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Tuesday, 20 November 2018

ICMIF members have achieved an aggregated growth of 39.3% (compared to global market growth of 16.8%) during the last ten years, according to ICMIF’s Key Statistics report 2018.

ICMIF has published an updated version of its ICMIF Members: Key Statistics Report for 2018. The 2018 edition of the report provides a comprehensive overview of the 197 member organisations that make up ICMIF’s global network of cooperative and mutual insurance companies.

The report highlights that ICMIF members have grown at a significantly faster aggregate rate than both the global insurance market as a whole and the total cooperative and mutual...

Tuesday, 20 November 2018

Two ICMIF members from Denmark have received national acclaim for their outstanding reputations.

“danmark” health insurance and LB Insurance were ranked number one and two respectively, in terms of having the best image among financial companies in Denmark according to a recent independent survey.

Seventy of the largest financial companies in Denmark were analysed, based on answers from more than 5,000 selected Danish representatives. The survey assessed the largest banks, insurance companies, pension companies, mortgage companies and investment associations in the country based on eight different image parameters.

In...

Friday, 09 November 2018

The insurance industry has historically often been accused of being “stale, male and pale”; dominated by older, white men with speaker line-ups for insurance conferences and events in particular often very typical of this stereotype.

The International Cooperative and Mutual Insurance Federation (ICMIF) has, however, worked hard for many years to offer an alternative to this stereotypical line-up and has recently made great strides in providing a more gender diverse line-up of speakers and panellists for its global conferences and events.

This year, for the first-time ever, ICMIF has announced a 50:50 gender split of men...

Wednesday, 07 November 2018

Sri-Lankan member of ICMIF, Amãna Takaful, received multiple honours at the prestigious Islamic Finance Forum of South Asia (IFFSA) Awards, held recently in Colombo.

Amãna Takaful PLC (ATL) won the ‘Gold’ award for the ‘Takaful Entity of the Year’ category, while its off-shore subsidiary in the Maldives, Amana Takaful Maldives, won the ‘Silver’ award in the same category. The Sri-Lankan insurer also secured the ‘Silver’ award for the ‘Entity of the Year’ in the South Asia region.

In addition, Amãna Takaful won ‘Gold’ in the ‘Product of the Year’ category for their innovative insurance scheme ‘Kiri Govi Sathkara’. The ‘Kiri...

Wednesday, 31 October 2018

New research from Lloyd’s and the Centre for Economics and Business Research (CEBR) has found that there is an estimated global underinsurance gap of USD 162.5 billion in 2018. This protection gap poses a significant threat to livelihoods in some of the world’s most vulnerable economies.

The report, entitled A world at risk: Closing the insurance gap, demonstrates how the insurance penetration rate in developed markets is twice as high as in emerging countries. Lower-income countries account for almost all (USD 160 billion or 96%) of the global insurance protection gap. Many of the countries with the lowest levels of insurance are...

Tuesday, 30 October 2018

The 2018 edition is now available with new focus on the United Nations Sustainable Development Goals

The International Cooperative Alliance (ICA) and the European Research Institute on Cooperative and Social Enterprises (Euricse), published the seventh annual World Cooperative Monitor last week during the ICA’s V Summit of the Cooperatives which took place in Buenos Aires (Argentina). The report paints a picture of the scale and strength of the global cooperative movement and reports on the world’s largest cooperative and mutual organisations, providing a ranking of the Top 300 and sectorial analysis based on 2016 financial...

Monday, 29 October 2018

US ICMIF member Securian Financial is a “Top Company for Women Technologists” according to AnitaB.org, a nonprofit social enterprise committed to increasing the representation of women technologists in the global workforce.

AnitaB.org recognized Securian Financial and 79 other companies recently as part of the nonprofit’s annual program identifying key national trends on women working in technology. First launched in 2011, the Top Companies for Women Technologists program helps organisations identify areas where they can improve while demonstrating a commitment to diversity, equity and inclusion.

“I am very proud of the work...

Monday, 29 October 2018

A number of major participants in the (re)insurance industry are becoming actively involved with regards to shaping the environmental, social and governance (ESG) agenda – given their unique role as risk managers, institutional investors, and risk carriers on behalf of a wide range of industries. They also face critical risks and opportunities associated with climate-change trends and challenges to close the protection gap, according to a new A.M. Best report. The Best's Special Report, "Insurance Industry Becomes Active in the Development of the ESG Agenda", states publicly listed multi-national insurance groups are well aware of...

Thursday, 25 October 2018

Over recent months Belgian cooperative insurer P&V Assurances, a member of the International Cooperative and Mutual Insurance Federation (ICMIF), has used a number of ways of raising new capital. Some has come from existing (institutional) cooperators and other organisations and some from a more recent public issuing of capital to customers, staff and tied agents. Hilde Vernaillen (pictured), CEO of P&V Assurances and its associated brands VIVIUM and ARCES, is also Chair of the ICMIF Board of Directors and a true champion of the cooperative and mutual insurance sector.

Before these new measures to raise capital were...

Thursday, 25 October 2018

Singapore-based ICMIF member NTUC Income (Income) has this week launched Droplet, a lifestyle-inspired insurance by Digital Income, the organisation’s in-house Digital Transformation Office (DTO). Income says that Droplet is a blue-sky response to consumers’ pain-point – surge pricing due to rain – when they book a ride on ride-hailing platforms. In Singapore, an average of 167 days of rainfall can be expected a year, consumers can now meaningfully address this pain point with insurance cover by Droplet as it offers a pay-out when prices on ride-hailing platforms surge due to rain.

Mr Peter Tay,...

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