Latest News

Wednesday, 22 August 2018

South African ICMIF member AVBOB Mutual Assurance Society has this month celebrated its 100 year anniversary. To celebrate this momentous milestone AVBOB announced plans on Wednesday 15 August 2018 to allocate ZAR 3.5 billion to their members through a new and exciting member benefit known as the AVBOB Reward Account (ARA). AVBOB is Africa's largest Mutual Assurance Society providing a one-stop funeral insurance and burial service solution.

Frik Rademan (pictured), AVBOB Chief Executive Officer, said: “This year marks AVBOB’s 100th year in business. The ZAR 3.5 billion benefit allocation...

Tuesday, 21 August 2018

ICMIF member Ömsen (Finland) has launched a new type of mutual insurance cover for customers and entered the personal lines market by introducing a healthcare insurance for its local market. The company says the product was launched to help promote a healthier Åland (the autonomous Finnish province which the company serves).

Ömsen says it is looking to the future and has developed this completely new type of insurance cover with a focus on preventive healthcare into its non-life product range. The product has been launched in cooperation with healthcare provider Medimar. This is the first time the the non-life insurance company...

Monday, 20 August 2018

Australian ICMIF member RAC WA has announced a new naming rights partnership with the major sports and entertainments venue in Western Australia (WA), the Perth Arena, which will be known as the RAC Arena from 1 September 2018.

Since its opening in November 2012, the Arena has held an average of 80 events per year, including a variety of entertainment from ice events and basketball games to a host of world-famous music acts. Last year, the venue was ranked as #5 in Billboard’s top worldwide venues of its size for ticket sales.

RAC Group CEO, Terry Agnew, said as a membership organisation now representing more than one...

Friday, 17 August 2018

Following its success at the 2017 Biennial Conference in London, ICMIF will once again be running a Young Leaders Programme at its next Biennial Conference, which will take place in Auckland, New Zealand, from 12 to 15 November 2019.

The 2019 Young Leaders Programme is designed for young professionals (generally aged between 18 and 35) from ICMIF members who have been identified by their seniors as strong candidates to become future leaders within their organisations.

The programme provides an excellent opportunity for ICMIF members to both develop and reward their younger and high potential employees, exposing them to...

Thursday, 16 August 2018

ICMIF member EMC Insurance Companies has recently announced strategic partnerships with two organisations with whom it plans to improve its digital processes and improve efficiencies in key areas of the organisation’s operations.

The first partnership was announced in June with insurtech startup RiskPossible. RiskPossible has developed a digital platform that allows insurance carriers to monitor clients’ evolving operations and adjust their actions accordingly.

Called the Continuous Underwriting Engine (CUE), RiskPossible’s digital platform captures policyholder and potential policyholder data so underwriters can better...

Wednesday, 15 August 2018

A total of CAD 190,000 given to community initiatives nationwide

Earlier this month the Desjardins Group announced the winners of its Better Things Community Grants programme. Three large grants of between CAD 20,000 and CAD 50,000 and 17 community grants of CAD 5,000 will go to deserving initiatives in Ontario, Alberta and New Brunswick.

Earlier this year, Desjardins asked its State Farm® branded agents to nominate local charities or government organisations that work to address safety issues, promote healthy lifestyles, improve financial well-being or support education and youth for consideration in the Better Things...

Friday, 10 August 2018

Through a resolution adopted in 1999, the United Nations (UN) General Assembly declared 12 August as International Youth Day. The 2018 International Youth Day theme is “Safe Spaces for Youth”.

International Youth Day 2018 aims to promote youth engagement and empowerment by exploring the role of safe spaces in contributing to freedom of expression, mutual respect and constructive dialogue. We invited a number of ICMIF members, all member owned/mutual/cooperative insurers, to share with us what they are doing to provide safe spaces, in their many possible forms, for youth through a wide variety of initiatives and CSR activities....

Friday, 10 August 2018

According to a new briefing from ICMIF member A.M. Best, the wildfire threat for insurers is continuing to grow as a result of increased housing development in more rural areas and wildlands in California.

The Best’s Briefing, “Wildfires: The New Normal?” notes that 45 of the 58 counties in California have experienced population growth since 2012. Given the already heightened construction demand from the wildfire losses in 2017 and a favourable housing market, the continued demand for construction labour and materials following the current Carr wildfire in northern California may lead to higher insured losses. Ultimately, the...

Wednesday, 08 August 2018

ICMIF member Maif (France) recently launched a new type of car insurance. This new cover is prices on a "pay when you drive" (« payez quand vous roulez » in French) basis. Maif launched this new “by the minute” car insurance product with the help of its subsidiary Altima, which serves as the innovation laboratory for the mutual group.

The policyholder’s contract includes a fixed monthly fee that covers mandatory risks, including when the car is stationary (risk of theft, fire, vandalism ...), and then a rate per minute for the insurance cover for when the car is being driven. Maif says that for a “good driver” with a...

Tuesday, 07 August 2018

In the absence of clarity as to what a future trade deal will look like between the United Kingdom and the European Union, affected insurers have accelerated their plans to establish new EU subsidiaries, according to a briefing from ICMIF Supporting Member A.M. Best. These subsidiaries will ensure that these insurers are able to underwrite EU business post-March 2019 or after any formally agreed transition period. Small insurers that do not have the resources to create additional companies are forming relationships with local carriers that can front business for them in the EU according to the briefing.

The Best’s Briefing, “...

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