Latest News

Wednesday, 31 October 2018

New research from Lloyd’s and the Centre for Economics and Business Research (CEBR) has found that there is an estimated global underinsurance gap of USD 162.5 billion in 2018. This protection gap poses a significant threat to livelihoods in some of the world’s most vulnerable economies.

The report, entitled A world at risk: Closing the insurance gap, demonstrates how the insurance penetration rate in developed markets is twice as high as in emerging countries. Lower-income countries account for almost all (USD 160 billion or 96%) of the global insurance protection gap. Many of the countries with the lowest levels of insurance are...

Tuesday, 30 October 2018

The 2018 edition is now available with new focus on the United Nations Sustainable Development Goals

The International Cooperative Alliance (ICA) and the European Research Institute on Cooperative and Social Enterprises (Euricse), published the seventh annual World Cooperative Monitor last week during the ICA’s V Summit of the Cooperatives which took place in Buenos Aires (Argentina). The report paints a picture of the scale and strength of the global cooperative movement and reports on the world’s largest cooperative and mutual organisations, providing a ranking of the Top 300 and sectorial analysis based on 2016 financial...

Monday, 29 October 2018

US ICMIF member Securian Financial is a “Top Company for Women Technologists” according to AnitaB.org, a nonprofit social enterprise committed to increasing the representation of women technologists in the global workforce.

AnitaB.org recognized Securian Financial and 79 other companies recently as part of the nonprofit’s annual program identifying key national trends on women working in technology. First launched in 2011, the Top Companies for Women Technologists program helps organisations identify areas where they can improve while demonstrating a commitment to diversity, equity and inclusion.

“I am very proud of the work...

Monday, 29 October 2018

A number of major participants in the (re)insurance industry are becoming actively involved with regards to shaping the environmental, social and governance (ESG) agenda – given their unique role as risk managers, institutional investors, and risk carriers on behalf of a wide range of industries. They also face critical risks and opportunities associated with climate-change trends and challenges to close the protection gap, according to a new A.M. Best report. The Best's Special Report, "Insurance Industry Becomes Active in the Development of the ESG Agenda", states publicly listed multi-national insurance groups are well aware of...

Thursday, 25 October 2018

Over recent months Belgian cooperative insurer P&V Assurances, a member of the International Cooperative and Mutual Insurance Federation (ICMIF), has used a number of ways of raising new capital. Some has come from existing (institutional) cooperators and other organisations and some from a more recent public issuing of capital to customers, staff and tied agents. Hilde Vernaillen (pictured), CEO of P&V Assurances and its associated brands VIVIUM and ARCES, is also Chair of the ICMIF Board of Directors and a true champion of the cooperative and mutual insurance sector.

Before these new measures to raise capital were...

Thursday, 25 October 2018

Singapore-based ICMIF member NTUC Income (Income) has this week launched Droplet, a lifestyle-inspired insurance by Digital Income, the organisation’s in-house Digital Transformation Office (DTO). Income says that Droplet is a blue-sky response to consumers’ pain-point – surge pricing due to rain – when they book a ride on ride-hailing platforms. In Singapore, an average of 167 days of rainfall can be expected a year, consumers can now meaningfully address this pain point with insurance cover by Droplet as it offers a pay-out when prices on ride-hailing platforms surge due to rain.

Mr Peter Tay,...

Wednesday, 24 October 2018

ICMIF Supporting Member A.M. Best has this month announced the appointment of Carlos De la Torre as the new Senior Director of A.M. Best América Latina, based in Mexico City. De la Torre will be responsible for managing A.M. Best’s Mexico-based subsidiary and its continued growth throughout Latin America.

De la Torre has more than 15 years of experience working in the insurance and reinsurance markets. He started with Marsh Mexico as a trainee broker in 2003. Two years later, he joined Cooper Gay in London as a broker for its Latin American property and terrorism reinsurance facultative business. De la Torre returned to Mexico in...

Tuesday, 23 October 2018

Insurance-linked securities (ILS) is now an established asset class that is continuing its momentum despite the challenges of the catastrophe events in 2017, according to a new Global ILS Market Survey published this week by Willis Towers Watson.

End investors, Insurance-Linked Securities (ILS) funds, and buyers – the three groups active in ILS – have predominantly weathered 2017 loss activity with a view that reinsurance products backed by ‘alternative’ capital have become mainstream, according to the survey.

The unique survey of all three constituents of the ILS market was conducted more than six months after the major...

Monday, 22 October 2018

At the forthcoming ICMIF Intelligence Committee (IC) meeting in Espoo (Helsinki, Finland) which will take place 8-9 November 2018, members of the Committee have been encouraged to bring a younger colleague with them to join the strategic discussions on current issues and emerging trends impacting the cooperative and mutual insurance industry worldwide. The meeting in Espoo, hosted by ICMIF member LocalTapiola, will be the second Intelligence Committee meeting of 2018 (the first was held in May in Bologna, Italy, hosted by Unipol). Topics on the agenda in November’s meeting include new business models, Agile methodologies, blockchain and...

Thursday, 18 October 2018

On Saturday 6 October 2018, the 72nd Ordinary General Assembly of ICMIF member Sancor Cooperativa de Seguros Ltda (Argentina) took place. The meeting was attended by delegates who represented members of the cooperative insurer from all over the country.  

In addition, as at the close of each fiscal year, the Board of Directors was renewed for the 2018/2019 period, with the appointment of Eduardo Reixach (pictured) as the new Chairman of the Group being the key announcement made during the meeting.

Within the agenda of the General Assembly, recognition was also given to the members of the salesforce who had reached 50...

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