Mutual insurance sector sees shift in thinking amongst leaders

London, UK, Wednesday 19 October 2017 - This week, the International Cooperative and Mutual Insurance Federation (ICMIF) welcomed more than 360 delegates from 37 countries to attend the 2017 Biennial Conference: Redesigning Insurance at the Hilton London Bankside Hotel, UK (17-20 October).

Of those delegates, 55 are young leaders, deemed by their organisation to be the mutual and cooperative insurance leaders of the future. This is the first time that ICMIF has organised a Young Leader Programme (for delegates generally aged between 18 and 35) with a special programme of activities focused on developing this next generation of mutual insurance talent.

At the Conference ICMIF launched many new reports including, CEO InSights: An era of renewed confidence which explored the issues most important to 33 ICMIF member organisations from 20 countries in all five regions across the globe. One of the main differences between this year’s edition of CEO InSights and the previous edition (2013) is ICMIF members’ articulation of profitability.

The report’s author, ICMIF Senior Vice-President, Business Intelligence, Faye Lageu said: “Talking about profitability has noticeably become more commonplace for ICMIF’s mutual and cooperative insurers since 2013. The subject of regulation has also shifted from being solely a focus for Board discussion to part of regular management challenges.”

The Biennial Conference agenda features 60 speakers from organisations within ICMIF’s membership and from ICMIF’s wider insurance industry partners. The agenda also includes an ‘open space’ session where delegates put forward their own themes for discussion. Conference sponsors and Supporting Members participating in the event include Willis Towers Watson, CyberScout, A.M. Best, PartnerRe, RMS and Berkley Re.

“Values-based insurers help mitigate some of the world’s biggest risks but we need to keep innovating to survive,” says Shaun Tarbuck, CEO of ICMIF. “The speakers and panel discussions at the 2017 ICMIF Biennial Conference will provide an invaluable source of inspiration on what our sector is already doing in terms of innovation but also share examples and inspiration on how we can continue to stay ahead of the competition.”

For more information on the member-only report ICMIF CEO InSights: An era of renewed confidence please contact Alison Grant, Communications Manager, ICMIF at alison@icmif.org

ENDS

For more information or to arrange interviews, please contact:

Alison Grant, Communications Manager, ICMIF alison@icmif.org +44 161 952 5078

Liz Green, Senior Vice-President, Membership Services, ICMIF, liz@icmif.org +44 7793 264 220

About ICMIF

  • ICMIF holds nine years’ worth of exclusive data about the mutual sector
  • With its global headquarters in the United Kingdom and regional offices in Washington DC, USA; Tokyo, Japan and Brussels, Belgium, today ICMIF represents amost 300 values-based insurers in 75+ countries with over USD 300 billion in premium income and USD 2 trillion in total assets held. ICMIF delivers unique networking opportunities, market and member intelligence and external relations services. It takes a strong lead in encouraging best practice amongst its member firms in key insurance issues, including; performance management, legal and governance, marketing, brand and reputation, reinsurance and social and environmental performance.
  • ICMIF is active in the microinsurance and Takaful sectors
  • Follow ICMIF on Twitter at @ICMIF_Web

About the mutual and cooperative insurance sector

  • The mutual sector holds 27% of global insurance market share by premium.
  • Premium growth of the mutual and cooperative insurance sector since 2007 is 22.1% vs 8.2% in industry
  • The sector’s assets of USD 8.1 trillion in 2014 have grown by 33% since 2007
  • Employment in the sector accounts for more than 1.1 million jobs
  • Over 960 million people are served as member/policyholders by mutual/cooperative insurers