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Thursday, 04 July 2019

Global insurance premiums passed the USD 5 trillion mark for the first time in 2018, equivalent to more than 6% of world gross domestic product (GDP), the latest sigma report from the Swiss Re Institute, "World insurance: the great pivot east continues", says. This was based mostly on solid growth in the non-life sector, particularly in China and other countries in emerging Asia, and also among advanced markets, according to the report.


Highlights of the report include:

Global insurance premiums topped USD 5 trillion for first time ever in 2018, with solid growth in non-life, subdued performance in life Life and...
Tuesday, 02 July 2019

Strengthening primary insurance market conditions underpinned improvements to reinsurance prices, terms and conditions at the June 1, and July 1, 2019, renewals according to the latest 1st View renewals report from ICMIF Supporting Member Willis Re.

According to the report, almost all buyers were able to secure the capacity they desired at June 1 and July 1, but differentiation between cedants by reinsurers has increased, particularly based on the accuracy of their previous catastrophe loss estimates. Superior pricing and capacity were available to clients seen as preferred trading partners.

Non-marine retrocession coverage...

Thursday, 27 June 2019

Shaun Tarbuck, Chief Executive at the International Cooperative and Mutual Insurance Federation (ICMIF), was interviewed last week by AM Best TV at the International Insurance Society (IIS) Global Forum in Singapore. The interview took place on Friday 24 June after the launch of a new report entitled Mutual microinsurance and the Sustainable Development Goals: An impact assessment after Typhoon Haiyan published by the University of Cambridge Institute for Sustainability Leadership.

In the interview Tarbuck expressed his wish to see more nations allow mutual insurance (and microinsurance) as currently 45% of the world’s countries...

Thursday, 27 June 2019

The ILO and the ICA reaffirm vows of friendship and collaboration by signing a new MoU

The International Cooperative Alliance (ICA) and the International Labour Organization (ILO) reaffirmed their century-long friendship by signing a new Memorandum of Understanding (MoU) on Monday 27 June 2019.

The document states that its main purpose shall be to “foster collaboration [...] in areas of promotion and strengthening of the cooperative enterprise model”. In that respect, both commit to promote cooperatives as a “sustainable business model to advance inclusive and sustainable development”.

ICA’s President...

Wednesday, 26 June 2019

The International Cooperative and Mutual Insurance Federation (ICMIF) is pleased to announce that Swiss Re has become a Supporting Member of the Federation, the main umbrella body for the cooperative and mutual insurance industry globally.

In this new partnership Swiss Re will provide ICMIF members with the opportunity to leverage their knowledge, expertise and support to anticipate and manage risks, as well as explore collaboration opportunities to close protection gaps and strengthen societal resilience.

Jayne Plunkett (pictured), Swiss Re's CEO Reinsurance Asia, said: “...

Tuesday, 25 June 2019

ICMIF has announced that registration for the 25th Meeting of Reinsurance Officials (MORO) is now open. The 2020 MORO will take place from Wednesday 10 to Friday 12 June at the offices of ICMIF member LocalTapiola, the host for the event. LocalTapiola’s head office is based in the city of Espoo, close to Helsinki (Finland).

MORO stands for Meeting of Reinsurance Officials which is a unique, global gathering of reinsurance professionals from the mutual and cooperative sector that meets every two years.

In 2018, 84 reinsurance managers from 49 companies in 17 countries gathered in Montreal to learn from and to do business...

Tuesday, 25 June 2019

The world’s 500 largest mutual and cooperative insurance companies* have again been ranked by the International Cooperative and Mutual Insurance Federation (ICMIF) in the 2019 edition of its Global 500 report.

According to this year’s Global 500 report, the world’s largest mutual and cooperative insurers (ranked by premium income for year-end 2017) collectively wrote just under USD 1.2 trillion in insurance premiums in 2017. Aggregate premiums of Global 500 companies grew in 2017 by 1.1% from the previous year. In terms of lines of business, there was stronger growth in non-life premiums, increasing 4.5% to USD 569 billion in 2017...

Friday, 21 June 2019

A new study from the University of Cambridge Institute for Sustainability Leadership has, for the first time, analysed how mutual microinsurance, a community-owned model of insurance, contributes to the recovery of low-income households following a natural disaster. The report, looking at mutual microinsurance through the lens of the United Nations Sustainable Development Goals (SDGs), indicates greater resilience for those households covered by mutual microinsurance than those without.

In many developing and emerging economies, mutual insurers are not recognised legally, hampering their ability to...

Thursday, 20 June 2019

Se esperan más de 120 delegados en la 27ª Conferencia Anual de ICMIF / Américas (del 21 al 23 de agosto de 2019) en Mendoza, Argentina, patrocinada por la Asociación Argentina de Cooperativas y Mutualidades de Seguros (AACMS) y la Asociación de Aseguradoras del Interior de la República Argentina (ADIRA).

El tema de la Conferencia Anual de ICMIF/Américas de este año, Colaborando e innovando para la era digital, proporcionará un enfoque sobre la forma en la que las aseguradoras mutuales y cooperativas pueden integrar la innovación y la agilidad en sus negocios y aprovechar el poder de la colaboración con el fin de prosperar en esta...

Thursday, 20 June 2019

More than 120 delegates are expected to attend the 27th ICMIF/Americas Annual Conference (August 21-23, 2019) in Mendoza, Argentina, hosted by the Argentinean Association of Cooperative and Mutual Insurers (AACMS) and the Association of Insurers of the Interior of the Argentine Republic (ADIRA).

The theme of this year’s ICMIF/Americas Annual Conference, Collaborating and Innovating for the Digital Age, will provide a focus on how cooperative and mutual insurers can embed innovation and agility into their businesses and harness the power of collaboration in order to thrive in the fast-changing digital age.

ICMIF is delighted...