Blog articles

Friday, 22 January 2016

China, one of the largest and the fastest growing of the insurance markets, grew by 188% in the last seven years, by catering mostly for the needs of its middle class and High Net Worth (HNW) individuals. But what about the needs of the county’s billion-plus other citizens? Well, following my recent trip to Beijing I have returned with good news….

In February 2015 the Chinese Government passed a new law allowing the set-up of mutual insurers.  It is great news for the global mutual sector that the fourth largest insurance market is now permitting mutuals to be established. I was visiting China to speak at a one day training seminar...

Friday, 08 January 2016

The ICMIF Biennial Conference 2015 opened with an insightful view of the future for insurance from keynote speaker Mike Pritula, Director, McKinsey & Company (USA).

When we invited Mike Pritula to be our 2015 Conference keynote speaker, we asked him to speak about responsible capitalism. We knew that, because of Mike’s extensive global experience dealing with McKinsey & Company’s insurance clients, he would deliver some great insights on the role of the insurance industry, and how he thinks it will look in the mid-term. More importantly, we also knew he would highlight both the opportunities and the challenges for ICMIF...

Monday, 21 December 2015

As we get closer to the end of the year and, for many, a Christmas break, our minds naturally turn to reviewing our achievements during the year, reflecting on the successes, the challenges and for the more enlightened the not so successful parts.  We at ICMIF are no different and collectively we will reflect as a group this week in order to then build towards the new challenges of the coming year.

From our point of view, as your global association, 2015 has been a superb year for ICMIF.  If you had told me what great results we would have achieved by the end of this year back in January 2015 I would scarcely have believed it might...

Thursday, 10 December 2015

The Climate Change Summit (COP21) in Paris has indeed been a landmark event for the insurance sector, for the International Cooperative and Mutual Insurance Federation (ICMIF) and our members. Not only were the several initiatives I will share with you below received with great enthusiasm by those present but we were also able to announce them in speeches which took place on the most significant stages of the COP21 Conference. Our sector therefore enjoyed an extremely high profile.  It was indeed an historic few days, which is why I wanted to share this with you all now.

The insurance sector is one of the largest industries in the...

Friday, 20 November 2015

Attending the B20/G20 Summit in Antalya, Turkey last weekend was a fantastic experience in more ways than one. I was there with a delegation of cooperative and mutual leaders following our work with the B20 Taskforce for Financing Growth which we have been involved with since 2014. This was the first time that B20 taskforce members were to come together at the same time as the G20 leaders would also be meeting so we were excited to see who would be attending. Representing the mutual and cooperative sector were: Monique F. Leroux, newly elected President of the International Co-operative Alliance (ICA); Chuck Gould, Secretary General of...

Friday, 06 November 2015

Only a few years ago, mutual insurers could understandably have viewed the influx of non-traditional capital trickling into the reinsurance market as irrelevant.

Mutual insurers rightly pride themselves on the unrivalled service they provide to their members, offering products tailored to meet their specific needs and developing intimate and long-term relationships with their constituency.

This would have seemed very much at odds with the approach of the new capital, which was focused on only a limited amount of “tail” property catastrophe exposures, offering coverage that was largely parametric or index-based (and hence a...

Thursday, 02 July 2015

Time for “climate change sceptics” is running out. Just like the ice caps, uncertainty about the business case for building an insurance industry that meets environmental demands, is melting fast.

Within just a few days early in June, the political world indicated its commitment to move the fossil fuel debate from the sidelines to centre stage: first, the Norwegian parliament announced huge divestments from coal companies; then the G7 pledged to phase out fossil fuels by the end of the century. It’s not just the politicians: even science and religion are united on this topic. In a vociferous statement published 18 June, Pope...

Friday, 22 May 2015

I was in Paris, France, on Wednesday (20 May) for the working breakfast on Innovative Finance for Climate Resilience, organized with the support of the Dutch Ministry of Infrastructure and the Environment, and in partnership with the International Chamber of Commerce (ICC).

It is no secret that the world is now at a critical juncture in terms of how quickly and effectively it responds to its increasingly mounting risks. The meeting was extremely well attended by climate experts, analysts and the financial services sector all agreeing that there is no shortage of awareness regarding the issue of climate risk, but there is a real...

Friday, 10 April 2015

Nineteen thousand people killed or lost, 1.3 million buildings destroyed or damaged, thousands of roads, bridges and railways[1] affected, and a total cost of 16.9 trillion yen[2]: these were was the social, structural and economic costs of the Great East Japan Earthquake of 2011. Its effects, like the tsunami that struck after the earthquake, rippled out from the prefecture of Miyagi to those of Iwate, Fukushima and beyond.

In contrast, the consequences for me here in the UK were, relatively speaking, insignificant. At a personal level, immediate concern for my friends and fellow cooperators in Japan. Professionally, joining my...

Wednesday, 11 March 2015

Several thousand participants, from UN Member States to global corporations and science leaders, will head to Sendai, Japan for the third world conference on Disaster Risk Reduction. But what role does the private sector and the insurance industry have to play?

After key meetings and consultations throughout 2014, the new global agreement on reducing disaster risk to succeed the current Hyogo Framework for Action is set to expand and deepen the role of the private sector and the insurance industry in ensuring the resilience of populations and assets to natural disasters. In particular, this year’s conference has dedicated sessions...

Pages