Latest News

Monday, 27 June 2011

This year’s ICMIF/Americas Annual Conference will take place in San José, Costa Rica from August 17-19, 2011 and will focus on how the cooperative and mutual insurance model offers “A Better Way of Doing Business” and all ICMIF members are welcome to attend.

Cooperative and mutual insurers conduct business through a unique relationship with the client/owner and, to function well, the model demands both participation and leadership – be it from the general manager, board of directors, staff or the client/owners. To explore this theme, the conference concentrates on four major topics addressing key challenges facing the cooperative...

Thursday, 23 June 2011

Canadian ICMIF member The Co-operators has been ranked ‘number 1’ of the Best 50 Corporate Citizens in Canada by the Corporate Knights organisation which dedicates itself to the promotion of responsible business practices in Canada. Corporate Knights produce an annual ranking of organisations based on environmental, social and governance information which can be found in the public domain.

"We are honoured to be named the top corporate citizen in Canada," said Kathy Bardswick, President and CEO of The Co-operators. "Making a positive contribution to Canadian communities is a priority of ours, as it is for cooperatives across the...

Monday, 20 June 2011

The United Nations International Day of Cooperatives takes place each year on the first Saturday of July, this year’s date will be July 2. The International Co-operative Alliance (ICA) also holds their International Co-operative Day on this date.

This special day highlights the work of the cooperative movement to resolve global issues which are being addressed by both the cooperative movement (including the ICA) and the UN. The theme for each UN International Day of Cooperatives is chosen by the Committee for the Promotion and Advancement of Cooperatives (COPAC) and the theme this year is “Youth, the future of co-operative...

Tuesday, 14 June 2011

A.M. Best has chosen to maintain its stable ratings outlook for the global non-life reinsurance industry as companies are beginning to see pressure in the market for rate increases.

Following the Tohoku earthquake and tsunami in Japan, research has shown that reinsurers are already beginning to increase rates and are now expecting a firmer market going forward. Collective losses from other recent catastrophes such as the Christchurch earthquake in New Zealand and the floods in Queensland Australia have made reinsurers adopt capital conserving strategies whilst simultaneously pushing for higher rates.

As a result of the scale...

Thursday, 09 June 2011

ICMIF member La Segunda recently announced the opening of a prestigious new corporate building in Rosario, Argentina. The building was officially opened in February this year. The opening was attended by the Governor of the Santa Fe Province, Dr Hermes Binner, the Mayor of the city of Rosario, Dr Miguel Lifschitez and the General Manager of La Segunda Group, Señor Alberto Grimaldi and the Chairman of the Board, Señor Hugo Tallone (pictured right). La Segunda is ranked among the top ten comprehensive insurance providers in Argentina and has more than one and a half million policyholders.

Also at the opening event were two other...

Thursday, 02 June 2011

The Philippine insurance market has experienced some challenging times in the last few years but there is a renewed optimism that the industry could grow significantly in 2011. The life insurance market is showing an improvement in premiums written while the non-life sector is benefiting from the compulsory take-up of third party motor insurance as well as a renewed spending on construction.

The Philippine market has grown successively since 1999 but after growth fell to 1.1% in 2009 it has since rebounded considerably to post growth of 7% in 2010 and there is now renewed hope that the growth rate can continue this year.


Tuesday, 31 May 2011

Ethias Insurance, an ICMIF member based in Belgium, has launched an app for the GPS iPhone. The app is known as “Safest Route” and the purpose of the app is so that insurance company Ethias can offer its clients an alternative way to plan their journey so that it is a safe route to their destination instead of the shortest and the fastest route as with other route planners.

The route planner makes a warning noise every time the user approaches a dangerous area on the Belgian road network and it will also alert the user to their current speed so that they can modify their driving to the current situation. Ethias is the first company...

Wednesday, 25 May 2011

Invesco have issued their Economic outlook for the second quarter of 2011. The report highlights that between September 2010 and the Japanese Earthquake on March 11, 2011, the equity and commodity markets have experienced an extended rally, largely on the back of the prospect of a sustained recovery of the leading economies, particularly the United States.

The major factors in the upturn of fortunes in the US market have been the second round of Quantitative Easing in November 2010 and the fiscal stimulus package agreed between the Obama administration and Congress in December 2010. However Quantitative Easing will end in June and...

Monday, 23 May 2011

ICMIF has now published the first edition of what will be an annual publication: ICMIF Members Key Statistics 2009. This publication analyses in detail financial data about member organisations of ICMIF.

A limited mail out of the report is taking place to the membership but it is also now available to download from the ICMIF web site.

The report makes encouraging reading for the mutual and cooperative insurance sector. It shows that ICMIF members collectively increased their premium income market share from 5.7% in 2008 to 6.1% in 2009. ICMIF members hold a market share of 9.9% in non-life business and 3.3% in life...

Tuesday, 17 May 2011

Canadian property and casualty mutuals are gearing up for a possible battle against a new wave of demutualisation, following attempts by consultants to encourage policyholders in one firm to contemplate such a move.

CAMIC, the Canadian Association of Mutual Insurance Companies, is urging the Canadian Minister of Finance Jim Flaherty not to draft the necessary demutualisation regulations. CAMIC links 91 of the 106 property and casualty mutuals across Canada, many established by farmers over a century ago. “The mutual companies they created are almost exclusively governed under the ‘one person, one vote’ principle. Further, most...