Latest News

Thursday, 06 December 2018

ICMIF's Supporting Member A.M. Best has announced that it has been registered as a credit rating agency (CRA) by the European Securities and Markets Authority (ESMA) to provide ratings through its new subsidiary, A.M. Best (EU) Rating Services B.V., based in Amsterdam, the Netherlands.

A.M. Best’s London-based subsidiary, A.M. Best Europe — Rating Services Limited, is at present registered with ESMA in Paris, which allows it to provide rating services throughout the European Union (EU) on a cross-border basis. The new registration of its office in Amsterdam, with effect from 3 December 2018, will enable A.M. Best to continue to...

Wednesday, 05 December 2018

Sri Lanka needs proper regulation for microinsurance to enable this sector to grow, according to a new report produced by the International Cooperative and Mutual Insurance Federation (ICMIF) and the Institute of Policy Studies of Sri Lanka (IPS).

Entitled Country diagnostic on mutual and cooperative microinsurance in Sri Lanka, the report is the outcome of a first-of-its-kind study to investigate the landscape of microinsurance delivered by mutual and cooperative insurers in Sri Lanka, and was conducted as part of the ICMIF 5-5-5 Mutual Microinsurance Strategy. The report was formally launched on the first day of the ICMIF Asia...

Tuesday, 04 December 2018

Insurers around the world should receive fair regulatory treatment, according to their nature, scale and complexity, a conference of mutual and cooperative insurers will hear at the second joint AMICE-ICMIF regulatory event taking place in Paris today. More than 100 delegates will hear from leading industry representatives, practitioners, global regulators and policymakers about regulatory developments impacting the insurance industry. Hosted by French mutual Covéa, delegates from the Americas, Europe and Asia will examine regulatory convergence activities and assess how well they ultimately serve the policyholder.

“Revisiting...

Thursday, 29 November 2018

Earlier this month (13 November 2018) the United Nations Environment Finance Initiative (UNEP FI) announced a partnership with 16 of the world’s largest insurers including two members of the International Cooperative and Mutual Insurance Federation (ICMIF); The Co-operators (Canada) and Länsförsäkringar Sak (Sweden). This new Insurer Group represents around 10% of world premium and USD 5 trillion in assets under management and has the goal of developing a new generation of risk assessment tools designed to enable the insurance industry to better understand the impacts of climate change on their business. 

According to a recent...

Wednesday, 28 November 2018

The cooperative movement, through a unanimous vote of members of the International Co-operative Alliance (ICA), has approved a formal commitment towards the promotion of a decent working environment and zero tolerance for any form of harassment. According to the ICA, its members commitment against harassment is a milestone for the international community. The Declaration on Decent Work and Against Harassment was approved unanimously by the members of the ICA during the last General Assembly held on 21 October 2018 in Buenos Aires (Argentina).

DOWNLOAD THE DECLARATION

The text emphasises that the cooperative movement endorses...

Tuesday, 20 November 2018

ICMIF members have achieved an aggregated growth of 39.3% (compared to global market growth of 16.8%) during the last ten years, according to the ICMIF Members: Key Statistics 2018 report.

ICMIF has published an updated version of its ICMIF Members: Key Statistics report for 2018. The 2018 edition of the report provides a comprehensive overview of the 197 member organisations that make up ICMIF’s global network of cooperative and mutual insurance companies.

The report highlights that ICMIF members have grown at a significantly faster aggregate rate than both the global insurance market as a whole and the total cooperative...

Tuesday, 20 November 2018

Two ICMIF members from Denmark have received national acclaim for their outstanding reputations.

“danmark” health insurance and LB Insurance were ranked number one and two respectively, in terms of having the best image among financial companies in Denmark according to a recent independent survey.

Seventy of the largest financial companies in Denmark were analysed, based on answers from more than 5,000 selected Danish representatives. The survey assessed the largest banks, insurance companies, pension companies, mortgage companies and investment associations in the country based on eight different image parameters.

In...

Friday, 09 November 2018

The insurance industry has historically often been accused of being “stale, male and pale”; dominated by older, white men with speaker line-ups for insurance conferences and events in particular often very typical of this stereotype.

The International Cooperative and Mutual Insurance Federation (ICMIF) has, however, worked hard for many years to offer an alternative to this stereotypical line-up and has recently made great strides in providing a more gender diverse line-up of speakers and panellists for its global conferences and events.

This year, for the first-time ever, ICMIF has announced a 50:50 gender split of men...

Wednesday, 07 November 2018

Sri-Lankan member of ICMIF, Amãna Takaful, received multiple honours at the prestigious Islamic Finance Forum of South Asia (IFFSA) Awards, held recently in Colombo.

Amãna Takaful PLC (ATL) won the ‘Gold’ award for the ‘Takaful Entity of the Year’ category, while its off-shore subsidiary in the Maldives, Amana Takaful Maldives, won the ‘Silver’ award in the same category. The Sri-Lankan insurer also secured the ‘Silver’ award for the ‘Entity of the Year’ in the South Asia region.

In addition, Amãna Takaful won ‘Gold’ in the ‘Product of the Year’ category for their innovative insurance scheme ‘Kiri Govi Sathkara’. The ‘Kiri...

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...

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