Latest News

Monday, 15 October 2018

Although Florida’s insurance market-share leaders possess strong levels of risk-adjusted capitalisation that should provide a buffer against Hurricane Michael losses, insurers, reinsurers and insurance-linked securities investors could face significant losses, according to a new briefing from ICMIF Supporting Member A.M. Best published last week on 10 October.

The Best’s Briefing, “Insurers and Reinsurers Brace for Hurricane Michael Catastrophe Losses,” (10 October 2018) states that A.M. Best does not anticipate a large number of rating actions related to Hurricane Michael, as catastrophic events such as this one already have been...

Friday, 05 October 2018

Australian ICMIF member, the Business Council of Co-operatives and Mutuals (BCCM) yesterday (Thursday 4 October) warmly welcomed the publication of draft legislation that will begin the process of modernising the Federal law for mutual businesses in Australia.

The legislation forms the first part of a two-phased approach to improve the business environment for mutually owned firms and improve their ability to compete on level terms with investor-owned corporations.

The draft legislation provides a definition of a mutual entity to recognise the sector in the Corporations Act and to determine which companies will be...

Friday, 05 October 2018

ICMIF member Cornish Mutual has been awarded Chartered Insurer status from the UK Chartered Insurance Institute (CII) for the sixth consecutive year.

Chartered status is only awarded to firms that meet the CII’s rigorous criteria relating to professionalism and capability. All Chartered Insurance firms commit to the CII’s Code of Ethics, reinforcing the highest standards of professional practice in their business dealings.

In 2012, Cornish Mutual became the first mutual insurance company in the UK and the first insurer in the South West to achieve Chartered status from the CII. The insurer now also boasts two Fellows and...

Friday, 05 October 2018

The new International Financial Reporting Standard (IFRS 17) could provide better insight into underwriting performance and enable comparisons to be drawn between insurers, according to a new briefing from ICMIF Supporting Member A.M. Best. The Best's Briefing, "New Accounting Standard IFRS 17 Will Provide Enhanced Reporting," notes IFRS 17 calculations aim to bring consistency and comparability across the world, and is likely to provide greater granularity. Following a long period of preparation and discussion, the standard was published on May 18, 2017, with an effective date January 1, 2021. However, in A.M. Best's opinion, this...

Thursday, 04 October 2018

The future of insurance: Preparing today for the risks and opportunities of tomorrow

In the next ICMIF webinar, three strategic leaders from member organisations, all of which are cooperative/mutual insurers, will share their insights on the changing world by looking at the emerging trends, external developments and new expectations that will impact their business decisions in the future.

The webinar will take place on Wednesday 28 November 2018 at 3.00pm (GMT).

During the webinar participants will learn about the current strategic positioning of these leaders and their organisations. Attendees will also hear how...

Wednesday, 03 October 2018

The internationally renowned Dive In Festival arrived in the Netherlands for the first time last week. The initiators of the event this were Marguerite Soeteman-Reijnen and Bianca Tetteroo, Board members from Aon and Achmea respectively.

The Dive In Festival promotes diversity and inclusiveness in the insurance sector. It is a global event and 2018 is the fourth year in a row that the Festival has taken place. This year events took place around the world between 25 and 27 September with the theme of this year’s Festival being 'time4inclusion'.

The main event for the Netherlands took place at the Achmea Convention Centre at...

Friday, 28 September 2018

A significant majority of insurers understand that innovation is increasingly becoming a differentiator in the global marketplace, according to results of a survey from ICMIF Supporting Member A.M. Best. The survey was carried out by A.M. Best on its rated entities on the subject of innovation. These survey results are part of an extensive Best's Special Report on innovation, titled "Insurers Agree Innovation Is Critical for Future Success." A.M. Best says it believes innovation is needed as the insurance industry rapidly changes and new risks emerge that require up-to-date service processes and coverages. Nearly nine out of 10...

Friday, 28 September 2018

The Asia and Oceania Association (AOA) of ICMIF has issued a final reminder to its members to register for the AOA Seminar 2018 in Hong Kong. 

The seminar has been developed for executives, managers, and staff members of AOA member organisations. This year’s seminar will take place on 6 & 7 December in Kowloon, Hong Kong, hosted by ICMIF member Asia Affinity Holdings Limited.

This seminar is held once every two years for the benefit of cooperative and mutual insurers in the Asia and Oceania region. The theme of this year is “Impact of digital innovation on the strategies of our sector...

Monday, 24 September 2018

This year Argentina holds the G20 presidency and, thanks to the growing recognition of insurance as a social protection mechanism to promote financial and economic stability and growth, there will be a G20 Insurance Forum take place this year for the first time ever at a G20 Summit. The G20 Insurance Forum will take place on 25 and 26 September in Bariloche, Patagonia (Argentina).

Juan Pazo, Superintendent of Insurance for Argentina, who was personally convinced of the positive role of insurance, worked hard to convince his government and G20 leaders that a specific event dedicated to insurance should be organised. Since then ICMIF...

Friday, 21 September 2018

In the first half of this year, twice as many new customers entered the doors of Danish ICMIF member GF Forsikring compared with the same period last year. Despite negative investment return, the insurance company has upgraded its expectations for the year and says it predicts it will show good results by the year-end that will benefit members through a range of good insurance products and by them receiving a share in the profits.

More customers are coming into GF Forsikring stores

The customer-driven insurance company says it saw a net increase of about 10,000 customers in the first half of the year, which is twice as many...