Latest News

Monday, 10 September 2018

According to the findings from the latest Reinsurance Market Report from ICMIF member Willis Re, shareholders’ equity in 34 reinsurance companies tracked in the Willis Reinsurance Index1 totalled USD 364.9 billion, a 1.6% decrease from USD 371 billion at year-end 2017. The decrease occurred despite an improvement in net income of nearly 75% to USD 14.5 billion, largely due to lower natural catastrophe losses which supported a reduced combined ratio of 94.3%, 0.7 percentage points lower than reported for the first half of 2017.

Despite higher net income, the report says, the aggregate shareholders’ equity of the Index reduced as...

Thursday, 06 September 2018

Optimism over a turn in the global reinsurance market after the catastrophes seen in 2017 quickly diminished after disappointing renewals for 1 January and midyear 2018, providing minimal pricing increases to reinsurers and leaving market dynamics relatively unchanged, according to a new report from ICMIF Supporting Member A.M. Best.

The new Best’s Market Segment Report, “Global Reinsurance: Optimism Fizzles, It’s Back to the ‘New Normal,” states that the reinsurance sector continues to skip along the bottom of the market with no clear trigger for a meaningful and widespread rate hardening. At the same time, the capital markets’...

Wednesday, 05 September 2018

The Insurance Development Forum (IDF) has today announced the appointment of Ekhosuehi Iyahen (pictured) as its first Secretary General, effective 1 October 2018.

The IDF is a public-private partnership led by the insurance industry and supported by international organisations including the International Cooperative and Mutual Insurance Federation (ICMIF). It aims to enhance the use of insurance to build greater resilience against disasters and to help achieve the United Nations 2030 Agenda.

Ms. Iyahen brings a unique profile to the IDF, having held senior positions at two...

Tuesday, 04 September 2018

According to the latest edition of Mutually Yours, the digital news service provided by the Association of Financial Mutuals (AFM), members of AFM saw their premium income soar to over GBP 1 billion during 2017. This, says the AFM, is an increase of over GBP 100 million in the year or an increase of 12.2%. The article shared in Mutually Yours shows this result to be all the more impressive when compared to the UK market as a whole which, according to Swiss Re, saw growth of just 2.4%.

Data from the AFM shared in the article shows growth in life and savings premiums over the year of 18.9%, whereas general insurance premiums rose 9.6...

Monday, 03 September 2018

Tuesday 25 September 2018, 3.00pm – 4.00pm BST/UK time

As the millennial generation continues to enter the global workforce in vast numbers, many ICMIF member companies are looking at ways in which they can better engage with this growing cohort of employees; and how to develop and retain the best young talent to ensure that they are part of the future success of the organisation.

ICMIF is pleased to announce a second Young Leaders webinar which will examine the above topic. In the webinar participants will hear two young leaders discussing how their mutual/cooperative insurance companies have designed internal professional...

Thursday, 30 August 2018

In this A.M.BestTV episode, Catherine Thomas, Senior Director of Analytics at ICMIF Supporting Member A.M. Best, said insurers are creating subsidiaries, building new relationships and transferring liabilities in an effort to prepare for possible outcomes depending on how Brexit proceeds. Click here to watch the entire programme. Thomas addressed how companies are handling Brexit. “Over the past year, in the absence of any real clarity as to what a future trade deal will look like between the United Kingdom and the European Union, U.K. insurers are really accelerating their plans to establish additional subsidiaries in the other EU...

Tuesday, 28 August 2018

A new study has revealed that ICMIF member RAC WA is Australia’s Most Recommended Brand in property insurance for 2018.

The 2018 Property Insurance Consumer Recommendation and Loyalty Study, conducted by Australian business consultancy Engaged Strategy, surveyed over 1,600 Australian property insurance customers using advanced Brand and Customer Experience metrics, including the popular Net Promoter Score. 

The property insurance study found that RAC WA achieved a Net Promoter Score of positive 37 per cent, which was considerably higher than the category average of positive 6 per cent, and far exceeded the lowest...

Thursday, 23 August 2018

ICMIF Supporting Member A.M. Best will be hosting a webinar on Thursday 6 September during which a panel of industry executives and analysts will review the state of the reinsurance markets. This complimentary webinar will be held on Thursday 6 September 2018, at 10 a.m. (EDT).

Registration is now open at www.ambest.com/webinars/global18. All ICMIF members are invited to register for the webinar.

 

 

Panellists will discuss:

Trends in pricing and availability; The role of third-party capital; The outlook for mergers and acquisitions; and Regulatory developments and more.

The panellists are:...

Wednesday, 22 August 2018

South African ICMIF member AVBOB Mutual Assurance Society has this month celebrated its 100 year anniversary. To celebrate this momentous milestone AVBOB announced plans on Wednesday 15 August 2018 to allocate ZAR 3.5 billion to their members through a new and exciting member benefit known as the AVBOB Reward Account (ARA). AVBOB is Africa's largest Mutual Assurance Society providing a one-stop funeral insurance and burial service solution.

Frik Rademan (pictured), AVBOB Chief Executive Officer, said: “This year marks AVBOB’s 100th year in business. The ZAR 3.5 billion benefit allocation...

Tuesday, 21 August 2018

ICMIF member Ömsen (Finland) has launched a new type of mutual insurance cover for customers and entered the personal lines market by introducing a healthcare insurance for its local market. The company says the product was launched to help promote a healthier Åland (the autonomous Finnish province which the company serves).

Ömsen says it is looking to the future and has developed this completely new type of insurance cover with a focus on preventive healthcare into its non-life product range. The product has been launched in cooperation with healthcare provider Medimar. This is the first time the the non-life insurance company...

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