Latest News

Friday, 18 January 2019

Over the last few years in Canada, extreme weather and flooding have become more frequent, more severe and so has the cost to homeowners. It’s a trend that is expected to continue.

Prior to 2015, Canadian homeowners were unable to buy insurance to protect their home and belongings from overland flooding. There was a clear and immediate need for proper insurance coverage for all Canadians, even those most at risk. This led to ICMIF member The Co-operators launching a new product known as Comprehensive Water in the Alberta region of the country.

Availability of Comprehensive Water insurance cover has now been expanded across...

Friday, 11 January 2019

ICMIF member Royal London (UK) has this week received the highest possible “Gold” accreditation for outstanding customer experience in the Investor in Customers (IIC) Awards. This is the third year in a row that Royal London has been awarded Gold accreditation.

According to Investor in Customers, Royal London has continually exceeded expectations in delivering great customer experience, with customers’ interest remaining at the heart of the business. The assessment also recognised that trust is a cornerstone of Royal London’s culture and that it goes hand in hand with their mutuality.

In-depth interviews within Royal London...

Thursday, 10 January 2019

Peak Reinsurance Company Limited (“Peak Re”), a global reinsurer based in Hong Kong, recently published a new report on Mutuals and Cooperatives and Community based Organisations (MCCOs).

The report is entitled “Relevance of Mutual and Cooperative – Lessons learned from developed Europe and Asia” and it aims to highlight the importance of MCCOs to the insurance industry and how they play a key role in supplementing the social welfare system.

Key findings from the Peak Insights 2018 – “Relevance of Mutual and Cooperative: Lessons learnt from developed Europe and Asia” report include:

MCCOs account for more than 30% of...
Wednesday, 02 January 2019

Reinsurance placements at 1 January 2019 highlight a pricing gap between accounts with peak peril exposures or poor loss records and the rest, with many reinsurers placing emphasis on the quality of client counterparties, according to the latest 1st View renewals report from ICMIF member Willis Re.

The report notes a two-track trend as having been especially evident in property catastrophe renewals, where cedants with good loss records and a disciplined, early renewal process achieved risk-adjusted rate reductions, while loss impacted accounts and clients viewed as of lesser quality are seeing upward pricing across a number of...

Monday, 17 December 2018

The Prince’s Accounting for Sustainability Project (A4S) was established by His Royal Highness, The Prince of Wales in 2004 with the aim of inspiring action by finance leaders to drive a fundamental shift towards resilient business models and a sustainable economy.

To do this, the organisation has three core aims:

inspire finance leaders to adopt sustainable and resilient business models Transform financial decision making to enable an integrated approach, reflective of the opportunities and risks posed by environmental and social issues Scale up action across the global finance and accounting community

The project works...

Thursday, 13 December 2018

Regis Mutual Management, has been included in the 2017/2018 edition of The Parliamentary Review which was published in October 2018. The Parliamentary Review is an annual publication which highlights best practice in different industry sectors in the UK. Read the full article from Regis in the insurance edition of the Review here.

Established 10 years ago, Regis Mutual Management (Regis) has, the organisation says, ushered in a compelling new era for mutuality at a critical time for the UK financial services community and the economy at large. Set against the context of uncertainty following the 2008 banking crisis, the Regis...

Wednesday, 12 December 2018

Business Council of Co-operatives and Mutuals (BCCM) one of the Australian members of the International Cooperative and Mutual Insurance Federation (ICMIF) last week announced that its board has been re-elected in full.

The BCCM Chairperson for 2019 is Terry Agnew

The BCCM Board of Directors for 2019:

Ian Gillespie – re-elected as Director Greg Wall – re-elected as Director Jimmy Wilson – re-elected as Director

BCCM CEO Melina Morrison said the re-election was fantastic news for the cooperative and mutual sector. “The Business Council of Co-operatives and Mutuals are delighted such high-calibre board members...

Monday, 10 December 2018

Dr Jaime Aristotle Alip (pictured, centre), Founder of the ICMIF 5-5-5 Mutual Microinsurance Strategy and a fomer Chair of the ICMIF Development Committee, has today (10 December 2018) joined the opening session at the second InsuResilience Global Partnership Forum taking place in Katowice (Poland).

The framing session, entitled Effective risk financing and insurance solutions for the poor and vulnerable took place from 9:05-9:45 local time and was hosted by Dr Astrid Zwick of the InsuResilience Secretariat.

Dr Alip discussed his experience in extending microinsurance to poor communities in the Philippines to protect them...

Friday, 07 December 2018

ICMIF Supporting Member A.M. Best has revised its market segment outlook for the global reinsurance industry to stable from negative for 2019, citing factors stemming from a growing alignment between traditional and third-party capital among non-life reinsurers. A more-stabilized pricing environment—albeit at levels still below long-term adequacy—a rising interest rate environment, emerging growth opportunities and ongoing stability in the global life reinsurance segment also are factors in the outlook revision.  

A new Best’s Market Segment Report, titled, “Market Segment Outlook: Global Reinsurance,” states that reinsurers...

Friday, 07 December 2018

Many Canadians are already experiencing challenging weather conditions with snow and sub-zero cold. These freezing temperatures can wreak havoc on homes, causing pipes to freeze and ice damming. Water is the most common cause of damage and accounts for 50% of home insurance claims costs. And although home insurance policies cover accidental damage resulting from a burst water pipe, a leaking dishwasher or an overflowing bathtub, a recent Desjardins survey reveals that 50% of respondents do not know what types of water damage is covered. When asked if their home was ever damaged by water, 26% say yes but most (43%) said they don't...