Latest News

Monday, 17 September 2018

A new report on the landscape of mutual microinsurance in Kenya has been published today by the International Cooperative and Mutual Insurance Federation (ICMIF). 

The report, entitled ICMIF country diagnostic report on mutual and cooperative microinsurance in Kenya, was written in partnership with Kenyan-based ICMIF member organisations CIC Insurance Group (CIC) and Takaful Insurance of Africa (TIA). Local researchers ACRE Africa and SBO Research were commissioned to carry out the research. The findings of this report demonstrate that Kenya has a thriving cooperative sector and they have given rise to an evidence-based...

Monday, 17 September 2018

A five-year project to provide low-income dairy farmers with livestock microinsurance in Kenya will be launched by Kenyan cooperative insurer CIC Insurance Group (CIC) at a formal event taking place today in Nairobi. This venture has been formulated as part of the International Cooperative and Mutual Insurance Federation’s (ICMIF) 5-5-5 Mutual Microinsurance Strategy, which aims to enable microinsurance delivered by mutual and cooperative insurers to reach scale in emerging market countries. The 5-5-5 Strategy is a unique initiative which aims to build the resilience of low-income communities by ensuring the provision of low-cost...

Friday, 14 September 2018

In this A.M.BestTV episode from the 2018 Les Rendez-Vous de Septembre (Rendez-Vous) conference in Monte Carlo (Monaco) a panel of A.M. Best analysts said reinsurers still face profitability pressures, but the increasing demand for insurance is providing growth opportunities. Click here to view the entire programme from ICMIF Supporting Member A.M. Best. Participating on the panel were Stefan Holzberger, Senior Managing Director and Chief Rating Officer; Robert DeRose, Senior Director; and Anthony Diodato, Managing Director. All three discussed A.M. Best’s market segment outlook on the reinsurance market. “Reinsurers are very well-...

Friday, 14 September 2018

In this A.M.BestTV episode from the 2018 Les Rendez-Vous de Septembre (Rendez-Vous) conference in Monte-Carlo (Monaco) reinsurers and related professionals gathered amid an evolving landscape and challenging market conditions. Click here to view the entire programme from ICMIF member A.M. Best. Attendees said companies need to adapt or they will vanish, while pricing pressure, alternative capacity, market consolidation and capital management also are capturing industry attention. “I think that the leading topic is going to be what is in store for pricing terms and conditions,” said Robert DeRose, Senior Director, A.M. Best. “People are...

Thursday, 13 September 2018

Australian ICMIF member RAC WA has this week seen the arrival in Perth of one of the world’s first driverless, on-demand vehicles, after the official unveiling of the RAC Intellicar (pictured with the RAC Intellibus) on Wednesday 12 September.

Designed as a shared mobility service, the RAC Intellicar will become the newest addition to RAC’s automated vehicle programme, supported by the Western Australia (WA) State Government and vehicle manufacturer, NAVYA.

RAC Group CEO, Terry Agnew, said the arrival of the prototype vehicle was a significant transportation milestone for both Western Australia and Australia as a whole....

Wednesday, 12 September 2018

Shaun Tarbuck, Chief Executive of the International Cooperative and Mutual Insurance Federation (ICMIF), today welcomed the appointment of Denis Duverne as Chair of the Insurance Development Forum’s Steering Committee, succeeding Stephen Catlin (effective 11 September 2018).  

Tarbuck, who co-chairs the IDF Microinsurance Working Group said: “On behalf of the International Cooperative and Mutual Insurance Federation I would first like to thank Stephen for his tremendous work with the IDF since its creation in 2016. He has done an excellent job of ensuring that the IDF is a strong platform for private and public-sector...

Monday, 10 September 2018

According to the findings from the latest Reinsurance Market Report from ICMIF member Willis Re, shareholders’ equity in 34 reinsurance companies tracked in the Willis Reinsurance Index1 totalled USD 364.9 billion, a 1.6% decrease from USD 371 billion at year-end 2017. The decrease occurred despite an improvement in net income of nearly 75% to USD 14.5 billion, largely due to lower natural catastrophe losses which supported a reduced combined ratio of 94.3%, 0.7 percentage points lower than reported for the first half of 2017.

Despite higher net income, the report says, the aggregate shareholders’ equity of the Index reduced as...

Thursday, 06 September 2018

Optimism over a turn in the global reinsurance market after the catastrophes seen in 2017 quickly diminished after disappointing renewals for 1 January and midyear 2018, providing minimal pricing increases to reinsurers and leaving market dynamics relatively unchanged, according to a new report from ICMIF Supporting Member A.M. Best.

The new Best’s Market Segment Report, “Global Reinsurance: Optimism Fizzles, It’s Back to the ‘New Normal,” states that the reinsurance sector continues to skip along the bottom of the market with no clear trigger for a meaningful and widespread rate hardening. At the same time, the capital markets’...

Wednesday, 05 September 2018

The Insurance Development Forum (IDF) has today announced the appointment of Ekhosuehi Iyahen (pictured) as its first Secretary General, effective 1 October 2018.

The IDF is a public-private partnership led by the insurance industry and supported by international organisations including the International Cooperative and Mutual Insurance Federation (ICMIF). It aims to enhance the use of insurance to build greater resilience against disasters and to help achieve the United Nations 2030 Agenda.

Ms. Iyahen brings a unique profile to the IDF, having held senior positions at two...

Tuesday, 04 September 2018

According to the latest edition of Mutually Yours, the digital news service provided by the Association of Financial Mutuals (AFM), members of AFM saw their premium income soar to over GBP 1 billion during 2017. This, says the AFM, is an increase of over GBP 100 million in the year or an increase of 12.2%. The article shared in Mutually Yours shows this result to be all the more impressive when compared to the UK market as a whole which, according to Swiss Re, saw growth of just 2.4%.

Data from the AFM shared in the article shows growth in life and savings premiums over the year of 18.9%, whereas general insurance premiums rose 9.6...

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