Latest News

Monday, 30 January 2012

ICMIF Supporting Member Willis Re has recently issued their most up to date renewals report, the 2012 Willis Re 1st View report, entitled “Change is in the Wind”. Risk management and global economic concerns are the themes of the report. With the majority of this year’s catastrophe losses arising from unmodelled or inadequately modelled perils or territories, reinsurers are being more forceful in their demand for greater transparency of data, or are looking to sub limit their exposures to manageable levels.

The report states that following the second worst catastrophe year for the market on record, with insured losses in excess of...

Friday, 27 January 2012

Spanish credit union Caja Laboral has recently acquired all the shares in ICMIF member Seguros Lagun Aro which operates in both life and non-life insurance. Caja Laboral has taken 100% control of Seguros Lagun Aro after a payment of 65 million euros, which was an internal transaction with the Mondragón Corporation, the parent company of both Seguros Lagun Aro and Caja Laboral.

Seguros Lagun Aro has a significant presence within the Basque insurance sector. In a year which has seen a dramatic fall in vehicle registrations and property sales Seguros Lagun Aro is, however, expecting a considerable increase in profits this year as a...

Thursday, 26 January 2012

Nelson Kuria, CEO of CIC Insurance, Kenya, is Chair of the ICMIF Development Committee, and during the ICMIF Conference last year he took the opportunity to share an update with delegates on the activities of the Development Function within ICMIF and appealed for the help of members in improving access to insurance for those who currently have no access to risk protection.

Nelson began by telling delegates that in being at the ICMIF Conference “I feel like I have been born again, renewed and energised in the mission of changing peoples’ lives; for us it is not a question of selling insurance, we offer people solutions, solutions...

Monday, 23 January 2012

During the recent ICMIF Conference Charles Beighton, General Manager Strategy & Marketing, NFU Mutual, gave a presentation on the values based strategies that are fundamental to how NFU Mutual operate.

Key values for NFU Mutual said Charles are trust, prudence, value for money, quality and customer focus. He told delegates, “we are about improving the overall quality of members’ lives. We recognise the emotional and human side of managing claims and the impact that we have on peoples’ livelihoods. We provide services at a fair price backed by a first class service and advice. We have placed integrity and accountability to our...

Friday, 20 January 2012

On Thursday 12 January, countries around the world held events to celebrate the launch of the International Year of Co-operatives (IYC 2012).

Live web casts from Ecuador, Portugal, Canada and the UK maximised the opportunity for people to feel involved in these significant occasions.

In the UK a debate with the title “Can co-operation rebuild British business?" was hosted by The Guardian newspaper. Panellists included Ed Mayo, Secretary General at Co-operatives UK; Dame Pauline Green, President at the International Co-operative Alliance (ICA); Len Wardle, Chair of The Co-operative Group; Charles Leadbeater, economist and...

Wednesday, 18 January 2012

There are positives and negatives to both stockholder and mutual/cooperative insurers in terms of structure. Our current times, however, lend themselves ideally to the cooperative and mutual ethos with many people feeling like they “want to be there for their neighbour” said Matt Mosher, Senior Vice President of Ratings at A.M. Best, during the recent ICMIF Biennial Conference in October. “There is an extreme positive right now for the cooperative and mutual movement to build upon.” Also, Matt reminded delegates, 2012 is the International Year of Cooperatives which gives our movement even more momentum to build upon.

All insurers...

Monday, 16 January 2012

During the recent General Assembly of the International Co-operative Alliance, in November in Cancún, Mexico, and in front of over 2500 delegates, La Equidad Seguros was awarded the Global Award for Cooperative Excellence in the large cooperative category (cooperatives with more than US$50 million in revenue or assets). La Equidad Seguros is an ICMIF member based in Columbia.

The Global Awards for Cooperative Excellence are organised by the DotCoop organisation and are given to cooperatives which have demonstrated a strong commitment to the cooperative business model. The judges for the DotCoop awards look for organisations whose...

Friday, 13 January 2012

ICMIF is growing again; eleven new organisations have recently become members taking the numbers of new members during the year of 2011 up to fifteen.  In total, ICMIF now has 221 members, located in 71 countries across the globe.

One major newcomer is the US financial services society, Thrivent Financial for Lutherans.  Thrivent is a member-controlled not-for-profit organisation which is established as a fraternal benefit society.  Fraternal societies, founded around the turn of the twentieth century, operate with a common bond between members, which in Thrivent’s case is shared engagement with the Lutheran branch of Christianity...

Wednesday, 11 January 2012

Invesco, one of the ICMIF Supporting Members, has recently issued the Annual Economic Outlook for 2012 by Chief Economist, Dr John Greenwood. In his outlook for the coming year Dr Greenwood says that the fate of the world economy and the prospects for financial markets in 2012 and 2013 depend primarily on the answers to three big questions: Will the Eurozone crisis be resolved in a timely and effective manner? Will the US economy maintain its recent better performance? And will the Chinese economy avoid a hard landing in 2012?

The Outlook says that answers to these questions are not all favourable. The outcome of the Eurozone debt...

Monday, 09 January 2012

The Association of British Insurers (ABI) has recently published guidelines based on existing legislation around industry good practice for catastrophe modelling under Solvency II. The paper was the result of the first collaborative working party of its kind which included Willis Re, one of the ICMIF Supporting Members.

Although the guidelines have been produced with UK insurers in mind, the taskforce anticipates they will have a global influence on how regulators and markets approach the use of cat models. Willis Re has produced a summary of the ABI guidelines, available to ICMIF members.

Andrew Mitchell, Managing Director...