a mobility system comprised of driverless vehicles and shared mobility platforms. As this transformation unfolds, insurers will need to change their approach to auto insurance products and services.

Auto manufacturers are developing new and innovative solutions and we are now seeing mass adoption of a sharing economy, providing more options for consumers than ever before. Consumers are opting for convenient and cost-effective transportation options such as ride-sharing and autonomous functionality. 

Car owners are...

Thursday, 30 May 2019
Mark Carney leading the way….

Mark Carney, Governor of the Bank of England, once described climate change perfectly saying that it “imposes costs on future generations that the current one has no direct incentive to fix*”

In his more recent ‘A New Horizon’ speech at the European Commission Conference (March 2019), Carney again sounded the alarm to those that would listen, saying once climate change becomes a clear and present danger to financial stability it could already be too late to stabilise the atmosphere at two degrees.

The paradox is, he said, that risks will ultimately be minimised if the transition to a low-carbon...

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


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...