Latest News

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...

Wednesday, 01 February 2012

Lucian Camp recently challenged ICMIF Conference delegates to create a ‘new golden age of mutuality’ during his presentation on the future of the mutual and cooperative insurance sector.

He told delegates that there are fantastic opportunities for mutual and cooperative insurers right now but said that it will take a lot of hard work to make it “our time”, which was the Conference theme, and it’s now that insurers need to start to interact with consumers in new and innovative ways.

Lucian told delegates they need to embrace digital communications and use them to create online communities with which to engage their members in...

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...