Latest News

Friday, 12 August 2011

In July of this year Syed Moheeb, the President and Chief Executive Officer of Takaful Ikhlas, one of ICMIF’s Malaysian members, was awarded Global Leadership Award 2011 from The Leaders Magazine (TLM) supported by The American Leadership Association (ALDA).

An interview with Syed Moheeb was featured in ICMIF’s Voice publication earlier this year (Voice 70) and Syed is also a member of the ICMIF Board. Syed has been in the insurance and Takaful industry for 36 years and has led a number of local and multi-national direct insurance as well as re-insurance companies. Syed’s comments on the award were:

“Personally, this award...

Wednesday, 10 August 2011

ICMIF Supporting Member, A.M. Best has published a new report which identifies the two countries of Jordan and Lebanon as the main emerging markets of the Levant region. It examines the drivers for insurance growth, challenges facing companies in the region, regulatory developments and use of reinsurance. The report also briefly examines local takaful potential and the impact of regional political instability.

Jordan and Lebanon are the main emerging insurance markets of the Levant – a region encompassing the countries of the Eastern Mediterranean – with easy access for foreign ownership of domestic companies, and new compulsory...

Monday, 08 August 2011

Once every two years, leaders from co-operative and mutual insurers from all over the world gather at the ICMIF Biennial Conference to exchange knowledge, ideas and experiences with each other. Immediately prior to the conference, ICMIF will be running a Strategic Decision Making Workshop, the dates for this being October, 24-25. This workshop is clearly aimed at current and future leaders from co-operative and mutual insurers.

People who have participated in this workshop and reported great benefits from attending include chairmen, non-executive directors, CEOs, COOs and CFOs - as well as heads of strategic operations, risk,...

Friday, 05 August 2011

Earlier this year La Macif, one of ICMIF’s French members, launched an online game aimed at educating young children about safety. Now La Macif has turned its attention to the safety of senior citizens and has launched a series of police novels aimed at reducing the number of accidents in daily life.

Senior citizens are the principal victims of common accidents such as falls, poisoning and fires in the home. In was recently seen that over two thirds of accidents in day to day life that took place in France affected people aged 74 and over. La Macif has therefore launched a series of novels called “Lucie and Mathilde lead the...

Wednesday, 03 August 2011

ICMIF is pleased to announce that four new members have joined the organization.

The first of these is the Länsförsäkringar Alliance based in Sweden. They are the largest non-life insurer in the country with a market share of 28.8%. The Alliance is unique in the Swedish banking and insurance market and comprises 23 local and customer-owned regional insurance companies. These regional insurance companies cooperate through the jointly owned Länsförsäkringar AB and its subsidiaries, thereby combining the ability of a small company to adapt to its customers’ needs with the strength of a large company. They have 3.4 million customers...

Monday, 01 August 2011

ICMIF Supporting Member, A.M. Best has published a new report examining the performance of takaful operators in the Gulf Cooperation Council (GCC) and Malaysia compared to that of conventional insurers. The report is based on analysis of 131 takaful operators and conventional insurers in the United Arab Emirates, Bahrain, Saudi Arabia, Oman, Qatar, Kuwait and Malaysia. It indicates that takaful companies are growing at a rapid pace and are highly capitalised on a consolidated funds basis, however, in most cases this is a consequence of the rapid expansion of the insurance markets in these countries, as opposed to increased demand for...

Thursday, 28 July 2011

The Board of Directors for the World Council of Credit Unions (WOCCU) has announced that Brian Branch, WOCCU Executive Vice President and COO, will become the organization's next President and CEO. Branch will assume the post following the retirement of current President and CEO Pete Crear in August this year.

"We couldn't have selected a better leader for WOCCU," said Barry Jolette, CEO of San Mateo Credit Union (USA) and WOCCU Chair. "We've all seen the organization dramatically evolve under Pete's tenure, and we expect the same kind of growth and maturity under Brian's leadership."

Branch has worked with credit union,...

Tuesday, 26 July 2011

ICMIF Supporting Member, Willis Re, has produced a report on Solvency II and its potential impact on the mutual insurance sector. This is essential reading for all ICMIF members who will be subject to the regulations of Solvency II and will also be of interest and benefit to the wider ICMIF membership. Willis Re has consulted with a number of mutual insurers including ICMIF members Co-operative Financial Services and NFU Mutual, to produce the report and their feedback and comments are included.

In the report Willis Re highlights how the mutual insurance sector’s conservative approach to underwriting and asset allocation has served...

Friday, 22 July 2011

Invesco has issued their Economic Outlook for the third quarter of 2011. In the report John Greenwood of Invesco highlights that the debt crisis in the peripheral economies of the Eurozone continues to command the attention of global investors. A second financial rescue package for Greece was eventually approved in late June, but the provision of liquidity through this scheme does not itself address the key underlying issues of Greek competitiveness or solvency.

The report also comments that during the period from March until June 2011 consensus forecasts for US economic growth were significantly downgraded for the second time in...

Wednesday, 20 July 2011

FMG, in partnership with the New Zealand farming community, has developed an innovative new type of insurance cover for sheep farmers called “Livestock Catastrophe Insurance”.

The product is affordable and is the first of its kind in New Zealand. It is designed to help protect farmers’ bottom line in the event of large scale stock losses incurred during severe weather events and natural disasters. The product was developed as a result of recent severe weather events last September which caused devastation across the country. FMG worked closely with their international partners to develop this product which only serves to reinforce...

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