Latest News

Wednesday, 26 February 2020

ICMIF member Thrivent (USA), has been recognized by Ethisphere, a global organisation which aims to define and advance the standards of ethical business practices, as one of the 2020 World’s Most Ethical Companies. This recognition honours those companies that take the long view with a purpose-based strategy and strive to create positive change throughout their various communities around the world.

This is the ninth year in a row that Thrivent has been recognized in this way and the organisation is one of only five honourees in the financial services industry. In 2020, 132 honourees were recognised spanning 21 countries and 51...

Monday, 24 February 2020

The Japan Cooperative Insurance Association Incorporated (JCIA) has recently published the English version of its annual Cooperative Insurance in Japan Fact Book.

JCIA is a general incorporated association in Japan, which was established for the purpose of promoting coordination among member societies and contributing to the development of cooperatives and cooperative insurers. The main activities of JCIA are research and studies relating to cooperatives/cooperative insurers, human resources development and training for member societies and public relations. JCIA also publishes a monthly journal “Cooperative and Commercial...

Friday, 21 February 2020

To achieve the 2030 Agenda for Sustainable Development, it is important to include road safety as a factor to be considered by large investors. That was the message from Folksam's President and CEO Ylva Wessén earlier this week when she spoke at the 3rd Global Ministerial Conference on Road Safety. Every year, over one million people are killed in traffic accidents around the world and this week Sweden played host to the 3rd Global Ministerial Conference on Road Safety (organised by the Government offices of Sweden and the World Health Organisation). The aim of the event was to develop the global road safety targets for 2030. An...

Monday, 17 February 2020

Singaporean ICMIF member NTUC Income (Income) has announced that as of today (17 February 2020), close to 27,000 individuals insured by Income’s Personal Accident (PA) plans with infectious disease cover, and over 500,000 employees of organisations insured by its Group Employee Benefits policies, will automatically enjoy additional COVID-19 cover at no additional premium. To further support lower-income households in Singapore, Income is also extending COVID-19 benefits to the Income Family Micro-Insurance Scheme (IFMIS). Currently, IFMIS offers insurance protection, at no premium, to almost 29,000 eligible individuals, who are parents...

Thursday, 13 February 2020

Earlier this year, RAC’s BetterLabs Ventures announced an AUD 20 million expansion of its seed fund, making it the largest of its kind in Western Australia (WA). Part of ICMIF member RAC’s strategic innovation function, BetterLabs launched AUD 3 million in seed funding in September 2018 to support start-up founders on their growth journeys. RAC Group CEO Rob Slocombe said there had been an overwhelmingly positive response to the initial seed fund, with over 150 applications received in its first 12 months. “BetterLabs has received an incredible amount of interest since it began and we’ve been fortunate to be able to support and partner...

Wednesday, 12 February 2020

This week, Dutch ICMIF member Achmea has activated 3200 solar panels which have been installed above the parking lot of the company’s offices in Apeldoorn (Netherlands). This new installation, which has been added to 600 solar panels already present at the site bringing the total number of panels to 4000, will provide the company’s office in Apeldoorn with 15% of its electricity supply.

Construction of the carport with its solar panels started in October last year. Theo Peters from Achmea's Facility Service Centre said: “The realization of solar panels on roofs and as a carport fits in with Achmea's vision: to be completely climate...

Friday, 07 February 2020

ICMIF Supporting Member AM Best has this week said that it expects that China’s non-life insurance market will experience limited losses from the ongoing coronavirus outbreak, due to factors including the central government’s announcement to undertake all medical expenses related to the 2019-nCoV diagnosis and treatment, coverage exclusions, and the lack of claim triggers for business interruption risks under typical property policies in China. A new Best’s Commentary, titled, “Wuhan Coronavirus Epidemic Impact on China Non-Life Insurance Market Likely to be Limited,” states that in AM Best’s view, individual policyholders are...

Friday, 07 February 2020

Total new worldwide funding commitments to the InsurTech sector in 2019 were USD 6.37 billion, 33.9% of the historical total, following a record-breaking USD 1.99 billion of investment in 75 projects during Q4 2019, according to the new Quarterly InsurTech Briefing from Willis Towers Watson, the  global advisory, broking and solutions company.

During the year, eight “unicorn making” rounds of investment took place, creating five new unicorns (privately held start-ups valued at over USD 1 billion), of only 10 InsurTechs globally that have reached this threshold. 2019 also saw a 90% jump in investment rounds that exceeded...

Thursday, 06 February 2020

A new Bill has been introduced in the UK Parliament this week which aims to facilitate more capital investment into cooperatives. The Private Members’ Bill, brought forward by Cardiff North MP, Anna McMorrin, was read for the first time in the House of Commons on Wednesday 5 February. The Co-operative and Community Benefit Societies (Environmentally Sustainable Investment) Bill proposes a way for cooperatives to grow and develop their businesses whilst enhancing their commitment to member ownership and control. Also known as the Green Share Bill, it will focus new funds on environmentally sustainable investments...

Wednesday, 05 February 2020

During its 71st anniversary celebration held on 28 January 2020 at the Philippine International Convention Centre in Metro Manila, the Philippine Insurance Commission (IC), the regulator of the insurance industry in the Philippines operating under the Philippine Department of Finance, announced the results of the 2019 Insurance Industry Association of Southeast Asian Nations (ASEAN) Corporate Governance Scorecard Assessment as undertaken by the Institute of Corporate Directors (ICD).

Among over one hundred insurance companies and mutual benefit associations (MBAs) were assessed, and CARD MBA and KASAGANA-KA MBA (KMBA), both...

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