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Wednesday, 11 September 2019

Global reinsurers continue to look to Latin America for diversification, even though the natural catastrophe-prone region has not seen any significant market-hardening events since 2013, according to a new report from ICMIF Supporting Member AM Best. As a result, the reinsurance market in Latin America remains soft.

AM Best believes that the strengthening of the regulatory frameworks in some Latin America countries could lead to market consolidation and increase overall demand for reinsurance. Lower interest rates and protectionism, however, could limit those prospects, according to the report.

The new Best’s Market...

Wednesday, 11 September 2019

The Latin American Association for Reinsurance Education (also known as the LARG Group) is a group of mutual/cooperative insurers from Latin America. All these companies are members of the International Cooperative and Mutual Insurance Federation (ICMIF). The LARG concept was originally set up in 2004 by five ICMIF member organizations in order to purchase reinsurance collectively and the group has grown steadily since and now includes 14 member organizations.

The Annual Meeting of the Latin American Reinsurance Group (LARG) will take place next week, from 17-20 September, in Medellín (Colombia) with ICMIF member company La...

Monday, 09 September 2019

In a press release issued yesterday at the Rendez-Vous de Septembre in Monte Carlo, ICMIF Supporting Member Swiss Re announced that it expects further rate increases for loss-affected and underperforming businesses and broadly stable rates in other areas, amid continued capital abundance in the reinsurance market. To ensure a long-term sustainable reinsurance market, further rate increases are needed said the reinsurer. The hurricane season that is now upon us highlights the importance of having prices that adequately reflect the risks.

The release states that fast-paced change is creating both challenges and opportunities for the...

Friday, 06 September 2019

The International Cooperative and Mutual Insurance Federation (ICMIF) has confirmed that the second keynote speaker for the ICMIF Biennial Conference (12-15 November 2019) is Ian Taylor. Ian has been described as an ''exemplar of innovation in New Zealand''. The entrepreneur was awarded the 2019 New Zealand Innovator of the Year at the annual New Zealander of the Year Awards, which recognises inspiring Kiwis whose game-changing discoveries, research or inventions are driving society forward.

Back to the future

As the world changes ever faster, so it becomes increasingly difficult for organisations and their leaders to...

Friday, 06 September 2019

Every other year the ICMIF Asia and Oceania Association (AOA) organizes a Members’ Study Group Visit, one of the Association’s most important events. This time for 2019, the AOA Study Group visited NTUC Income (hereinafter referred to as “Income”), a Singaporean member organization and it was the fourth Members’ Study Group Visit.

Excluding attendees from Income, the host organization, a total of 42 people from 15 organizations in five countries participated as shown in the table of “Organizations attended” on the AOA website. This number was the highest compared to the visits in the past. By country, the Philippines was the...

Monday, 02 September 2019

According to ICMIF member Folksam (Sweden), the first round of its recent Tech Talent programme was a success and therefore the organisation is now investing in another round of the year-long introduction and development program. The Tech Talent programme aims to ensure growth and secure competence in building a modern financial company.

“The outcome of our first Folksam Tech Talent programme has been very successful. We are very pleased with the programme and the participants in the first round have developed a lot during the past year. They contribute to innovation and lead the way in our transformation journey towards...

Friday, 30 August 2019

The Canadian financial cooperative Desjardins has this week announced that the fourth edition of the Cooperathon will kick off on 2 October 2019 from Montreal's Olympic Stadium. The event is designed to bring hundreds of changemakers together to workshop entrepreneurial projects with strong potential for social impact. 

Kick-off (2 October)

Day one of the event is open to the general public and features internationally-renowned speakers addressing the themes of innovation, entrepreneurship and social impact. 

"I'm very proud of the programme we've put together. It relates directly to Desjardins's values...

Friday, 30 August 2019

The insurance sector is considerably less concerned about silent cyber exposures than it was in 2018, according to 2019 Silent Cyber Risk Outlook, the annual global survey published this week by ICMIF member Willis Re, the reinsurance division of Willis Towers Watson. The finding applies to all commercial lines of business and industry groups, says the report.

The survey measures the expectation of more than 600 insurance professionals (including a cross section from claims, underwriting, legal, broking, and analytics) that cyber exposures will increase the likelihood of a covered claim over the next 12 months under insurance...

Thursday, 29 August 2019

The global reinsurance market as a whole has exhibited more underwriting control as evidenced by a holding back of capacity at the midyear 2019 renewals; however, questions remain over the sustainability of this newfound discipline, according to a new report from ICMIF Supporting Member AM Best.

The new Best’s Market Segment Report, “Global Reinsurance: Fighting the Last War,” notes that the days of large catastrophic events triggering widespread market hardening are gone, replaced by pockets of microcycles, based on geography and loss experience. The 2017-2018 catastrophes showed how the overall reinsurance market failed to...

Thursday, 29 August 2019

ICMIF member FMG’s financial year has been underlined by several milestones, led by the mutual insurer achieving 50% rural market share of the New Zealand for the first time in its 114-year history.

It was also a record year for the number of claims settled and overall client growth says FMG (New Zealand) - with more and more farmers and growers, commercial businesses, lifestyle property owners and residential clients choosing to insure with the organisation.

“In 2010 we set out a strategic plan to protect and grow the Mutual on behalf of our members and 2019 was marked by breaking through the significant milestone of a 50%...