ICMIF releases Global Mutual Market Share report
Co-operative and mutual insurers recorded strong financial performance in 2013, according to Global Mutual Market Share report released by the International Co-operative and Mutual Insurance Federation (ICMIF). The report confirms that at a global level, the mutual and co-operative sector reported record aggregate premium levels in 2013, collectively writing USD 1.26 trillion in insurance premiums. Co-operative and mutual insurers also serve over 915 million people worldwide. Their global market share has increased from 23.8% in 2007 to 27.3% in 2013.
Shaun Tarbuck, chief executive of ICMIF, said: “Our analytical research says that the mutual and co-operative sector has been the fastest-growing part of the global insurance industry since 2007. We are, I feel, at the cutting edge of the insurance industry – and certainly the recent growth in market share of the sector suggests that the public is beginning to recognise this as well. When a co-operative/mutual insurer creates member value it, in turn, fosters competitive advantage and ultimately increases market share. All the statistics collated by ICMIF’s research team tell the same story: we’ve earned the right to call ourselves strong.” ICMIF’s report is available online.
Co-operative and Mutuals represented at UN’s third World Conference on Disaster Risk Resilience
The co-operative and mutual insurance sector was represented at the third World Conference on Disaster Risk Resilience in Sendai, Japan. Shaun Tarbuck, chief executive of ICMIF and Nelson Kuria, former group chief executive of CIC Insurance Group of Kenya were among the several thousand participants that attended the event on 14-18 March.
The conference aimed to devise a series of priorities for the revised Hyogo Framework for Action. Reducing risk and bolstering resilience is an important pillar of the post-2015 development agenda. Mr Tarbuck spoke in the Working Session on Disaster Risk in the Financial System session on Monday 16 March. The session looked at how the integration of climate and disaster risk into the very heart of economic and financial decision-making of insurers, investors, businesses and governments, which could save millions of lives and livelihoods and billions (or trillions) of dollars in the decades ahead, might be realised.
During this session the insurance sector, represented by the International Cooperative and Mutual Insurance Federation (ICMIF) and the International Insurance Society (IIS), elaborated its commitment to its innovative planet-smart investments initiative. Under the initiative, the insurance industry has pledged to double its investments in planet-smart investments to USD $84bn by December 2015 when the COP21, also known as the 2015 Paris Climate Conference, takes place. The insurance sector furthermore pledged to increase planet-smart investments tenfold to USD $420bn by 2020.
To achieve this the insurance industry will define planet-smart investments and provide a framework which will enable the integration of disaster and climate risk and resilience considerations across all asset classes.
Speaking about these commitments, Shaun Tarbuck, chief executive of the International Cooperative and Mutual Insurance Federation (ICMIF), said: “ICMIF members are characterized by values that reflect sustainability objectives: protection of individuals, support of communities in which they live, and development of an environment in which they can thrive. Sustainability is truly in the DNA of cooperative/mutual insurers, with many already demonstrating leadership in addressing the challenges associated with emerging climate and socio-economic change. Our pledge on behalf of the insurance sector is a crucial sign of ICMIF’s commitment to encouraging our members to fully embrace planet-smart investments which will help move our industry towards a more sustainable future.”
Margareta Wahlström to speak at ICMIF Biennial Conference
ICMIF announced Margareta Wahlström as one of the keynote speakers at its Biennial Conference, which will take place on 6-9 October in Minneapolis. Ms Wahlström is special representative of the Secretary-General for Disaster Risk Reduction at UNISDR (United Nations Office for Disaster Risk Reduction). Her speech will be followed by a panel discussion on the challenges facing the co-operative and mutual sector. The session will also look at the areas in which mutual and co-operative innovations have the greatest impact as well as how the sector can contribute to building a more resilient work. Delegates will explore the ways in which the sector can differentiate itself as well as the key elements that would help co-operative and mutual insurers create sustainable competitive advantage.
Themed ‘More than insurance’, the conference aims to show the difference and added value that co-operative and mutual insurers offer their markets. More information on the conference is available online.