Latest News

Friday, 25 January 2013

The latest edition of PartnerReviews, the newsletter from PartnerRe is now available online for ICMIF members to read their articles and view video presentations.

PartnerRe is a longstanding Supporting Member of ICMIF. All ICMIF Supporting Members are carefully selected suppliers to the insurance industry who acknowledge the unique nature of ICMIF member organisations. Working together in partnership with ICMIF and its members, PartnerRe supports and promotes the mutual and cooperative sector.

This main article in this edition of the newsletter is The Reinsurance Imperative: Adaptation and looks at how reinsurers can stay...

Thursday, 24 January 2013

Mutual insurers in the UK look likely to have been granted concessions on the regulation of with-profit policies by the Financial Services Authority (FSA). This change from the regulator would bring an end to the industry's concerns over the treatment of ‘mutual capital', which has hampered the sector for the last six years.

Revised definitions of with-profits assets proposed in FSA consultation paper CP12/13 on the transposition of Solvency II had threatened mutuals' ability to continue to operate if both their with-profit and non-profit assets belonged to a single common fund.

However, new proposals set out in the...

Friday, 18 January 2013

ICMIF is pleased to share with its members the Willis Re 1st View report for the January 2013 renewal season. The report covers the changes in pricing levels and conditions experienced by Willis Re brokers and product experts. Willis Re is a longstanding Supporting Member of ICMIF. All ICMIF Supporting Members are carefully selected suppliers to the insurance industry who acknowledge the unique nature of ICMIF member organisations. Working together in partnership with ICMIF and its members, Willis Re supports and promotes the mutual and cooperative sector.

The key findings of the 1st View report as released by Willis Re are:

Wednesday, 16 January 2013

ICMIF’s Malaysian member Takaful IKHLAS has announced that Encik Ab Latiff bin Haji Abu Bakar is the new CEO for the organisation as of 7 January 2013.

Encik Ab Latiff, 52, comes to Takaful IKHLAS with more than 20 years of experience in various senior management positions in insurance and takaful companies. Prior to joining Takaful IKHLAS he was Head of Takaful at an international insurance organisation where he established and developed a new Takaful company in the Asia Pacific region.

Encik Sharkawi Alis, Chairman of Takaful IKHLAS said, “Encik Ab Latiff takes over a growing organisation at a key moment in its development...

Monday, 14 January 2013

A new ICMIF video “Insurance for the people by the people” was recently shown at the 8th International Microinsurance Conference in Tanzania and a shorter version shown at the World Bank Conference on Takaful and Mutual Insurance in Turkey. The video was compiled by ICMIF’s in-house digital communications team and used contributions from ICMIF member organisations. The video demonstrates the unique value and attributes of mutual and cooperative insurance in addressing the needs of people around the world.

The video starts with a look at the historical roots of the cooperative movement and its founding principles. It then moves...

Friday, 11 January 2013

NTUC Income Chief Executive, Tan Suee Chieh, was conferred a "Lifetime Achievement Award" on 30 November 2012 in the annual Hall of Fame Awards organised by the Institute of Advertising Singapore (IAS). This is the highest honour given to an individual at these awards.

The award recognises Tan Suee Chieh's revolutionary approach to championing NTUC Income's brand of honest insurance and in placing customers before profits. The award recognised the way in which effective rebranding had been used to transform NTUC Income into a household name in Singapore.

The IAS commended NTUC Income for having demonstrated time and again...

Wednesday, 09 January 2013

New research from The Co-operative Insurance shows that nearly half of young drivers in the UK (48%) think they will struggle to afford their car insurance next year.

The research, which polled UK motorists on their attitude to the recent Gender Directive, shows that it is a major concern for young female motorists, with 65% of 18 to 24 year old females in the UK saying they would find it difficult to cope with any significant increase to their car insurance premium.

Despite the fact that the majority of young drivers (60%) are aware that insurance rules have changed as a result of the Directive, the research has shown that...

Monday, 07 January 2013

The Malaysian ICMIF member, Prudential BSN Takaful Bhd (PruBSN), was named Best Takaful Operator (Asia) at the 2012 Islamic Business and Finance Awards in Dubai, the United Arab Emirates, which took place in December 2012.

PruBSN’s Chief Executive Officer, Azim Mithani, said in a statement that PruBSN won the award based on its robust financial performance and product innovation.

"We remain focused on building professionalism, on customer service and product innovation, while simultaneously exploring alternative distribution channels, and actively tapping the rapid advances in technology as new drivers of growth," he added...

Friday, 04 January 2013

American ICMIF member Mutual Reinsurance Bureau (MRB) have announced that, effective January 1, 2013, Church Mutual Insurance Company of Wisconsin will become their fifth Assuming Company Member (ACO). Church Mutual Insurance Company will join existing ACOs Employers Mutual Casualty Company, Farm Bureau Mutual Insurance Company of Michigan, Kentucky Farm Bureau Mutual Insurance Company, and Motorists Mutual Insurance Company as capital providers for MRB.

At September 30, 2012, Church Mutual’s net admitted assets stood at $1.26 billion and their surplus was more than $410 million. They carry an A.M. Best A (Superior) rating and are...

Wednesday, 02 January 2013

ICMIF member, Seguros Unimed, has been named the best provider of supplementary health insurance in Brazil in a recent performance index (the Índice de Desempenho da Saúde Suplementar or IDSS), carried out and published by the Brazilian National Supplementary Health Agency (Agência Nacional de Saúde Suplementar).

Many Brazilians opt to take out such health insurance for their personal needs and purchase healthcare plans through insurers, such as Seguros Unimed, which are regulated by the National Supplementary Health Agency.

The IDSS criterion takes into account four points:

healthcare user satisfaction financial...