ICMIF helps to fund co-operative insurer

18 Mar 2013


A co-operative insurer in Paraguay, which supports a large number of co-operatives, has received a capital injection of USD 300,000 from the ICA's sectoral body ICMIF.

Aseguradora Tajy will receive the funds through Allnations, the capital support facility of the ICMIF, which will become a preferential shareholder in the insurer over a five year period.

The co-operative, which was the fastest growing member of the ICMIF in 2011, was created in 1997 by 13 co-operative shareholder pioneers with the help of the National Co-operative Centre of Savings and Credit (Central Nacional de Cooperativas - Credicoop Ltda) in Paraguay. The current total of co-operative members of Tajy has now increased to 33 members. The organisation is also helping to grow the country's co-operative economy through its involvement with 100 co-operatives in a country that currently has around 700 co-ops.

An investment plan was presented at the Allnations Annual Board Meeting by the Chairman Carlos Benitez and General Manager of Aseguradora Tajy, Carmen Barboza.

Referring to the investment, Carmen Barboza said: “The Allnations decision to invest in Aseguradora Tajy fills us with satisfaction. Co-operative integration is so important especially when the larger companies can help the smaller ones to support their growth and to encourage greater insurance penetration, which is lacking in many parts of Latin America. Aseguradora Tajy is striving to promote insurance awareness throughout Paraguay and this investment will help us to achieve this”.

With this decision, ICMIF also recognised the co-op’s efforts to promote the International Year of Co-operatives, which culminated with the country’s first ever conference of Economic Solidarity in October. Organised by Aseguradora Tajy, the conference attracted high profile delegates from Paraguayan financial and co-operative organisations. The event also coincided with the 15th anniversary of Aseguradora Tajy.

Carlos Benitez, Chairman of Aseguradora Tajy said the conference aimed to provide the starting point from which all co-operative and insurers can move forward together in the same direction. Speakers from members Seguros Lagun Aro, Spain, and Grupo Asegurador La Segunda, Argentina, also attended the conference.

“One of the goals that gave rise to the International Social Economy Conference was the possibility of sharing our present and future vision of the impact of the contribution of co-operatives, mutuals and insurance companies in the improvement of the quality of life of our members and customers, the community in general, as well as the construction of a new, more just and equal society which gives rise to a better redistribution of wealth,” he said.

The event aimed to raise public awareness about the contribution that co-operatives and mutuals make to economic and social development and the achievement of the UN’s Millennium Development Goals.

Photo: Daniel Spessot, General Manager of La Segunda Cooperativa de Seguros Generales, Luis Coto, Assistant Manager of the Confederation of Co-operative Insurers of Central America and the Caribbean (CCC-CA), and Pablo Mongelos, General Manager of Seguros Langunaro, member of Mondragon Corporation at the first Social Economy Conference of Paraguay.