Latest News

Wednesday, 04 January 2012

Sustainability, the undertaking of activities which demonstrate forward-looking social, environmental and ethical responsibility, presents many business opportunities for ICMIF insurers; and plays an important role in generating value for the organisation. ICMIF has recently published a new member-only sustainability report which aims to provide information and advice on how to enhance the value that can be generated from sustainability, through its measurement and reporting. The report considers these two themes specifically from the perspective of mutual and cooperative insurance providers and is intended to guide and inspire those who...

Wednesday, 21 December 2011

The United Nations (UN) has invited Dame Pauline Green, President of the International Co-operative Alliance (ICA), and Monique F. Leroux, Chair of the Board, President and CEO of Desjardins Group, one of the ICMIF members based in Canada, to be part of an advisory group for the International Year of Cooperatives (IYC) taking place in 2012.

The role of the UN advisory group will be to advise members of the Coordinating Committee set up by the UN to implement IYC 2012 activities. It will mainly provide support for the advancement of the cooperative model and take action to mobilize major international players throughout 2012.

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Friday, 16 December 2011

ICMIF has just published the second edition of ICMIF Members: Key Statistics 2011, which analyses in detail the financial data about member companies at a global and regional level. The report highlights how the premium income of ICMIF members increased by 3.4% in 2010 compared with the previous year. This growth in premium income was just below that of the total insurance market, with members maintaining a global market share of 5.56%. A similar growth was experienced in life and non-life premiums of member companies, with a market share in 2010 of 4.79% and 6.62% respectively. The most encouraging findings from the report are the two-...

Wednesday, 14 December 2011

Swedish ICMIF member Folksam are proud to be the first insurance company in the world to offer eco-certified non-life insurance. This certification has been awarded to Folksam by the Swedish Society for Nature Conservation (SSNC) and applies to their motor, household and holiday home insurance products.

SSNC have one of the world’s most challenging eco-labelling standards which are know as “Bra Miljöval” in Swedish or “Good Environmental Choice” and their four main focus areas, in order to gain certification are as follows:

Company behaviour including energy efficiency, recycling and good use of resources Claims handling...
Monday, 12 December 2011

ICMIF member Amana Takaful, Sri Lanka, recently hosted a global takaful conference and welcomed leaders from takaful insurance providers for a two day event in Colombo. The meeting is held annually and brings together takaful and re-takaful providers from many countries for the purpose of networking and deliberation over how to shape the global thinking and practice of takaful. This year's event brought together the three main global takaful organisations in the world for the first time ever; namely the Federation of Islamic Insurance and Takaful Companies (FOIITC), the Global Takaful Group (GTG) and ICMIF.

The conference was...

Thursday, 08 December 2011

The Co-operative College launched its New Pioneers programme at the recent Biennial ICMIF Conference in Manchester, calling for global cooperatives to lend their support to the preservation of cooperative heritage.

The New Pioneers project was developed by The Co-operative Heritage Trust as part of a £2.3 million programme to transform cooperative heritage into accessible resources which can be used across the world. Mervyn Wilson, Chief Executive and Principal of the Co-operative College (Trustee of the Co operative Heritage Trust) explained: “There were 28 original Rochdale pioneers and we would like 28 cooperatives from across...

Wednesday, 07 December 2011

During the recent ICMIF Biennial Conference Peter Hunt, CEO of Mutuo, raised the issue of how mutuals and cooperatives lobby and influence regulators and policymakers in their countries. Mutuo works to promote all types of mutuals and cooperatives in the UK and aims to influence government, provide thought leadership to the sector and help to develop new mutuals and cooperatives to expand and grow the sector.

When Mutuo was first set up a number of bodies within the mutual, cooperative and friendly societies were all trying to lobby government at the same time and their activities were disparate and lacked coordination....

Monday, 05 December 2011

A.M. Best, one of the ICMIF Supporting Members, has performed additional stress tests of the balance sheets of insurers' exposure to eurozone debt as economic conditions within the region continue to worsen. Findings of these evaluations are discussed in the recently published analytical briefing "A.M. Best's Additional Stress Testing in Light of European Economic Uncertainty." ICMIF members have access to the most recent report via the link below.

Initial results of the stress testing were performed using A.M. Best's proprietary capital model, Best's Capital Adequacy Ratio (BCAR) and were released in September 2011. The initial...

Wednesday, 30 November 2011

KPMG, Australia, have recently released a report Building Societies and Credit Unions 2011 Survey which highlights the strength and vitality of the mutual banking sector in the country.

The KMPG report shows that Australia’s mutuals, credit unions and building societies, have seen another year of strong performance, with the most organisations showing increased profits and balance sheet growth during the year leading up to 30 June 2011.

Mark Degotardi is Head of Public Affairs at Abacus - Australian Mutuals, an ICMIF member and the industry body for credit unions, mutual building societies, mutual banks and friendly...

Tuesday, 29 November 2011

In 2009 the UK organisation The Co-operative Financial Services (CFS) merged with Britannia Building Society. This was the first merger possible under a new UK law (the Butterfill Act) of two distinct mutual organisations. During the recent ICMIF Conference Paul Flowers, Chair of the Co-operative Banking Group (CBG - the new name for the merged organisation) reflected on the merger and the longer process of integration of the two organisations and especially upon the cultural challenges which this brought about.

When relating the history of the merger he says “We merged from strength and we matched each other extraordinarily well...

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