Latest News

Friday, 24 February 2012

Organisers of the Québec 2012 International Summit of Cooperatives have announced the first speakers for the summit this October. They include more than 20 esteemed speakers from around the world. Many distinguished speakers have also been confirmed for Imagine 2012, the official pre-Summit event. They include Elinor Ostrom, co-recipient of the 2009 Nobel Prize in Economic Sciences.

The announcement was made by the three hosts of the summit: Dame Pauline Green, President of the International Co-operative Alliance (ICA), Monique F. Leroux, Chair of the Board, President and CEO of Desjardins Group, and Dr. J. Colin Dodds, President...

Wednesday, 22 February 2012

The British Prime Minister recently met with representatives from the UK insurance industry, the Association of British Insurers (ABI) and consumer and business groups to discuss the rising motor insurance premiums that many UK drivers are facing.

There was a commitment from the Prime Minister that the Government will take action to deal with what many view as a “compensation culture” in the UK, reduce legal costs and cut health and safety red tape. The insurance industry in return committed to pass any savings they made on to consumers and both parties agreed to work together in future on this.

Premiums in the UK have...

Tuesday, 21 February 2012

In January of this year NTUC Income, Singapore insurer and ICMIF member, announced that it would make an exceptional payout of 15,000 USD under its Student Protection Plan to the family of a nine year old schoolchild, Lee Yu Heng. Sadly the young boy was hit by a car just a few steps away from his school, the Sembawang Primary School, and subsequently died as a result of his injuries.

The school had already decided to award the contract for their Student Protection Plan insurance cover to NTUC Income. The plan insures students for death, disability and medical expenses arising from accidents at the school. However, the accident...

Friday, 17 February 2012

Finnish ICMIF members Tapiola and Local Insurance are to merge and form a mutual financial group called the Local Insurance-Tapiola Group. The merger should be complete by January 2013.

The current Managing Director of Tapiola, Juha-Pekka Halmeenmäki, will become Managing Director of the merged organisation and Erkki Moisander, the current Managing Director of Local Insurance, has been appointed President.

The current President of the Tapiola Group, Asmo Kalpala, will end his term as President at the end of 2012, however, he will remain on the Board of Directors of the new organisation until the end of June 2013. During this...

Wednesday, 15 February 2012

Maximise business gain and minimise compliance pain!

A new and unique one day seminar for ICMIF members will take place in May, 2012, at the Willis Re building in the heart of the financial district of London, England. This event will provide expert solutions on how to gain maximum benefits from implementing Solvency II; how it can actively help organisations to streamline processes and enhance their competitiveness.

The event has been organised for mutual and cooperative insurers by ICMIF’s Supporting Members; all of whom are leading practitioners in their areas of business and committed supporters of our sector. There will...

Monday, 13 February 2012

Many ICMIF members will be familiar with the name of Daniel Havis, Chairman and CEO of French ICMIF member organisation, la Matmut. From January 1, 2012, Daniel has also become the new Chairman of the Sferen group of mutuals which includes la Matmut, la Maif and la Macif; all of which are ICMIF members. Daniel takes over as Chairman of Sferen from Roger Belot, Chairman and CEO of la Maif.

The Sferen group was created by the three mutuals in 2009 and the role of Chairman is fulfilled by the leaders of the three organisations in turn; rotating every two years. The Board elected Daniel as the next Chairman in their December 2011...

Friday, 10 February 2012

A study published by Swiss Re recently echoes advice given by Willis Re in their recent paper on Catastrophe Modelling for Mutual Insurers.

“Lessons from recent major earthquakes” , published on the Swiss Re website recently, calculates that the cumulative catastrophic impact of earthquakes on society is devastating; seismic events caused economic losses of over USD 276 billion in 2010 – 2011. The report observes that much of the world is vastly underinsured against earthquake risk, and suggest that underinsurance often due to low risk awareness in earthquake-prone areas.

The report goes on to highlights key underwriting...

Wednesday, 08 February 2012

In his recent edition of the Invesco ‘Global Economic Insight’ Dr John Greenwood of Invesco comments on the on-going sovereign debt crisis in Europe. This, along with related stresses in the banking system, has negatively impacted many asset allocation models.

Solvency II capital requirements look set to force the insurance sector into an asset sector where volatility has never been so high. Incoming European Central Bank (ECB) President Mario Draghi, who took office in November 2011, has already acted decisively to help the banking sector. Firstly, by reversing the two interest rises implemented by the ECB in April and July last...

Monday, 06 February 2012

This year, the 21st ICMIF Meeting of Reinsurance Officials (MORO) moves to the spectacular city of Paris, France and will be held      May 2 - 4.

A high-level agenda will see presentations from leading ICMIF member reinsurers and industry experts debating the most pressing topics for cooperative and mutual reinsures today. Panel discussions, Mini Monte Carlo, enhanced interaction with the speakers, breakout sessions and networking opportunities will again mean that MORO is the one event you cannot afford to miss this year.

Agenda Topics will include:

Today's reinsurance market Insurance regulation from a global...
Friday, 03 February 2012

Unipol Gruppo Finanziario SpA (Unipol), currently Italy’s third-biggest insurer and ICMIF member, plans to raise up to 1.1 billion EUR by selling new shares as it continues with plans to merge with Premafin Assicurazioni, Fondiaria-SAI and Milano Assicurazioni. This will make Unipol Italy’s second-largest insurance group (by premiums).

On January 13, 2012, Unipol signed a letter of intent to take control of Premafin and merge with Fondiaria and Fondiaria’s unit Milano Assicurazioni SpA thus ending the Ligresti family's control of the group. The Ligresti family is currently the majority owner of Premafin, a debt-laden holding...