Latest News

Tuesday, 24 April 2018

Findings in the latest Reinsurance Market Report from ICMIF member Willis Re (released Monday 23 April) show that shareholders’ equity in 34 reinsurance companies tracked in the Willis Reinsurance Index[1] was up 7.8% to USD 371 billion at year-end 2017.


The report states that this increase occurred despite catastrophe losses, which led to a weighted combined ratio for the tracked reinsurers of 104.8%, up 10.4 percentage points from the previous year. Alternative capital also increased to USD 88 billion (year-end 2016: USD 75 billion), despite the draw-down of...

Monday, 23 April 2018

Today sees the opening of the International Cooperative and Mutual Insurance Federation (ICMIF) Meeting of Reinsurance Officials (MORO) in Montreal, Canada. The MORO Conference takes place 23-25 April and this year’s theme is Reinsuring the mutual way.

This year’s MORO has attracted elite leaders from the global reinsurance industry and is the cooperative and mutual insurance sector’s only global reinsurance conference. The conference is an opportunity for mutuals and cooperatives to share reinsurance knowledge and discuss issues of common interest in a collaborative and supportive environment. This year’s event has a total of 30...

Monday, 23 April 2018

DEVK, a German member of the International Cooperative and Mutual Insurance Federation (ICMIF), has announced its pledge to support the ICMIF 5-5-5 Mutual Microinsurance Strategy. DEVK will be providing financial assistance to the project in the Philippines under the 5-5-5 Strategy, which will directly assist with providing mutual microinsurance to 5 million people from low-income communities who were previously uninsured.


Nadine Anemüller, Head of International Cooperation, DEVK, said: "In our thinking and actions, we are committed to values that aim for a sustainable development. We believe that structures in more...

Friday, 20 April 2018

The 24th ICMIF Meeting of Reinsurance Officials (MORO) takes place next week (23-25 April) in Montreal (Canada) and the final speaker line up is confirmed. The latest speakers, Mark McLaughlin, Global Insurance Director, IBM (USA), and Charles Dugas, Director, Insurance Solutions, Element AI (Canada), will take part in the closing session on the opportunities for mutual and cooperative insurers in a changing world with a focus on innovation and technology.

This session will look at how (re)insurers are using innovation and technology to stay relevant in their respective markets. Blockchain and artificial intelligence are the...

Friday, 13 April 2018

The World Co-operative Monitor report has become a leading source of annual data on the size of the global cooperative economy. Producer of the report, Euricse, says, however, that it is essential to have a sufficiently large quantity of cooperatives completing its survey to produce the report. 

Euriscse is calling on cooperatives of all sizes, across sectors and regions to help expand the coverage of the database. ICMIF members and all cooperatives are invited to be part of the 2018 edition of the Monitor by entering their cooperative's details!

The 2018 survey is available in many different languages online. The...

Friday, 13 April 2018

French ICMIF members, Groupe VYV and the MAIF Group, and in particular its life insurance subsidiary Parnasse MAIF, have this week announced that they will partner to bring a new life insurance offering to the market in France. This announcement this week confirms the desire for multisectoral collaboration between the two mutual groups, Groupe VYV and MAIF, and marks the first step in a search for common synergies.

For Groupe VYV, which came about from the merger of French mutuals MGEN, Istya and Harmonie, being able to offer life products, in addition to their existing health products, will constitute a strong element of...

Friday, 13 April 2018

Puerto Rican ICMIF member Cooperativa de Seguros Múltiples has now paid 92% of the claims which arose due to Hurricane Maria. They have paid 52,582 claims already said the cooperative with just 4,787 remaining.

The cooperative issued a statement at the close of business on Wednesday 11 April that 92% of the 57,369 claims received had been paid at a cost of USD 152.1 million.

Executive President, Juan A. Lugo Meléndez, said in the statement: "After intense periods of work and complex processes to address the extraordinary number of claims received on 22 September 2018 when we began to operate after Hurricane Maria had passed...

Wednesday, 11 April 2018

The AMICE Congress (3-5 June 2018) will bring together mutual and cooperative insurers from all over Europe to meet in Stockholm, Sweden where they will discuss the “mutual connections” that exist within the sector. The Congress, AMICE’s flagship event for its members, brings together senior representatives from insurers which are run on mutual/cooperative principles – a sector representing more than 30% of the total European insurance market. The Congress will be hosted by Swedish mutual insurers Folksam and Länsförsäkringar.

In addition to representatives from the mutual and cooperative insurance sector in Europe, AMICE members,...

Thursday, 05 April 2018

Today, The Co-operators highlighted significant risks, challenges and opportunities presented by a rapidly changing world with the release of its 2017 Integrated Annual Report. The report was released as more than 100 representatives of the insurance and financial services cooperative's 44 members gathered in Moncton (Canada) for its Annual General Meeting (AGM).  The Co-operators is a member of the International Cooperative and Mutual Insurance Federation (ICMIF) and is based in Canada.

The AGM was attended by Shaun Tarbuck, Chief Executive, ICMIF, who took part in a panel discussion with Keegan Iles, Partner at PwC Canada...

Wednesday, 04 April 2018

According to the latest 1st View renewals report from ICMIF member Willis Re, the April renewals saw the continuation of a broadly flat pricing environment.

The report found that that there was a rapid reload of insurance-linked securities (ILS) funds following initially overstated Hurricane Harvey, Irma and Maria losses.

There was a continued capital oversupply, despite 2017 losses, but the report found there were some modest increases in reinsurance purchases allied to underlying growth delivering real premium growth.

There was a dynamic change in reinsurance mergers and acquisitions (M&A), with large primary...