Latest News

Friday, 27 April 2012

One of the key topics at the forthcoming Solvency II Solutions event for ICMIF members, Thursday, May 24, will be how to manage insurance risk for profit under the new Solvency II regime. Typically over 60% of the Solvency Capital Requirement (SCR) for a non-life insurer comes from insurance risk. Insurers can manage or reduce the SCR associated with insurance risk through diversification and reinsurance. If they are forced to use the standard Solvency II capital formula these are the only levers at their disposal; other than writing less business. During this session the Supporting Members will share their expertise on this topic through...

Wednesday, 25 April 2012

Today marks ICMIF’s 90th anniversary.

On April, 25, 1922, 12 delegates from five insurance cooperatives met in the offices of the Lega Cooperativa in Rome. Mr Joseph Lemaire, Chief Executive of La Prévoyance Sociale in Belgium, had called the meeting of these cooperatives; all of whom were members of the International Cooperative Alliance (ICA). The organisations present were: La Prévoyance Sociale (now P&V Group), Belgium; Folket, and Samarbete (now Folksam), Sweden; La Centrale Arbeiders Verzekerings en Depositobank (now SNS Reaal), Netherlands; Lega Cooperativa insurance office (now Unipol Group), Italy and L’Assurance...

Monday, 23 April 2012

The number of confirmed delegates for this year’s Meeting of Reinsurance Officials (MORO) has now reached 100. Delegates travelling to the event in Paris, May 2- 4, will be coming from countries all around the globe including Argentina, Australia, Canada, the Sudan and the USA to name just a few. Many delegates are closer to the host country and will be coming from countries across Europe. If you have not yet registered for the MORO please register now.

The event’s key note speaker will be Paddy Jago, President for Willis Re. Paddy took on the role of President for Willis Re at the beginning of 2010. In his role, Paddy leads the...

Friday, 20 April 2012

In December Dr John Greenwood, Chief Economist, Invesco, shared his Annual Economic Outlook with ICMIF members and posed three key questions: Will the US economy maintain its recent better performance? Will the Eurozone crisis be resolved in a timely and effective manner? And will the Chinese economy avoid a hard landing in 2012?

As of the end of March Dr Greenwood says there are so far only partial answers to these questions.

In the US the recovery continues at a subdued pace. There have been encouraging improvements in corporate investment, corporate profits, retail sales and the labour market. On the other hand, housing...

Wednesday, 18 April 2012

As you may know, during the last few months we have been collaborating with our Supporting Members - Willis Re, PartnerRe, Invesco, Risk Dynamics, A.M. Best and Clyde & Co to deliver a unique one day event in London, England on May 24th which will be tailored to the specific Solvency II challenges facing our global membership.

The event is free of charge to ICMIF members as it is being hosted by the Supporting Members and ICMIF so please register now.

We are also delighted to announce that Jonathan Evans, MP, has been confirmed as our key note speaker. Jonathan is a leading insurance specialist and has extensive...

Tuesday, 10 April 2012

As part of ICMIF’s recent strategy to profile key issues affecting its members in the trade media, ICMIF’s CFO and Senior Vice-President, Development Sabbir Patel was recently featured in the global insurance title, Insurance Day.

In a wide-ranging article, published on April, 3, 2012, Patel addressed a number of challenges facing the Takaful insurance sector. The article also gave readers an insight into the history of Takaful and how ICMIF became involved.

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ICMIF has been commissioned to contribute further articles in Insurance Day about:

microinsurance in developing countries, the...
Tuesday, 03 April 2012

ICMIF’s South African member, the Professional Provident Society (PPS) has recently launched a series of high profile multimedia campaigns focussing on their mutual values.

During February radio coverage and print advertisements (see images below) in key South African business publications and newspapers were rolled out, followed by a television advert which premiered in March featuring competing bakeries in a small village.

According to PPS’s Group Marketing & Stakeholder Relations Executive Gerhard Joubert, ‘One of the bakeries always performs better than the other and when the other bakery owner wants to know why, it...

Friday, 30 March 2012

The Swiss Parliament passed a bill this week which puts in place a mandatory earthquake insurance scheme for the country. Switzerland’s National Council, its lower parliamentary house, approved the bill this month.

Switzerland’s upper parliamentary house had already approved the bill and so all that remains is for the Federal Council, the executive power at national level, to implement this new measure.

The mandatory earthquake insurance bill is supported by the Swiss insurance association, Association Suisse d'Assurances (ASA) and the regional insurance association, Etablissements Cantonaux d'Assurances.

If, as is...

Monday, 26 March 2012

Earlier this month, Prime Islami Life Insurance Limited (PILIL), an ICMIF member based in Bangladesh, travelled to Switzerland to receive a Century International Quality ERA Award in the Gold category for Quality Management. The presentation ceremony of the 2012 International Quality Awards was held during the Century International Quality ERA Convention, Geneva, Switzerland. The CQE Award acknowledged PILIL’s strong commitment to quality management in the insurance sector.

Mrs Sabiha Khaleque, Director of PILIL and Kazi Md. Mortuza Ali, Managing Director, received the award from Jose E. Prieto, the President and CEO of Business...

Friday, 23 March 2012

This week, ICMIF member, The Co-operators announced more than CAD 250,000 worth of funding to 14 community-based organizations across Canada. The funding is provided through The Co-operators Foundation - Community Economic Development (CED) Fund, which supports community enterprises and initiatives that help disadvantaged Canadians move towards self-sufficiency.

"These organizations provide much needed support and resources for marginalized people, improving livelihoods and strengthening the community as a whole," said Kathy Bardswick, President and CEO of The Co-operators. "Concern for community is a guiding principle of...