Latest News

Friday, 20 July 2018

In a recent episode of A.M.BestTV, Chuck Chamness (pictured), president and chief executive officer, and Jimi Grande, senior vice president, of the National Association of Mutual Insurance Companies (NAMIC) said the U.S. government's response to disasters has been inconsistent and driven by politics. Click here to view the entire programme. In the programme Chamness and Grande say that they believe that focusing on resilience and establishing a policy would substantially help to solve the problem. Speaking on the issues raised in the interview, Shaun Tarbuck, CEO of ICMIF said: “Governments around the world need to be planning long...

Monday, 16 July 2018

According to a recent, comprehensive international survey of insurers by Willis Towers Watson, insurers are becoming less tolerant of missed earnings targets due to pressure from investors. As a result, the survey says, they are moving to more sophisticated metrics, such as return on equity and economic capital.

Reinsurance is used increasingly for earnings protection and volatility reduction by insurers whose purchasing is guided by “risk appetite statements” deployed to optimize capital management and profitability targets, said the survey. Eighty percent of insurers consider their risk appetite statements when defining their...

Friday, 13 July 2018

This week Argentinian ICMIF member La Segunda celebrated its 85th anniversary and also launched an e-commerce site “La Segunda online”. The aim of the new site is to market online policies, whilst maintaining the valuable personal attention for its clients that the organisation prides itself on.

With a strategy that combines the digital model with the value of personalized attention, the insurer has launched its e-commerce site “La Segunda online”, where clients can complete the entire process of purchasing an insurance policy in just a few minutes.

In both the mobile and the desktop version, clients are able to complete the...

Friday, 13 July 2018

ICMIF member A.M. Best has been voted the International Best Ratings Agency for Takaful at the International Takaful Awards 2018, held in conjunction with the 12th International Takaful Summit in London. This is the fourth consecutive year that A.M. Best has won the award.

The International Takaful Awards recognise the achievements of companies that have made significant contributions and shown leadership in the (re)takaful sector.

Roger Sellek, chief executive officer of A.M. Best, EMEA and Asia-Pacific, said: “A.M. Best’s ratings give confidence to the market to engage with Takaful operators. As the leading global...

Monday, 02 July 2018

On 7 July 2018, cooperatives around the world will celebrate the International Day of Cooperatives. Through the slogan Sustainable societies through cooperation cooperatives will show how, thanks to their cooperative values, principles and governance structures, these organisations have sustainability and resilience at their core, with concern for community as the seventh of their guiding principles.

The theme for the 2018 International Day of Co-operatives (Saturday 7 July) was confirmed earlier this year along with the slogan “Sustainable societies through co-operation”. The aim of the theme is to give cooperatives the...

Monday, 02 July 2018

According to the latest 1st View renewals report from ICMIF member Willis Re, momentum for rate increases on loss-free reinsurance accounts dissipated during the June/July property catastrophe renewals, and in some cases, pricing declined. For example, although most loss-free Florida property accounts were flat, some saw rate declines of up to -7.5%, as competition for this business was heightened, and non-traditional players offered layers with reinstatements. Reinsurance lines beyond property catastrophe have seen varied results for the mid-year renewals and where original loss ratios have deteriorated due to sequential years of rate...

Friday, 29 June 2018

El Salvador’s only insurance cooperative and ICMIF member, Seguros Futuro, has launched an insurance product that will protect clients from catastrophic events. The product has been launched in partnership with the Banco de Fomento Agropecuario (Agricultural Development Bank) and with the support of reinsurance provider MiCRO (The Microinsurance Catastrophe Risk Organisation).

Seguros Futuro launched the new parametric insurance cover "Produce Seguro" to provide cover for small businesses and low-income families against natural disasters. Agriculture and the small business sector is critical to many South America economies and is...

Wednesday, 27 June 2018

ICMIF Supporting Member A.M. Best will be hosting a webinar on Thursday 19 July looking at cyber insurance “The next frontier in personal lines insurance.” A panel of insurance and security experts will discuss how cyber threats such as data theft, system compromise and social media risks are no longer exclusive to businesses; they happen to people, as well. This complimentary webinar, sponsored by another ICMIF Supporting Member CyberScout, will take place at 2.00pm EDT (7.00pm BST). Registration is now open at www.ambest.com/webinars/cybersecurity18.  All ICMIF members are invited to register for the webinar.

Attendees will...

Monday, 25 June 2018

Dates are now confirmed for the 2020 ICMIF Meeting of Reinsurance Officials (MORO). The event will take place on 10-12 June 2020 in Helsinki, Finland, hosted by LocalTapiola.

What is MORO?

MORO stands for Meeting of Reinsurance Officials. It is a unique gathering of reinsurance professionals from the cooperative and mutual sector that meets every two years. Typically the MORO attracts delegate numbers of around 100 reinsurance managers from companies around the world who come together to learn from and to do business with each other. Similar numbers are expected at the 25th MORO, which will take place in 2020 in the city of...

Friday, 22 June 2018

Following demand from member organisations, the International Cooperative and Mutual Insurance Federation (ICMIF) has implemented new ways of delivering information to members in digital formats. So far this has included a number of podcasts and event apps. Today ICMIF has launched a community app for members with a focus on reinsurance topics.

For the 2017 Biennial Conference ICMIF launched a conference app for delegates which was very well received. Following that success ICMIF produced an event app for the Meeting of Reinsurance Officials (MORO) which took place earlier this year in Montreal, Canada (23-25 April 2018). During...

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