Latest News

Thursday, 02 July 2020

According to a recent Best’s Special Report, Stress Testing Rated Companies for COVID-19 published by ICMIF Supporting Member AM Best in May 2020, initial stress testing conducted by the rating agency to gauge the preliminary impact from the COVID-19 pandemic on its rated insurance companies’ financial strength found that most insurers’ capital levels provided an adequate buffer against a potential shock to their balance sheets. Findings showed that sensitivity to the pandemic was greater for life/health insurers with high asset and mortality risks; insurers with material exposures to mortgage loans; carriers operating in domiciles in...

Thursday, 02 July 2020

The Philippines experiences about 20 typhoons every year. The island of Mindanao is home to Oro Integrated Cooperative (OIC) and Nabunturan Integrated Cooperative (NICO), two savings and credit cooperatives that are currently partnering with local ICMIF member CLIMBS Life and General Insurance Cooperative* and the International Labour Organisation (ILO) to support an ILO project on integrated risk management solutions.

Members of the two cooperatives typically cope with emergencies like typhoons by taking out a loan. The saving habit among members is generally very low according to OIC and NICO. Both cooperatives were therefore...

Wednesday, 01 July 2020

The International Day of Cooperatives 2020 will be celebrated on Saturday 4 July with the theme this year of Cooperatives for Climate Action. The International Cooperative Alliance (ICA) and other cooperative bodies including ICMIF are inviting the global cooperative and mutual community to continue pushing for actions that will address climate change. This critical situation is putting lives and livelihoods at risk, disrupting vital ecosystems for people and the planet.

“Our common home is in danger. There are methods of production and consumption that are constantly attacking the environment. We don’t have much time to reverse...

Wednesday, 01 July 2020

La sostenibilidad y los Objetivos de Desarrollo Sostenible (ODS) de las Naciones Unidas (ONU) son el foco de atención de un nuevo Grupo de Trabajo de la ICMIF/Américas que fue lanzado el 16 de junio de 2020. Los miembros del Grupo de Trabajo están actualmente integrados por 18 ejecutivos de 14 empresas miembros de la ICMIF con sede en países que van desde América Central hasta la Argentina. 

Definida por las Naciones Unidas ya en 1997, la sostenibilidad significa "satisfacer las necesidades del presente sin comprometer la capacidad de las generaciones futuras para satisfacer sus propias necesidades" y la Agenda de las...

Wednesday, 01 July 2020

Sustainability and the United Nations (UN) Sustainable Development Goals (SDGs) are the focus of a new ICMIF/Americas Working Group which was launched on 16 June 2020. The Working Group’s members currently consists of 18 executives from 14 ICMIF member companies, based in countries ranging from Central America to Argentina. 

Defined by the United Nations as early as 1997, sustainability means “meeting the needs of the present without compromising the ability of future generations to meet their own needs” and the UN 2030 Agenda for Sustainable Development, adopted in 2015, sets out to strengthen the world’s ability to address...

Tuesday, 30 June 2020

In support of Canada's cooperative sector, ICMIF member The Co-operators has announced a CAD 200,000 COVID-19 Cooperative Assistance Fund to provide provincial cooperative associations with access to financial support (to a maximum of CAD 20,000 each). The fund will enable cooperative associations to support their members and small cooperatives in the wake of the pandemic.

The Co-operators believes that Canadian cooperatives enrich communities with collaborative solutions that build collective resilience - from food production, to retail services, to affordable housing, financial services and more. As many of these cooperatives...

Thursday, 25 June 2020

ICMIF member NFU Mutual (UK) has launched a free three-month cyber helpline service for its small business and small farm customers. The benefit will be available to existing customers, as well as to new policy holders. *

The free support follows warnings from the National Crime Agency that the UK could see organised groups taking advantage of Coronavirus uncertainty for exploitation schemes. Action Fraud reported that Coronavirus-related fraud cases increased by 400% in March, with the majority of incidents taking place online. **

Delivered by one of ICMIF’s Supporting Members CyberScout, a global industry leader in cyber...

Thursday, 25 June 2020

Argentinian ICMIF member the San Cristóbal Group has recently launched the ‘Elbow to Elbow’ (or ‘Codo a Codo’ in Spanish) programme which forms part of the Group’s response to the consequences of the COVID-19 pandemic and the effects of the ensuring lockdown on the organisation’s value chain. The programme consists of a number of initiatives from the difference business units within the Group and are aimed at customers and policyholders; commercial channels; and the Group’s network of key suppliers and the community.

The main objectives of the programme are to try to cushion the effects of the crisis on the value chain; to protect...

Thursday, 25 June 2020

As the millennial and Gen Z generations continues to enter the workforce in vast numbers, it is crucial for mutual and cooperative insurers to position their unique business model as a factor in them being seen as “employers of choice” and to remain relevant for future generations. A new report from the International Cooperative and Mutual Insurance Federation (ICMIF) finds that cooperative/mutual insurers which are sustainable, socially responsible and high-performing businesses are endowed with the characteristics that attract and retain millennial talent.

In order to be truly sustainable companies, cooperative/mutual insurers...

Wednesday, 24 June 2020

In April, Belgian ICMIF member the P&V Group joined the public service initiative Impactdays, a platform dedicated to helping people and also offering a place where those people who wish to volunteer their help during the coronavirus crisis and offer their services. P&V now has its own page on this platform on which people can find information on a number of initiatives designed to help citizens as well as a way to ask for help or offer their services in their particular municipality of Belgium.

With the P&V Foundation, however, the cooperative insurer is going even further by proposing a number of initiatives, which...

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