Reinsurance giant Swiss Re has become a supporting member of the International Cooperative and Mutual Insurance Federation (ICMIF), an umbrella body for the global cooperative and mutual insurance industry.
Under the new partnership, Swiss Re will offer ICMIF members with the opportunity to leverage their knowledge, expertise and support in order to both anticipate and manage risks, while at the same time explore collaboration opportunities to narrow protection gaps and improve the resilience of societies.
Chief Executive Officer (CEO) of Swiss Re Reinsurance, Asia, Jayne Plunkett, said: “Swiss Re has long-established relationships with our clients in the mutual and cooperative insurance sector, some of which are members of ICMIF. Our aim is to make societies more resilient. The impact is greater when we do this together.
“We look forward to deepening our relationship with the mutual and cooperative sector through this partnership, leveraging our global expertise to better support ICMIF members in closing the protection gap and serving their customers.
“We believe that we are able to bring fresh perspectives, knowledge and capital to anticipate and manage risk. We seek to create smarter solutions with our clients. Today, around 75% of insurance risks – from natural catastrophes and climate change, to ageing populations and cybercrime – remain uninsured. We aim to work together to close the protection gap. This partnership brings us closer to ICMIF members where our shared knowledge and expertise will enable the development of more enhanced client-centric products and solutions.”
ICMIF CEO, Shaun Tarbuck, added: “On behalf of ICMIF, our Board of Directors and our 200-member organisations, I am delighted to welcome Swiss Re, one of the world’s leading (re)insurance providers, as a member of the Federation. ICMIF has previously contributed to Swiss Re’s sigma research into the cooperative/mutual insurance sector, and for many years, we have based the global insurance figures quoted in ICMIF’s Global Mutual Market Share report on Swiss Re’s research.
“Swiss Re is also a valued reinsurance partner to a number of our members already. This new relationship between ICMIF and Swiss Re presents an exciting opportunity to further develop our partnership and bring additional added value to our members around the world. Our Supporting Members are valued contributors to the Federation, supplying advice and expertise with a specific mutual or cooperative focus.”
