Latest News

Monday, 23 May 2011

ICMIF has now published the first edition of what will be an annual publication: ICMIF Members Key Statistics 2009. This publication analyses in detail financial data about member organisations of ICMIF.

A limited mail out of the report is taking place to the membership but it is also now available to download from the ICMIF web site.

The report makes encouraging reading for the mutual and cooperative insurance sector. It shows that ICMIF members collectively increased their premium income market share from 5.7% in 2008 to 6.1% in 2009. ICMIF members hold a market share of 9.9% in non-life business and 3.3% in life...

Tuesday, 17 May 2011

Canadian property and casualty mutuals are gearing up for a possible battle against a new wave of demutualisation, following attempts by consultants to encourage policyholders in one firm to contemplate such a move.

CAMIC, the Canadian Association of Mutual Insurance Companies, is urging the Canadian Minister of Finance Jim Flaherty not to draft the necessary demutualisation regulations. CAMIC links 91 of the 106 property and casualty mutuals across Canada, many established by farmers over a century ago. “The mutual companies they created are almost exclusively governed under the ‘one person, one vote’ principle. Further, most...

Friday, 13 May 2011

Juan Enrique Bustamante has stepped down as General Manager at ICMIF member Coopseguros in Ecuador.

Having held that position for the previous six years Juan Enrique says, “now life holds new professional challenges in my home country of Colombia which have made me reconsider my objectives and set new horizons, luckily I will remain in the insurance sector to which I have devoted all of my professional life”.

During his tenure at Coopseguros the company’s main objectives were to implement changes to lines of business, returning more to its roots and positioning itself as one of the leading cooperative players in Ecuador....

Wednesday, 27 April 2011

On April 24, 2011, US-based ICMIF member EMC Insurance Companies celebrated 100 years in business, joining an elite group of companies as less than 13% of property and casualty companies in the USA are 100 years or older—and the majority of those are mutual companies.

"We’re proud of our mutual heritage." says Ron Hallenbeck, EMC's Vice President, Reinsurance. "We began as a mutual company in 1911 and have stayed true to that business model. This has allowed us to take a long-term approach in our strategies and business decisions, emphasising conservative investing and careful risk selection."

To celebrate their 100-year...

Friday, 08 April 2011

As a result of recent events in Japan ICMIF has taken a decision to relocate its Biennial Conference scheduled to take place in October in Tokyo to Manchester in the UK. The event will take place on the same dates as those originally scheduled for the Tokyo Conference, October 26-28.

In moving the Biennial Conference to the UK’s second city, Manchester, ICMIF has placed the event in the birth place of the cooperative movement and also in the city which has been home to ICMIF since 1993 when it started down the route to becoming the active Federation which it is today.

Speaking about the decision to make the move, Shaun...

Friday, 01 April 2011

An innovative new car insurance scheme for young drivers has been launched by Co-operative Insurance; part of the UK-based Co-operative Financial Services. This innovative policy through the use of innovative new technology utilising ‘Smartbox’ and satellite technology tracks how, and when, policyholders drive their car.

Once the insured vehicle is fitted with a Smartbox the insurance company can track what they call ‘safe driving parameters’ which include:

the average speed of the vehicle on differing types of road how fast and hard the car accelerates or brakes what time of the day the car is driven how fast corners are...
Wednesday, 30 March 2011

ICMIF member Rio Uruguay Seguros participated in the thirteenth International Quality Convention which took place in early March in Geneva Switzerland. The event hosted by Business Initiative Directions saw Rio Uruguay Seguros being presented with the ‘Century International Quality ERA Award’ in recognition of the quality of management.

The criteria for receiving the Century International Quality ERA Award are based on the QC100 Total Quality Management model as applied in over one hundred countries. This prestigious award is given to leaders and is sponsored by twenty-six publications on global market changes and tendencies,...

Friday, 25 March 2011

The European Insurance and Occupational Pensions Authority (EIOPA) has announced the membership of its two stakeholder groups, the Insurance and Reinsurance Stakeholder Group and the Occupational Pension Stakeholder Group.

Prominent amongst insurance industry representatives on the Insurance and Reinsurance Stakeholder Group is Asmo Olavi Kalpala, Chairman and President of Tapiola, Finland and currently President of AMICE. In addition Gerard van Olphen from the Netherlands a past Board Member of ICMIF in his capacity as then CEO of SNS REAAL is named together with Mr Yanick Bonnet, France, Co-Chair of the AMICE Solvency II Task...

Wednesday, 23 March 2011

A new reinsurance resolution has been announced in Argentina containing new rules for conducting reinsurance business, including a requirement to set up a local branch with a minimum capital investment of five million US dollars.

The publication of the new resolution earlier this year is likely to have a significant impact of the operations of foreign reinsurance companies. Under previous regulations, foreign reinsurers could be authorised to issue reinsurance contracts from their home jurisdictions as long as they complied with certain requirements and were registered with the insurance regulator.

Now foreign reinsurers...

Monday, 14 March 2011

"With news of the major earthquake which has hit Japan the thoughts of all of the ICMIF team and the wider membership are for the safety and well being of our cooperative colleagues and their families as well as the Japanese people at this most difficult time.

"We have been in regular touch with most of our members in Japan and they inform us that their staff in Tokyo are safe. The immense task that our cooperative insurers now face is in helping members in the worst affected areas and I am sure they will do this in the true cooperative spirit and to the best of their ability.

"Our thoughts are with our Japanese colleagues...