ICMIF member Amana Takaful, Sri Lanka, recently announced a “payment of surplus” to its general insurance customers. This means Takaful policyholders will receive a proportionate rate from the surplus of the risk fund. As opposed to conventional insurance the Takaful concept not only benefits claimants but also takes care of non-claimants. Non-claimants receive a proportionate share of the surplus from the risk fund at the end of a defined period. “With our relentless pursuit ...

Many mutual insurers choose to recruit people who share the social values and purpose as those that are key to their organisation. When executed correctly this strategy creates a lasting bond between employees and employer, says Mike Ashurst, Vice-President for Reinsurance and Training at ICMIF in a recent article for Insurance Day magazine “Talent report: Recruiting for success”. While some insurers have sought to cut costs by reducing staff, the thriving mutual insurance sector has ...

ICMIF’s Claims Network Seminar took place in London, UK, on 15 and 16 April, hosted by ICMIF Supporting Member, Clyde & Co. The event takes place biannually and focuses on best practice in claims management: new approaches and technologies. Topics discussed include: Combating fraud Key legal trends from around the globe New technologies Sustainability in claims management Speakers included James Dadge, Clyde & Co; Ben Fletcher, Insurance Fraud Bureau, UK; and others from a number ...

EU/US DIALOGUE The European supervisory authority overseeing insurance, EIOPA, the European Insurance and Occupational Pensions Authority, was established as a consequence of the reforms to the supervisory structure of the financial sector in the European Union following the economic crisis of 2007-8. In the aftermath of the financial and economic crisis, the European supervisory framework was strengthened to reduce risk and severity of future financial crises. EIOPA became part of a European ...