Latest News

Friday, 10 May 2019

As part of its commitment to help build more resilient, healthy and sustainable communities across Canada, ICMIF member The Co-operators has renewed its partnership with charitable organisation Working for Change, donating a total of CAD 90,000 over three years to support employment and training opportunities for people marginalised by mental health issues. This announcement came during Mental Health Awareness Week in Canada (6-12 May 2019).

Working for Change, located in Toronto, operates five social enterprises, including the two cafes, both of which are situated in the Centre for Addiction and Mental Health (CAMH) buildings....

Thursday, 09 May 2019

German ICMIF member R+V Versicherung has collaborated with Friendsurance Business to jointly developing a digital bancassurance solution as a service for members of the 875 cooperative banks in Germany which make up the Volksbanken Raiffeisenbanken group. R+V Versicherung forms part of the group and is the insurance provider within Volksbanken Raiffeisenbanken.

The VR-Versicherungsmanager app is based on a modular platform from Friendsurance Business. The product will kick off later this month (May 2019) with six pilot banks and then be expanded successively thereafter. The goal is to offer the digital insurance manager to almost...

Friday, 03 May 2019

Danish ICMIF member LB Forsikring has today announced a strategic partnership with Denmark's largest commercial customer-owned pension company PFA which, among other things, means that PFA’s customers will be given the opportunity to take out private, non-life insurance with LB Forsikring. Common values and comparable business models have been key to the establishment of the partnership, which will take effect on 1 January 2020.

“We are very pleased to enter into this partnership. It is of great importance to us that PFA is owned by its customers and that PFA's set of values is very similar to ours. For LB Forsikring, it is all...

Wednesday, 01 May 2019

A group of leading US CFOs have this month announced the launch of the first US Chapter of the global A4S Chief Financial Leadership Network. This prestigious group includes Warren Zaccaro, CFO of ICMIF member Securian Financial.

Established by the Prince's Accounting for Sustainability Project (A4S), a nonprofit founded by HRH The Prince of Wales in 2004, this collaborative Network helps business leaders integrate sustainability and solutions to social and environmental challenges into core strategy and business processes.

Speaking about Securian Financial’s involvement in the new US A4S chapter, Warren Zaccaro said: “One...

Thursday, 25 April 2019

According to the latest Reinsurance Market Report from ICMIF Supporting Member Willis Re, total capital dedicated to the global reinsurance industry measured USD 462 billion at year-end 2018. The largest component of this figure is the total shareholders’ equity of the 32 reinsurance companies tracked in the Willis Reinsurance Index1 which was down 10% to USD 335.7 billion, reversing growth of 8% in 2017. The second largest component is alternative capital which, in contrast to Index capital, grew by 6%.

Index capital reduced by USD 13.7 billion due to the exits of Validus and XL Catlin through M&A. Companies paid out the...

Thursday, 25 April 2019

Nearly 300,000 previously uninsured people from low-income and disadvantaged communities in India are now protected with a health or life microinsurance policy by ICMIF Indian member the DHAN Foundation.

This is a result of the DHAN Foundation’s project under the ICMIF 5-5-5 Mutual Microinsurance Strategy (the “5-5-5”), which launched in April in 2017. Through its partnership with ICMIF, the DHAN Foundation aims to cover an additional 1 million lives with either a health, life or livestock mutual microinsurance policy over a period of five years.

Mr M P Vasimalai, Executive Director of the DHAN Foundation, said: “I am...

Thursday, 25 April 2019

Singaporean ICMIF member NTUC Income (“Income”) has announced this month that it has joined forces with ZA Tech Global Limited (“ZA Tech”), a business entity for overseas technological exports formed by China’s first internet-based insurer, ZhongAn Online P&C Insurance Co. Limited (“ZhongAn”), to bring speed to Income’s digital innovation and product launches in Singapore. As part of the collaboration, Income says it will harness ZhongAn’s deep technological know-how, experience and knowledge in collaborating with ecosystem partners to deliver a pipeline of innovative digital insurance products tailored for modern lifestyle needs....

Tuesday, 23 April 2019

UK ICMIF member Ecclesiastical is giving away £1million to charities with the launch yesterday of its Movement for Good awards.

From Monday 22 April 2019, brokers can nominate a cause close to their hearts for a potential £1,000 award. 

Five hundred charities will each receive £1,000 during the first phase of the campaign, with the nomination process running until Friday 17 May 2019.

To mark the start of the nominations, 500 bright orange piggy banks flooded the centres of Edinburgh, Cardiff, Manchester and London, highlighting the number of charities that will win a £1,000 award.  

Winners will...

Monday, 15 April 2019

Last week, Kenya ICMIF member CIC Insurance Group (CIC) officially began celebrations to mark its Golden Jubilee. The celebrations came hot on the heels of the recent release of the organisation’s financial results for the year ending 31 December 2018, which saw pre-tax profits of KES 852 million, representing a 64 per cent increase from KES 519 million posted over the same period last year.

Speaking during the event held at the Nairobi Hilton Hotel, Ali Noor Ismail, Principal Secretary, State Department of Cooperatives, reaffirmed the Kenyan government’s commitment to put in place a conducive policy, legal and regulatory...

Friday, 12 April 2019

Last week, ICMIF member The Co-operators (Canada) highlighted significant challenges and opportunities presented by increasing environmental, social and economic issues and trends with the release of its 2018 Integrated Annual Report. The report was launched as representatives of the cooperative's 45 member organisations gathered from across the country in Toronto for its Annual General Meeting (AGM).

In The Co-operators 2018 Integrated Annual report, the insurance and financial services cooperative presents a comprehensive overview of its financial, governance and sustainability progress and performance alongside key world issues...