The International Cooperative and Mutual Insurance Federation (ICMIF) is celebrating 100 years since its inception in Rome in 1922, but leaders says the organisation “cannot afford to stand still.”
In a recent interview, Hilde Vernaillen, the current President and CEO of one of the ICMIF’s founding members, the P&V Group (Belgium), reflected on the Federation’s growth over the last century.
During this time, the ICMIF has grown from a group of five European mutual and cooperative insurers to more than 200 member organisations in 61 countries, representing $247 billion in premium income and $2 trillion in total assets.
“ICMIF’s members have collectively achieved so much for the insurance sector through their willingness to share strategies and support each other and by focusing on the long-term needs of the people they serve, whether they are employees, communities or strategic partners,” Vernaillen said.
Achievements highlighted by Vernaillen include the $576 billion of member assets that are now aligned to sustainable investment frameworks, as well as the establishment of more than 25 mutual insurers with support from the ICMIF, and the scale up of micro-insurers.
Looking to the future, Vernaillen continued “And now our members are also focused on risk prevention. If preventing risk means reshaping their organisation away from a policy-focus towards risk-mitigation and education around prevention, then that’s what they will do.
“I am proud of our partnerships with the United Nations which have resulted in the development of the world’s first prevention hub, an open-source repository of more than 50 cases studies, searchable by specially designed prevention mechanisms. Anyone has access to these. It is a gift to the insurance industry.”
“So, there is so much to be proud of but we cannot afford to stand still,” she concluded.
“The world is fragile and needs more great leaders who focus on putting people first; who drive purpose into their cultures and decision-making; and who selflessly share their knowledge and expertise to help make the world a safer, kinder place.”
