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Thursday, 09 July 2020

ICMIF member EMC Insurance Companies (USA) was recently announced as the winner of two innovation awards by the National Association of Mutual Insurance Companies (NAMIC), during its annual Award in Innovation presentation. These national awards were created by NAMIC in 2014 to recognise mutual insurers that exemplify the vision and entrepreneurialism it takes to stay relevant in changing times. EMC was recognised as the winner of the Best in Category – Creativity and Best in Category – Conference Alignment awards.

These awards are the latest recognition of EMC’s market-leading innovation journey. In May, EMC was named 2020...

Thursday, 09 July 2020

Japanese ICMIF member JCIF (the Japan CO-OP Insurance Consumers' Co-operative Federation) has a membership made up of about 150 consumer cooperatives (coops) whose main business is product supply by home delivery or at stores; Kyosai (the name for cooperative insurance in Japan); medical and welfare business; and is a national federation that specializes in Kyosai business for general consumer cooperative members. The CO・OP Kyosai, JCIF’s product, is mainly made up of medical insurance and life insurance products, with  8.92 million cooperative member policyholders.

In response to the spread of COVID-19 infection...

Tuesday, 07 July 2020

To respond to a constantly evolving market and the demands of its customers and brokers, Argentinian ICMIF member Seguros Rivadavia has launched an impressive range of insurance products with different levels of cover designed to respond to the needs of bicycle users. The new range of products will be actively marketed throughout Argentina.

These new products put the mutual insurer at the forefront of providing protection and security for one of the most accessible and commonly used means of transportation today. It is also responding to society's new environmental, health and economic concerns with a shift towards the use of...

Tuesday, 07 July 2020

For the fourth year running, Italian ICMIF member Unipol Group confirmed its first-place position for reputation in the insurance and banking sectors. The 2020 rankings by The RepTrak Company, a global leader in measuring and managing corporate reputation, measured the perceptions of multiple stakeholders of the reputation of about 400 financial services companies operating in Italy.

Unipol consolidated its leadership status by entering the “strong” reputation category (where companies must score over 70 points) with a score of 73.0 in 2020 (67.6 in 2019), increasing its lead by almost 6 points from the average score of companies...

Tuesday, 07 July 2020

Danish ICMIF member LB Forsikring has launched an insurance policy which would cover all types of car rentals in Denmark, whether it is an electric car rented on an hourly basis or a car rented for several days. The product also covers car sharing schemes.

Whilst car insurance targeted at people who do not own a car may not immediately sound like a type of insurance cover you can sell many policies for, LB Forsikring, Denmark's third largest private insurance company with almost 400,000 members, says this is precisely something their members will be keen to use. In recent years, car share schemes and rental car concepts have...

Friday, 03 July 2020

Insurers were able to secure sufficient reinsurance capacity at the 1 July and 1 June renewals supported by adequate reinsurance capital. The remarkable recovery in investment markets allied with investors’ appetite to support additional capital and debt offerings and reinsurers own prudent risk and cost management has seen capital levels return to being only 5% lower than the end of December 2019. This compares to a 30% reduction at the end of March 2020, according to the latest 1st View renewals report from ICMIF Supporting Member Willis Re.

In general, the report finds, the longstanding underlying issues of rate inadequacy...

Thursday, 02 July 2020

The Prince’s Accounting for Sustainability Project (A4S) was established by The Prince of Wales in 2004 with the aim of inspiring action by finance leaders to drive a fundamental shift towards resilient business models and a sustainable economy.

The organisation has three core aims:

Inspire finance leaders to adopt sustainable and resilient business models Transform financial decision making to enable an integrated approach, reflective of the opportunities and risks posed by environmental and social issues Scale up action across the global finance and accounting community

The partnership between A4S and ICMIF is one...

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...

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