Latest News

Monday, 15 July 2019

Belgian ICMIF member The P&V Group (which includes the P&V and Vivium brands) last month launched a new type of insurance for the Belgian market. This is an "on-demand" insurance product where the customer decides when to activate or deactivate it. This concept, called CliCover, will first be applied to motorcycle damage insurance.

CliCover: the customer chooses the days when he/she wants to be insured

The idea came about from a request from people in Belgium who use their motorcycle for leisure purposes and who do not want to pay an annual premium for material damage when they only use their motorcycle for a short...

Friday, 12 July 2019

On Wednesday 10 July 2019, Dutch ICMIF member Achmea and a large number of other financial sector players, signed the Dutch government’s national Climate Agreement and in doing so committed to report on the climate impact of their financing and investments from 2020 onwards. The organisations also announced that by 2022 they would have action plans in place to reduce their CO2 emissions. Contributing to reducing climate change has been high on Achmea’s strategic agenda for many years and it is one of the three focus areas (UN’s SDGs) in its strategy.

In a statement this week Achmea said that the climate is changing and this is...

Wednesday, 10 July 2019

UK ICMIF member Co-op Insurance has today introduced a new policy for young drivers, which is set to save them an average of more than £1000¹ in insurance premiums as a reward for safe driving.

The ‘Graduated Young Driver’ policy will offer drivers who have been on Co-op’s Young Driver telematics policy for two years with a high Safe Driving Score (SDS)² the chance to be ‘unboxed’.

Co-op Insurance says qualifying drivers who have proven to be a consistently safe driver will have their black box switched off and will save around an additional £322 just by ‘graduating’ from a monitored to an unmonitored policy in their third...

Wednesday, 10 July 2019

ICMIF Supporting Member Willis Re has deployed a wildfire risk solution that can be used throughout the United States. to assess location level wildfire risk, and how the risk correlates to the company’s portfolio level wildfire exposure. Willis Re said this week that the new solution supports the organisation’s clients in writing and pricing wildfire risk with increased confidence and efficiency for the peril of wildfire.

According to Willis Re, recent and devastating wildfires in California revealed that many carriers do not have a good handle on their wildfire risk, largely due to existing industry models which do not accurately...

Wednesday, 10 July 2019

The jury of the Fortuna 2019 Awards, the awards organised annually in Argentina by the business magazine Fortuna, has named ICMIF member Sancor Seguros the Best Insurer in Argentina. The awards took place earlier this month.

The 15th Fortuna Awards ceremony was held at facilities of the Buenos Aires Stock Exchange, where 16 firms that excelled in their field were named as winners in the various business categories.

CEO of Grupo Sancor Seguros, Alejandro Simón (pictured middle row, second from left) and the Director of Business and Marketing, Eduardo Estrada, were present at the ceremony to accept the award.

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Friday, 05 July 2019

"Cooperatives for decent work"

On this year’s International Day of Cooperatives (CoopsDay), to be celebrated on 6 July, the International Cooperative Alliance (ICA) has issued a message to say that the ICA and cooperatives around the world are championing a commitment to decent work. This year’s event will be the 97th ICA International Cooperative Day. The event is also, more recently, championed the United Nations and this year will be the 25th UN International Day of Cooperatives.

The ICA’s message for CoopsDay says that given today’s widening inequality, increased job insecurity, and high unemployment levels–particularly...

Thursday, 04 July 2019

Global insurance premiums passed the USD 5 trillion mark for the first time in 2018, equivalent to more than 6% of world gross domestic product (GDP), the latest sigma report from the Swiss Re Institute, "World insurance: the great pivot east continues", says. This was based mostly on solid growth in the non-life sector, particularly in China and other countries in emerging Asia, and also among advanced markets, according to the report.

 

Highlights of the report include:

Global insurance premiums topped USD 5 trillion for first time ever in 2018, with solid growth in non-life, subdued performance in life Life and...
Tuesday, 02 July 2019

Strengthening primary insurance market conditions underpinned improvements to reinsurance prices, terms and conditions at the June 1, and July 1, 2019, renewals according to the latest 1st View renewals report from ICMIF Supporting Member Willis Re.

According to the report, almost all buyers were able to secure the capacity they desired at June 1 and July 1, but differentiation between cedants by reinsurers has increased, particularly based on the accuracy of their previous catastrophe loss estimates. Superior pricing and capacity were available to clients seen as preferred trading partners.

Non-marine retrocession coverage...

Thursday, 27 June 2019

Shaun Tarbuck, Chief Executive at the International Cooperative and Mutual Insurance Federation (ICMIF), was interviewed last week by AM Best TV at the International Insurance Society (IIS) Global Forum in Singapore. The interview took place on Friday 24 June after the launch of a new report entitled Mutual microinsurance and the Sustainable Development Goals: An impact assessment after Typhoon Haiyan published by the University of Cambridge Institute for Sustainability Leadership.

In the interview Tarbuck expressed his wish to see more nations allow mutual insurance (and microinsurance) as currently 45% of the world’s countries...

Thursday, 27 June 2019

The ILO and the ICA reaffirm vows of friendship and collaboration by signing a new MoU

The International Cooperative Alliance (ICA) and the International Labour Organization (ILO) reaffirmed their century-long friendship by signing a new Memorandum of Understanding (MoU) on Monday 27 June 2019.

The document states that its main purpose shall be to “foster collaboration [...] in areas of promotion and strengthening of the cooperative enterprise model”. In that respect, both commit to promote cooperatives as a “sustainable business model to advance inclusive and sustainable development”.

ICA’s President...

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