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Thursday, 17 April 2014

Mutual insurers face increasing pricing pressure so must differentiate themselves to remain competitive, according to David Thomas, CEO of Market Services & Solutions at Willis.

Speaking in a video blog on WillisWire, he says: “Mutuals generally take a long-term view of their customers, so tend to create a stable product over a long period of time. As a result there are periods when mutuals’ pricing is considerably cheaper than the commercial market, and other periods when they are more expensive.

“At a time like this mutuals are faced with enormous pricing pressure. In this environment they must emphasize how they...

Wednesday, 09 April 2014

The transfer of reinsurance risk traditionally has been underpinned by deep personal and business relationships. This has been for a couple of reasons. First, the types of risk covered in reinsurance are unpredictable and the information for calculating potential losses is often sparse, providing an uncertain basis for contracts. As a result other mechanisms are developed to counteract uncertainty, such as building trust through long-term relationships; reinsurers trust that cedents will provide them with good information and cedents trust that reinsures will pay for losses and claims. So when we think about reinsurance relationships they...

Wednesday, 09 April 2014

The Great Hanshin earthquake of 1995 was memorable for many reasons: it cruelly took nearly 6,500 lives and made history as Japan’s second largest earthquake of the 20th century. I also remember it as the front page story on the first ICMIF newsletter I ever read, when I began working at the Federation. The story told how the Japanese cooperatives had immediately undertaken extensive recovery operations, staff were sent to the affected areas and emergency payments were quickly made. It was an extraordinary and terrible catastrophe but one which was met with an urgent and very necessary response, which as I was to learn, is very typical of...

Friday, 21 February 2014

Last week I attended a meeting of some of the leading players working in the field of resilience and disaster risk reduction. The meeting was organized by Willis and hosted by Rowan Douglas, CEO Capital, Science & Policy Practice at the Willis Group with other participants coming from the UN, the World Bank, the International Insurance Society (IIS) and the OECD. These invited delegates from the worlds of science, policy and capital met in London, UK, to push forward a combined agenda in the lead-up to key meetings on resilience and disaster risk reduction to be held at the end of June, 2014. This was a very timely meeting given the...

Thursday, 06 February 2014

For many reasons I was delighted with the recent news that The Co-operative Group, UK, is no longer selling their general insurance business.  Firstly, for the people working at The Co-operative Insurance it gives some stability after what must have been a very difficult time.  Secondly, it is great for the sector as The Co-operative Insurance was the original, first-ever, cooperative insurance business, established in 1867, a model that has since been copied in many countries around the world.  Thirdly, because CIS Insurance (as it used to be known) was one of the significant founders and supporters of ICMIF, with someone from CIS...

Friday, 24 January 2014

Last week I attended the P&C Insurance Joint Industry Forum in New York, an annual event held at the beginning of each year, attended by industry leaders primarily from the US non-life industry.  The conference, attended by around 200 delegates, sets the agenda and identifies the challenges for the industry for the coming year.

The keynote speaker at the event was Neal Wolin who was Deputy Secretary of the Department of the (US) Treasury from May 2009 to August 2013 where he also spent a month as Acting Secretary of the Treasury. In the Obama administration he was one of the leading officials at the Treasury as they worked...

Friday, 20 December 2013

It’s that time of year again when we reflect on the previous year and on what we delivered and then look forward to the new year and on what we are going to deliver. At ICMIF we have an annual staff meeting in December to review the highs and lows of the year. Last year was, without doubt, our best yet; with the highlight being the Cape Town conference. We had record numbers attending the event and we received the highest ever feedback scores from delegates. However, we are professional enough as a team to be able to honestly review our performance and know there are some areas we can improve on as we look forward to the 2015 Conference...

Friday, 13 December 2013

For us at PPS the ICMIF conference that was held in Cape Town, South Africa from 6-8 November 2013 was the culmination of a process that started in 2011 when we started communicating more intensively and directly about the benefits of being a member of a mutual, and sharing the profits of such an enterprise. When I wrote the article that appears in the current issue of Voice magazine (Voice 77 November 2013) we were in the final stages of planning the conference, but from the time that the event started with the joint ICA/ICMIF dinner, it was clear that a platform had been created in South Africa that will still benefit us for years to...

Friday, 06 December 2013

Yesterday we lost a global icon; arguably the most influential leader of the last century and certainly the most inspirational. Nelson Mandela was to me a truly amazing and inspirational man, a man who fought to change his world against the toughest odds. Those of you who joined us for the ICMIF Conference in Cape Town would have heard Francois Pienaar talk about the affect Madiba, Mandela’s Xhosa clan name, had on his life and continues to have as he strives to keep alive Mandela’s ideal of ‘one rainbow nation’ through the pursuit of education for all. Francois was without doubt one of the most inspirational ICMIF conference speakers we...

Friday, 29 November 2013

Data visualization is nothing new; Florence Nightingale, the great British social reformer and founder of modern nursing, who also happened to be a statistician, used what we would today recognize as a pie chart in 1858 to highlight the fate of hospitalized solders during the Crimean war. This diagram of the causes of mortality in the army in the East was published in “Notes on Matters Affecting the Health, Efficiency, and Hospital Administration of the British Army” and sent to Queen Victoria in 1858.

It is a very graphical call to arms on the subject of hospital hygiene, and is the genesis of the modern profession of nursing that...

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