Latest News

Wednesday, 17 October 2018

Today, 17 October 2018, is the United Nations (UN) International Day for the Eradication of Poverty, and in recognition of this The ICMIF Foundation is taking the opportunity to celebrate the ways in which the ICMIF 5-5-5 Mutual Microinsurance Strategy contributes towards the eradication of poverty.

The theme for the Day this year is Coming together with those furthest behind to build an inclusive world of universal respect for human rights and dignity.

The UN website states: “It is important to recall the fundamental connection between extreme poverty and human rights, and that people living in poverty are...

Tuesday, 16 October 2018

In this episode of A.M.BestTV, David Blades, Senior Research Analyst, and Chris Draghi, Senior Financial Analyst, both from ICMIF Supporting Member A.M. Best, say that rated insurers operating in Florida (USA) appear prepared to absorb anticipated catastrophe losses from Hurricane Michael, with reinsurers expected to take a larger share of losses than they did for Hurricane Florence in September. Click here to view the entire programme. “I think it is safe to say from the standpoint of insured and economic losses, these will be a little higher than the initial estimates, given how the storm intensified before making landfall,” said...

Tuesday, 16 October 2018

Thrivent, a member of the International Cooperative and Mutual Insurance Federation (ICMIF) based in the USA, announced last week that Brad Hewitt (pictured, see here at the 2015 ICMIF Biennial Conference) will retire as CEO and Terry Rasmussen has been appointed as his successor.

"Brad has provided visionary leadership in moving Thrivent forward in its mission of serving the broader Christian community and ensuring the organisation has the tools and talent to meet the expectations of our members and position us for long-term growth," said Bonnie Raquet, Chair of the Thrivent Board of Directors.

"We wish Brad well as he...

Monday, 15 October 2018

Although Florida’s insurance market-share leaders possess strong levels of risk-adjusted capitalisation that should provide a buffer against Hurricane Michael losses, insurers, reinsurers and insurance-linked securities investors could face significant losses, according to a new briefing from ICMIF Supporting Member A.M. Best published last week on 10 October.

The Best’s Briefing, “Insurers and Reinsurers Brace for Hurricane Michael Catastrophe Losses,” (10 October 2018) states that A.M. Best does not anticipate a large number of rating actions related to Hurricane Michael, as catastrophic events such as this one already have been...

Friday, 05 October 2018

Australian ICMIF member, the Business Council of Co-operatives and Mutuals (BCCM) yesterday (Thursday 4 October) warmly welcomed the publication of draft legislation that will begin the process of modernising the Federal law for mutual businesses in Australia.

The legislation forms the first part of a two-phased approach to improve the business environment for mutually owned firms and improve their ability to compete on level terms with investor-owned corporations.

The draft legislation provides a definition of a mutual entity to recognise the sector in the Corporations Act and to determine which companies will be...

Friday, 05 October 2018

ICMIF member Cornish Mutual has been awarded Chartered Insurer status from the UK Chartered Insurance Institute (CII) for the sixth consecutive year.

Chartered status is only awarded to firms that meet the CII’s rigorous criteria relating to professionalism and capability. All Chartered Insurance firms commit to the CII’s Code of Ethics, reinforcing the highest standards of professional practice in their business dealings.

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

Friday, 05 October 2018

The new International Financial Reporting Standard (IFRS 17) could provide better insight into underwriting performance and enable comparisons to be drawn between insurers, according to a new briefing from ICMIF Supporting Member A.M. Best. The Best's Briefing, "New Accounting Standard IFRS 17 Will Provide Enhanced Reporting," notes IFRS 17 calculations aim to bring consistency and comparability across the world, and is likely to provide greater granularity. Following a long period of preparation and discussion, the standard was published on May 18, 2017, with an effective date January 1, 2021. However, in A.M. Best's opinion, this...

Thursday, 04 October 2018

The future of insurance: Preparing today for the risks and opportunities of tomorrow

In the next ICMIF webinar, three strategic leaders from member organisations, all of which are cooperative/mutual insurers, will share their insights on the changing world by looking at the emerging trends, external developments and new expectations that will impact their business decisions in the future.

The webinar will take place on Wednesday 28 November 2018 at 3.00pm (GMT).

During the webinar participants will learn about the current strategic positioning of these leaders and their organisations. Attendees will also hear how...

Wednesday, 03 October 2018

The internationally renowned Dive In Festival arrived in the Netherlands for the first time last week. The initiators of the event this were Marguerite Soeteman-Reijnen and Bianca Tetteroo, Board members from Aon and Achmea respectively.

The Dive In Festival promotes diversity and inclusiveness in the insurance sector. It is a global event and 2018 is the fourth year in a row that the Festival has taken place. This year events took place around the world between 25 and 27 September with the theme of this year’s Festival being 'time4inclusion'.

The main event for the Netherlands took place at the Achmea Convention Centre at...

Friday, 28 September 2018

A significant majority of insurers understand that innovation is increasingly becoming a differentiator in the global marketplace, according to results of a survey from ICMIF Supporting Member A.M. Best. The survey was carried out by A.M. Best on its rated entities on the subject of innovation. These survey results are part of an extensive Best's Special Report on innovation, titled "Insurers Agree Innovation Is Critical for Future Success." A.M. Best says it believes innovation is needed as the insurance industry rapidly changes and new risks emerge that require up-to-date service processes and coverages. Nearly nine out of 10...