Latest News

Friday, 23 October 2020

The Brazilian Grow+ Innovation Awards 2020 were announced in September 2020 and Brazilian ICMIF member Seguros Unimed was recognised alongside Arcelor Mittal, Enel and Nestlé in the Corporate Open Innovation Award highlighting the most innovative initiatives in Brazil. The recognition came thanks to the new Seguros Unimed ‘Super App’. GROW+ is a premium start-up accelerator created by investors and innovation-digital transformation specialists in Brazil.

Seguros Unimed says this recognition confirms that the cooperative insurer is on the right track for an innovative, digital and sustainable future thanks to the recognition for its...

Thursday, 22 October 2020

This week, ICMIF member LB Forsikring (Denmark) launched a new smartphone telematics app that will give their members greater insight into their driving and the opportunity to achieve a lower deductible. The goal is to test whether the app, called Bilist+, can help prevent traffic accidents in the future.

Via various algorithms, Bilist+ evaluates an LB Forsikring member's driving behavior, including distracted driving, hard braking, mileage and time of day. Drivers can monitor their trips, driving styles and levels of distraction on the app. Bilist+ should give LB members a better overview of when they are driving well and when...

Wednesday, 21 October 2020

Canadian ICMIF member Trillium Mutual Insurance Company has announced that it has partnered with PrevTech Innovations to reduce agricultural structure fires. Trillium has pre-purchased a number of PrevTech Smart Sensor units which will immediately be made available to any of their agri-business members who are invested in effective risk management. Trillium Mutual has also developed an industry unique incentive for its members who adopt the solution.

According to the Canadian Farm Builders Association, more than 40% of farm fires are caused by faulty electrical systems. Fire is one of the leading causes of loss to agricultural...

Tuesday, 20 October 2020

According to new research from ICMIF member and UK financial services mutual OneFamily, eight out of ten teenagers in the UK (81%) prioritise the environment when choosing products. They said they would happily pay more for an eco-friendly option.

As eco-friendly shoppers, British teenagers said they would be prepared to pay an additional GBP 291 for a ‘green basket of goods’ that contained their favourite products such as trainers, a mobile phone, a laptop, a top/shirt, food, make up, a games console and books.

The research also showed that one in three British teenagers say that the famous British broadcaster, natural...

Friday, 16 October 2020

In February 2020, Mirai Chatterjee, Principal of Indian ICMIF member, National Insurance VimoSEWA Cooperative Ltd (SEWA), was invited to chair the Committee on Standalone Microinsurance Company which had been set up by the Insurance Regulatory and Development Authority of India (IRDAI) to suggest steps to assess the desirability and feasibility of the formation of standalone microinsurance companies in India. The Committee was also charged with reviewing the existing legal and regulatory framework so that it might allow the creation of such microinsurance providers through an analysis of such provisions in other jurisdictions. The Report...

Friday, 16 October 2020

Amid the Covid-19 pandemic, the Latin American Association for Education in Reinsurance (or the LARG Group as it is often known) organised its 2020 Annual Meeting for the first time as a virtual conference. This was, says the Group’s Director Martha Julia de Marroquín, a real challenge given the high standards that normally characterise the event each year.

The LARG Group is made up of mutual and cooperative insurers from various countries in Latin America. All the Group’s members are also members of ICMIF. The Group was first formed in 2004 by just five ICMIF member organisations which wished to purchase their reinsurance...

Thursday, 15 October 2020

Swedish ICMIF member Folksam Liv (Life) has announced this week that it will be sending out refund notices to 600,000 customers. In total, they will share close to SEK 286 million (USD 32.2 million) with its members.

The refund will be paid to certain policyholders who have life cover through their membership of certain trade unions and who had their insurance policy in place on 31 December 2019.

The customers who are awarded a refund will be notified in October and November 2020, and then the refund will be paid out in November and December.

The refund is a one-time payment, and the size of a customer's refund...

Thursday, 15 October 2020

ICMIF Supporting Member AM Best has announced that its Insurance Market Briefing - Europe will take place as two complimentary webinars on 11 November 2020. These online sessions replace the annual in-person conference, which has been rescheduled to 16 June 2021. The webinars will feature leading AM Best rating analysts who will discuss the impact of prevailing economic, political and public health conditions on the operating environment for insurers and reinsurers in key segments of the European (re)insurance sector and London market, as well as in the Middle East and Africa. The themes and opinions presented in the sessions will be...

Thursday, 15 October 2020

Japanese ICMIF member Zenkyoren (National Mutual Insurance Federation of Agricultural Cooperatives) and The Norinchukin Bank (Central Cooperative Bank for Agriculture, Forestry and Fisheries), both of which belong to the JA (Japan Agricultural Cooperatives) Group, have announced that they have invested JPY 10 billion (USD 95 million) each i.e. JPY 20 billion (USD 190 million) in total into an Exchange Traded Fund (ETF) focused on dealing with the environmental and social issues caused by climate change. The ETF, which is managed by Norinchukin Zenkyoren Asset Management Co., Ltd.(NZAM), is aimed for tracking the S&P/JPX...

Thursday, 15 October 2020

During the first quarter of 2020, Swedish ICMIF member Länsförsäkringar introduced exclusion criteria for online gaming companies, which meant that 20 companies were added to the company’s exclusion list for investments. Now other types of gaming companies, which generate revenue from gambling for money, have also been excluded, which resulted in the removal of another 28 companies. The exclusion has been made in both the traditional portfolios and in the funds.

The decision was based, among other things, on a survey carried out by the Swedish Public Health Agency, which shows that commercial online gaming companies are the...

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