Latest News

Friday, 30 August 2019

The insurance sector is considerably less concerned about silent cyber exposures than it was in 2018, according to 2019 Silent Cyber Risk Outlook, the annual global survey published this week by ICMIF member Willis Re, the reinsurance division of Willis Towers Watson. The finding applies to all commercial lines of business and industry groups, says the report.

The survey measures the expectation of more than 600 insurance professionals (including a cross section from claims, underwriting, legal, broking, and analytics) that cyber exposures will increase the likelihood of a covered claim over the next 12 months under insurance...

Thursday, 29 August 2019

The global reinsurance market as a whole has exhibited more underwriting control as evidenced by a holding back of capacity at the midyear 2019 renewals; however, questions remain over the sustainability of this newfound discipline, according to a new report from ICMIF Supporting Member AM Best.

The new Best’s Market Segment Report, “Global Reinsurance: Fighting the Last War,” notes that the days of large catastrophic events triggering widespread market hardening are gone, replaced by pockets of microcycles, based on geography and loss experience. The 2017-2018 catastrophes showed how the overall reinsurance market failed to...

Thursday, 29 August 2019

ICMIF member FMG’s financial year has been underlined by several milestones, led by the mutual insurer achieving 50% rural market share of the New Zealand for the first time in its 114-year history.

It was also a record year for the number of claims settled and overall client growth says FMG (New Zealand) - with more and more farmers and growers, commercial businesses, lifestyle property owners and residential clients choosing to insure with the organisation.

“In 2010 we set out a strategic plan to protect and grow the Mutual on behalf of our members and 2019 was marked by breaking through the significant milestone of a 50%...

Thursday, 29 August 2019

Launched in June 2016, the ICMIF 5-5-5 Mutual Microinsurance Strategy (the “5-5-5”) aims to insure 5 million lives in five countries (Colombia, India, Kenya, the Philippines and Sri Lanka) over a period of five years.

Latest data from ICMIF shows that since the 5-5-5 commenced, 1.7 million previously uninsured poor and vulnerable people have been provided with mutual microinsurance protection. These individuals now have an insurance “safety net” to protect their livelihoods and prevent them from slipping into poverty if they are faced with unexpected risks.

Below are the stories of two policyholders from the Philippines...

Friday, 23 August 2019

Prevención Salud is the prepaid medicine company of ICMIF member Sancor Seguros (Argentina).  The organisation was created by Sancor Seguros to as a way to take care of its members and improve their quality of life through the provision of comprehensive prevention services to member-policyholders of the Group.

Prevención Salud offers its services throughout Argentina with a wide range of plans designed to cover all the needs of a person in terms of their health and they also develop preventive medicine programmes (as the organisation’s name would suggest). The focus on prevention, says Prevención Salud, is the best way to...

Thursday, 22 August 2019

It is now only few weeks until ICMIF Supporting Member AM Best will hold its annual Reinsurance Market Briefing at the 2019 Rendez-Vous de Septembre in Monte Carlo (Monaco). The Briefing is now fully established a leading open-invitation market presentation event at the Rendez-Vous.

This AM Best event is a unique opportunity for reinsurance market insight and opinion ahead of busy bilateral meeting schedules.

 

 

When: Sunday, 8 September 2019, 10:15-11:45

Where: Hermitage Hotel, (Salle Eiffel II - d'etage moins 4), Square Beaumarchais, Monte Carlo 98000, Monaco

Join AM Best at...

Thursday, 22 August 2019

Earlier this year ICMIF was asked by Co-operatives and Mutuals Canada (CMC) to provide data on the performance of the Canadian cooperative/mutual insurance sector to contribute to a report being published about the Canadian cooperative sector.

At the Co-operatives and Mutuals Canada (CMC) National Congress 2019 in June, Scott Banda, Chief Executive officer of Federated Co-operatives Limited and Nadine Groulx, President, Cantons-de-l'Est Regional Council of the Desjardins Group launched the resulting study: Economic Impact of the Co-operative Sector in Canada. The study was led by Dr. ...

Wednesday, 21 August 2019

ICMIF member Cornish Mutual (UK) has been named a Chartered Insurer for the seventh consecutive year. The general insurer is the UK’s only mutual insurance company to hold the accolade, which is awarded by the Chartered Insurance Institute (CII) to represent the highest standards in the insurance sector.

There are more than 900 general insurance companies in the UK, but only 34 have been awarded chartered status from the CII.

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

Monday, 19 August 2019

Just take a “selfie” using your phone and an app can tell the fat percentage of your body weight. That is the future of healthcare says ICMIF member LocalTapiola.

ICMIF member LocalTapiola (Finland), in collaboration with a number of project partners, is investigating an image analysis solution which utilises new artificial intelligence capabilities and its potential use for LocalTapiola customers. With this image analysis application on a mobile phone, customers can make an initial assessment of their health status. The mobile app provides an estimate of a person's body mass index (BMI), fat percentage and average blood pressure...

Wednesday, 14 August 2019

ICMIF member Seguros Futuro (El Salvador) has recently celebrated the company’s 25th anniversary.

The organisation was created on 17 July of 1994, with the mission of providing social security protection to the people of El Salvador, particularly those who had no access to insurance services or those who believed that insurance was onerous or only available to the more privileged groups within the Salvadoran population.

Seguros Futuro was created by the Federation of Cooperative Savings Associations and Credit of El Salvador (in Spanish “Federación de Asociaciones Cooperativas de Ahorro y Crédito de El Salvador” or...

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