Latest News

Friday, 08 April 2011

As a result of recent events in Japan ICMIF has taken a decision to relocate its Biennial Conference scheduled to take place in October in Tokyo to Manchester in the UK. The event will take place on the same dates as those originally scheduled for the Tokyo Conference, October 26-28.

In moving the Biennial Conference to the UK’s second city, Manchester, ICMIF has placed the event in the birth place of the cooperative movement and also in the city which has been home to ICMIF since 1993 when it started down the route to becoming the active Federation which it is today.

Speaking about the decision to make the move, Shaun...

Friday, 01 April 2011

An innovative new car insurance scheme for young drivers has been launched by Co-operative Insurance; part of the UK-based Co-operative Financial Services. This innovative policy through the use of innovative new technology utilising ‘Smartbox’ and satellite technology tracks how, and when, policyholders drive their car.

Once the insured vehicle is fitted with a Smartbox the insurance company can track what they call ‘safe driving parameters’ which include:

the average speed of the vehicle on differing types of road how fast and hard the car accelerates or brakes what time of the day the car is driven how fast corners are...
Wednesday, 30 March 2011

ICMIF member Rio Uruguay Seguros participated in the thirteenth International Quality Convention which took place in early March in Geneva Switzerland. The event hosted by Business Initiative Directions saw Rio Uruguay Seguros being presented with the ‘Century International Quality ERA Award’ in recognition of the quality of management.

The criteria for receiving the Century International Quality ERA Award are based on the QC100 Total Quality Management model as applied in over one hundred countries. This prestigious award is given to leaders and is sponsored by twenty-six publications on global market changes and tendencies,...

Friday, 25 March 2011

The European Insurance and Occupational Pensions Authority (EIOPA) has announced the membership of its two stakeholder groups, the Insurance and Reinsurance Stakeholder Group and the Occupational Pension Stakeholder Group.

Prominent amongst insurance industry representatives on the Insurance and Reinsurance Stakeholder Group is Asmo Olavi Kalpala, Chairman and President of Tapiola, Finland and currently President of AMICE. In addition Gerard van Olphen from the Netherlands a past Board Member of ICMIF in his capacity as then CEO of SNS REAAL is named together with Mr Yanick Bonnet, France, Co-Chair of the AMICE Solvency II Task...

Wednesday, 23 March 2011

A new reinsurance resolution has been announced in Argentina containing new rules for conducting reinsurance business, including a requirement to set up a local branch with a minimum capital investment of five million US dollars.

The publication of the new resolution earlier this year is likely to have a significant impact of the operations of foreign reinsurance companies. Under previous regulations, foreign reinsurers could be authorised to issue reinsurance contracts from their home jurisdictions as long as they complied with certain requirements and were registered with the insurance regulator.

Now foreign reinsurers...

Monday, 14 March 2011

"With news of the major earthquake which has hit Japan the thoughts of all of the ICMIF team and the wider membership are for the safety and well being of our cooperative colleagues and their families as well as the Japanese people at this most difficult time.

"We have been in regular touch with most of our members in Japan and they inform us that their staff in Tokyo are safe. The immense task that our cooperative insurers now face is in helping members in the worst affected areas and I am sure they will do this in the true cooperative spirit and to the best of their ability.

"Our thoughts are with our Japanese colleagues...

Tuesday, 08 March 2011

A.M. Best have compiled a list of the world's largest insurance companies by assets and premiums in which four mutuals have been named in the top 15. When ranked by premiums, Japan-based ICMIF member Zenkyoren featured at number seven on the list followed by State Farm Group, Nippon Life and Kaiser Foundation Group at tenth, eleventh and fourteenth respectively. The list shows that mutual and cooperative insurers are strongly represented among the world’s largest insurers. Zenkyoren are ICMIF’s largest member when ranked by premiums and will be hosting the ICMIF Biennial Conference later this year in Tokyo.

A.M. Best, who complied...

Friday, 04 March 2011

In January this year CIC Kenya helped to launch the first Takaful insurance company in East Africa. CIC Insurance Group will be the lead shareholder in the new Takaful Insurance of Africa after taking ownership of 32% of the new organisation’s share capital. Takaful Insurance of Africa is expected to grow on the back of large microinsurance potential in the Kenyan market where, according to a new study by The Centre for Financial Regulation and Inclusion (Cenfri), there is still untapped market potential to the degree of 11 million people.

CIC Insurance group is already one of the largest insurers in the region and this new...

Wednesday, 02 March 2011

The Cooperative Group has announced its ethical screening plans for the next three years in which it plans to now screen all of its insurance investments. These investments that underpin its key insurance products amount to around £1 billion and so represent a significant new inclusion in the Cooperatives ethical operating plan. Where screening is not possible the UK-based mutual says it will continue to ensure that its engagement with investees is “the most active, assertive and transparent of UK institutional investors”.

The Co-op Bank has also announced its intention to increase its lending in the area of energy efficiency and...

Thursday, 24 February 2011

UK based mutual Ecclesiastical have been buoyed by a forty million pound injection of capital from the end of 2010, raised through the issuance of noncumulative irredeemable preference shares, which CEO Michael Tripp says will better prepare them for Solvency II. The new regulations which will take effect at the end of 2012 have caused insurers to rethink their capital requirements in order to comply with the new regulations but Mr Tripp believes that Ecclesiastical are in a good position to deal with the upcoming changes. "We took the opportunity just to strengthen our capital base a little bit so that we'd have more flexibility and not...