Latest News

Monday, 15 April 2019

Last week, Kenya ICMIF member CIC Insurance Group (CIC) officially began celebrations to mark its Golden Jubilee. The celebrations came hot on the heels of the recent release of the organisation’s financial results for the year ending 31 December 2018, which saw pre-tax profits of KES 852 million, representing a 64 per cent increase from KES 519 million posted over the same period last year.

Speaking during the event held at the Nairobi Hilton Hotel, Ali Noor Ismail, Principal Secretary, State Department of Cooperatives, reaffirmed the Kenyan government’s commitment to put in place a conducive policy, legal and regulatory...

Friday, 12 April 2019

Last week, ICMIF member The Co-operators (Canada) highlighted significant challenges and opportunities presented by increasing environmental, social and economic issues and trends with the release of its 2018 Integrated Annual Report. The report was launched as representatives of the cooperative's 45 member organisations gathered from across the country in Toronto for its Annual General Meeting (AGM).

In The Co-operators 2018 Integrated Annual report, the insurance and financial services cooperative presents a comprehensive overview of its financial, governance and sustainability progress and performance alongside key world issues...

Thursday, 11 April 2019

Singaporean ICMIF member NTUC Income (Income) recently announced the launch of Pinfare, an innovative, travel-inspired lifestyle insurance by Digital Income, the company’s in-house Digital Transformation Office (DTO). Pinfare seeks to address one of the most common pain points for travellers – the pressure of having to purchase a desired flight itinerary on-the-spot, or be subjected to unpredictable price fluctuations and pay a higher fare on the same flight itinerary later.  

With Pinfare, Income transcends its traditional travel insurance offering and caters to an evolving lifestyle where policyholders want flexibility,...

Wednesday, 10 April 2019

Whether they have made a claim on their policy or not, members of Swiss ICMIF member La Mobilière will this year receive CHF 160 million (USD 160 million) from the cooperative insurer.

In their announcement this week, La Mo­bi­lière says that theirs is not an insurance company like many others. Thanks to the cooperative nature of the organisation, customers benefit from a share in the financial success of the organisation. Just to thank them for their loyalty. This year, the beneficiaries are the household insurance member policyholders. In concrete terms, a 20% reduction in price will be applied to their policy. Next year, this...

Wednesday, 10 April 2019

Canadian ICMIF member The Co-operators is further expanding its Insurtech investment by introducing a fund to facilitate partnerships with Insurtech firms. The Co-operators says that the investment fund reflects the organisation's commitment to address the unmet insurance and financial services needs of Canadians participating in a fast-paced and ever-changing digital economy.

"Innovation is key to providing financial security for Canadians and communities," says Rob Wesseling (pictured), President and CEO, The Co-operators. "We're collaborating with Insurtechs that offer cutting-edge technology and solutions to meet the changing...

Thursday, 04 April 2019

It has been announced today that the Australian Federal Parliament has passed landmark legislation for mutuals. These are the first amendments to the Corporations Act for 18 years that relate to the cooperative and mutual sector and open up a number of new opportunities for Federally registered cooperatives and mutual businesses in Australia to grow whilst safeguarding mutuality for future generations.

Australian ICMIF member BCCM has been at the forefront in advocating and developing this new law.

In an announcement today, the Business Council of Co-operatives and Mutuals (BCCM) says it is pleased the Australian Government...

Thursday, 04 April 2019

Canadian National Insurance Crime Services (CANATICS) has this week announced the appointment of Denis Dubois (pictured) as the new Chair of its Board of Directors. CANATICS is a non-profit organisation focused on fighting insurance crime.

Dubois is the President and COO of ICMIF member Desjardins General Insurance Group, Canada's third largest property and casualty insurer with CAD 5 billion in premium volume, and he is also a member of the Desjardins Group Management Committee. His accomplishments at Desjardins include spearheading the acquisition of State Farm's Canadian operations in 2014, the largest and most complex...

Wednesday, 03 April 2019

The World Bank last month launched the first Sustainable Development Bond to raise awareness for the importance of combating food loss and waste, focusing on the challenges outlined by the United Nations’ Sustainable Development Goal 12.3: halving food waste by 2030.

ICMIF member, the Folksam Group is the sole investor in the three-year, USD 300 million bond.

According to the World Bank, one-third of all food produced in the world is lost or wasted every year. Globally, if food loss and waste could be represented as its own country, it would be the third largest greenhouse gas emitter. The resources needed to...

Monday, 01 April 2019

According to the latest 1st View renewals report from ICMIF Supporting Member, Willis Re, reinsurers have adopted a rational rating approach at the 1 April 2019 renewal with price increases of up to 25% targeted towards loss-affected contracts and programmes. These rate increases were balanced by flat renewals for loss-free classes and programmes, says the report.

Reinsurance broker Willis Re said that continued high levels of market capitalisation both from traditional reinsurers and Insurance-linked securities (ILS) markets were the key to reinsurers’ rational pricing responses.

The report says that some buyers sought to...

Monday, 25 March 2019

In June 2016, ICMIF launched the 5-5-5 Mutual Microinsurance Strategy (the “5-5-5”) with the ambition of providing access to microinsurance for the first time to 5 million households in five countries in emerging markets (Colombia, India, Kenya, Sri Lanka and the Philippines) in a period of five years.

In 2017, P&V Assurances decided to provide financial support to the project in Kenya through the 5-5-5, and provided additional support (through a 5-5-5 Technical Assistance assignment) which enabled local cooperative insurer, CIC Insurance Group (CIC), to formally launch a livestock...

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