Cooperatives, mutuals hold global market share
The cooperative and mutuals insurance sector held its global market share steady in 2015 and has seen significant growth in the past 9 years.
The sector maintained 27 per cent of the market premiums for the second consecutive year and remains the fastest-growing part of the global insurance market since 2007, according to the International Cooperative and Mutual Insurance Federation.
Over 1.1 million insurance professionals are employed in the cooperative/mutuals sector which has 960 million members or policyholders, rising 10 per cent since 2012.
The increases in global premiums were subdued by currency variations due to the strength of the US dollar.
Despite this, mutuals and cooperatives continued to show their relevance at a regional level, holding an important stake in the European and North American markets and a growing influence in the African and Latin American markets,” commented Shaun Tarbuck, Chief Executive of ICMIF.
Chubb unit launches non-traditional casualty risks solution
ESIS, the risk management solutions division of Chubb, has launched a new product focused on non-traditional casualty risks in alternative markets.
"Alternative markets, including program business and group captives as well as insurance carriers, require customized risk management solutions for the companies that comprise these diversified groups,” said Greg Youngblood, ESIS' Vice President of National Sales.
The new practice will be led by Vickie Betancourt, Assistant Vice President, ESIS and will provide clients with access to a team of dedicated claim service professionals with specialist knowledge of the sector.
Despite Alberta wildfires almost half of SME’s lack disruption cover
Almost a quarter of small and medium-sized businesses in Alberta have experienced significant disruption in their business but 46 per cent lack the appropriate insurance coverage.
ATB Financial says that its research shows a disparity between what businesses in the Canadian province know about risk to their operations, and their action to mitigate it.
For example, 78 per cent say that having a continuity plan is important and yet just 47 per cent actually have one.
"Disasters, both natural and personal, happen. And by nature of the definition, they strike quickly and without warning," said Teresa Clouston, ATB's Executive Vice-President, Business & Agriculture. "So a plan that contemplates how to deal with disruption can allow business owners to respond from a position of strength and thoughtfulness versus panic. We recommend building a recovery plan into your business plan and revisiting that plan yearly."
