Latest News

Monday, 17 August 2020

Canadian ICMIF member The Commonwell Mutual Insurance Group has been named a Five-Star Carrier in Insurance Business Canada magazine's annual Five-Star Carriers report. The prestigious list spotlights the companies that have received the highest ratings in this year's broker's survey of insurance carriers nationwide by consistently providing top-notch service. Insurance Business Canada asked hundreds of insurance brokers from across Canada to rate their carriers on a scale of 1 (poor) to 10 (excellent) across eight categories, from underwriting expertise and quick quotes to competitive rates and claims processing. The highest-scoring...

Friday, 14 August 2020

ICMIF member Simplyhealth (UK) has reported strong growth in its new virtual health cash plan app which includes a 24/7 GP and virtual physiotherapy triage service. The mutual says that customers are rapidly signing up for the new service and in June, Simplyhealth saw a 225% increase on May registrations for their new virtual health cash plan and app. The app provides fast, digital and telephone access to healthcare services, including appointments with a doctor, counselling and physiotherapy.

Catherine Rutland, Clinical Director at Simplyhealth, said: “Although some healthcare services are starting to resume, access to everyday...

Thursday, 13 August 2020

In early July this year, La Capitale and SSQ Insurance announced that their merger of equals was official, creating the largest mutual insurance company in Canada with over 3.5 million members and clients.

The merger of La Capitale and SSQ Insurance was originally announced in January of this year and after completing a number of regulatory steps, the merger of equals was made official on 3 July 2020. The name of the new company will be unveiled in the autumn of 2020 as the gradual integration of both companies continues.

The company says it is built on a solid foundation with 4,700 dedicated employees, well-...

Wednesday, 12 August 2020

During the uncertainty of the evolving COVID-19 situation, ICMIF member Thrivent (USA) has remained committed to serving its members and clients; protecting the health and safety of its workforce; and empowering its members to support their communities during this unprecedented time. As of the end of May, more than 46,000 Thrivent members, along with their friends, family and neighbours, generated nearly USD 13 million of much-needed financial support to more than 17,000 non-profit organisations and churches around the country.

The Thrivent Foundation is complementing the generosity of Thrivent’s members by donating USD 150,000 to...

Monday, 10 August 2020

Following the COVID-19-induced slowdown in global InsurTech investment during the first months of 2020, USD 1.56 billion was raised by InsurTech firms in Q2. The total, up 71% over Q1, was driven in part by later-stage investments, including four ‘mega-rounds’ in excess of USUSD 100 million, according to the new Quarterly InsurTech Briefing from Willis Towers Watson. 

At 74, deal count was down 23% from Q1, but many individual rounds were larger as investors continued to turn away from Seed and Angel deals in favour of support for more mature ventures. P&C sector investments predominated, accounting for 68% of funding, but...

Monday, 10 August 2020

Direct premiums written in the US cyber insurance market grew by 11% year over year in 2019 to USD 2.25 billion; however, according to a new report from ICMIF Supporting Member AM Best, the rate of growth slowed from the previous year, marking the fourth year in a row of this trend. In the recent Best's Market Segment Report, Cyber Insurance: Profitability Less Certain as New Risks Emerge, AM Best notes that growth has slowed significantly from 2016-2017 when direct premiums written grew by more than 30% annually, as the cyber threat landscape has expanded and the awareness of the risks has increased.

According to the report,...

Friday, 07 August 2020

Peak Reinsurance Company Limited (“Peak Re”), a Hong Kong-based global reinsurer and one of ICMIF’s Supporting Members, today announced that it has won the “Asian Reinsurer of the Year” award at the Asian Banking and Finance Insurance Asia Awards 2020. 

The award honours Peak Re’s unique approach of contributing to the sustainable development of the insurance industry and helping society prosper by providing protection to people under the umbrella of insurance. Since its foundation in 2012, Peak Re has built a leading reinsurance platform from its base in Asia with a geographical reach encompassing close to 600 clients in over...

Thursday, 06 August 2020

ICMIF member CoopSeguros (Dominican Republic) has this week signed an agreement to collaborate with the National Confederation of Agricultural Producers (Confederación Nacional de Productores Agropecuarios, Confenagro) which aims to provide insurance products that will directly benefit those working in the agriculture sector – both producers and workers.

The agreement between the cooperative insurer and the National Confederation of Agricultural Producers will deliver a mutual work plan which will include an extensive educational programme on the benefits of insurance aimed at agricultural workers and producers. CoopSeguros will...

Wednesday, 05 August 2020

Just over 530,000 households from low-income communities are now covered with mutual microinsurance thanks to ICMIF’s 5-5-5 DHAN Foundation (DHAN) project in India. This equates to 2.65 million people being protected when averaging five people per household.

This milestone has been achieved amid the COVID-19 pandemic with DHAN battling to help mitigate the negative impacts of COVID-19 on the low-income communities that they serve.  The DHAN project is currently supported by 20 ICMIF member organisations either through financial or technical assistance and the cost of insuring each person through the project stands at USD 0.62...

Wednesday, 05 August 2020

German ICMIF member DEVK successfully implemented FRISS Fraud Detection at Claims earlier this year in order to have a future-proof, AI-powered SaaS solution to fight insurance fraud and serve honest customers in the best possible way.

At the time of the implementation (May 2020), more than 400 claims people at DEVK were screening about 160.000 motor claims each month. Each claim handler is responsible for the complete processing of a claim, from first notification of loss to investigation. They are now able to work with FRISS and receive the claim insights in real-time via a seamless integration with DEVK’s SAP core claims...

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