Latest News

Monday, 23 March 2020

One of ICMIF’s Supporting Members, the rating agency AM Best, announced last week that it is developing stress testing that it will conduct on its rated insurance companies’ balance sheets to gauge the impact of the COVID-19 virus fallout on their risk-adjusted capital levels, investment portfolios, reserve adequacy and other aspects of the risks borne by rated entities.

According to AM Best, the COVID-19 virus is unique in its scope and complexity of potential losses, and the uncertainty regarding the near-term impacts further exacerbates the situation. Consequently, the direct and indirect effects of the outbreak may not be...

Monday, 23 March 2020

Italian ICMIF member the Unipol Group, through its insurance business UnipolSai Assicurazioni, has allocated EUR 20m to help combat the Coronavirus emergency in the most severely affected areas of Italy.

In close cooperation with the Regional Authorities, the Civil Protection Authority and the officials involved in managing the emergency, Unipol will allocate said resources to increase the number of beds in hospitals, especially in intensive care and semi-intensive care units, and purchase the necessary healthcare equipment to try to help stop the epidemic from spreading.

One of the main actions was the allocation of EUR 6m...

Saturday, 21 March 2020

During uncertain times, the mutual and cooperative insurance sector has always stepped up to respond to the needs of its members and their communities. Here at ICMIF we believe it is important that we too step up to follow those principles now as we all confront the Coronavirus (COVID-19) pandemic.

The entire ICMIF team are now working from their homes but we remain fully functional and are working hard to help and support our members in this great time of need. We are stepping up our efforts to provide information on what members are doing through our news stories and also to provide inspirational case studies and best practice...

Friday, 20 March 2020

Earlier this week, Dutch ICMIF member Achmea announced that over 11,000 colleagues were working from home in order to keep the insurer’s operations running smoothly and to be there for their customers at this challenging time.

In a press release this week, Achmea noted that the impact of the coronavirus on the lives of more and more people is increasing. The spread leads to uncertainty and leaves no one untouched - privately and at work. They affirmed that they would do everything they can to help their ten million customers in the best possible way under these exceptional circumstances. The health and safety of both Achmea’s...

Thursday, 19 March 2020

Swedish ICMIF member the Folksam Group has invested SEK 700 million in a social bond issued by the International Finance Corporation (IFC), part of the World Bank that targets the private sector. The bond is issued to provide financial support to companies affected by the Covid-19 pandemic.

The purpose of the support is to enable companies to continue to conduct their business and retain their employees. Companies in strategic sectors such as medical equipment and pharmaceuticals will be given direct support to, among other things, ensure that supply chains can be maintained.

Ylva Wessén (pictured), President and CEO of the...

Thursday, 19 March 2020

Swedish ICMIF member Länsförsäkringar has invested SEK 300 million in a social bond issued by the International Finance Corporation (IFC), part of the World Bank, to support those affected by Covid-19.

Kristofer Dreiman (pictured), Head of Responsible Investments, Länsförsäkringar AB, said: “The purpose of the bond is to support the work being done to manage the health and economic effects that result from the global virus outbreak caused by coronavirus”.  

The IFC issued the bond under its social bond framework. Thus, the funds are earmarked for specific social projects such as health care, education and financing for...

Thursday, 19 March 2020

Mark Caron, Internal Auditor of ICMIF member P&V Assurances (Belgium) and Marten Naaktgeboren, Investment Consultant of member Achmea (Netherlands) each recently took part in Technical Assistance (TA) assignment as part of the ICMIF 5-5-5 Mutual Microinsurance Strategy projects in Kenya.  Whilst these were separate assignments, facilitated by ICMIF, there was a connection between them.  

At the end of January 2020, Mark spent a week with CIC Insurance Group (CIC) in Kenya to conduct an audit of Year One of the 5-5-5 Strategy project in that country. P&V are long-standing supporters of the CIC project in Kenya and...

Friday, 13 March 2020

On 9 March 2020, ICMIF member Securian Financial (USA) held its third Day of Understanding as part of the company’s commitment to encouraging conversations around diversity and inclusion.

To coincide with International Women’s Day (8 March 2020), the Day of Understanding topic focused on gender bias and common biases women experience in the workplace that impede their ability to move forward and feel that they belong.

The 90-minute workshop provided tools for attendees to have more open, honest and empathetic conversations and help Securian employees build more inclusive cultures inside and outside...

Thursday, 12 March 2020

Thanks to ICMIF’s 5-5-5 Mutual Microinsurance Strategy, 1.86 million low-income households in Kenya, India and the Philippines have been covered with mutual or cooperative microinsurance since the Strategy launched in June 2016. This means almost 10 million lives have been protected (averaging five individuals in a household) at a cost of less than one US dollar per household.  

ICMIF launched the 5-5-5 Strategy to scale up mutual microinsurance in five countries where its members are already operating – India, Kenya, the Philippines, Sri Lanka and Colombia. The ultimate objective is to build resilience in low-income...

Monday, 09 March 2020

In the lead up to International Women’s Day 2020 last week, ICMIF was delighted to see the news that recently elected President and CEO of ICMIF member the Folksam Group (Sweden), Ylva Wessén, has been named the 17th most powerful woman in the Swedish business sector in 2020 by Dagens industri (a Swedish business news site).

Speaking about this recognition Ylva said: “I am honoured to be named one of the most powerful women in business. To increase gender equality, more female role models are needed in the business world, which is why Dagens industri list is important.”

Dagens industri says the aim of these awards is to...