Extending mutual microinsurance to 5 million uninsured households in five countries over five years.

ICMIF’s 5-5-5 Mutual Microinsurance Strategy included as case study in B20 Policy Paper

ICMIF today applauded the inclusion of its emerging markets strategy in a B20 policy paper.

This year China is presiding over the B20 meetings in 2016.  B20 priorities aim to be aligned with those of the G20, focusing on major goals in global economic development. This year’s policies are breaking a new path for growth through the improvement of global economic and financial governance; securing international trade and investment; and supporting inclusive and interconnected development.

At the May meeting of all B20 Taskforces, ICMIF member organizations Thrivent Financial (USA) and Covéa (France) particularly insisted that the right wording be included in the Policy Paper.  The latter now features the recommendation to “Leverage mutual insurance and microinsurance to protect less privileged people” with a presentation of the ICMIF 5-5-5 Mutual Microinsurance Strategy as a case study under the Paper’s third Recommendation (Promote financial inclusion by embracing digital technology innovation).

ICMIF and its members have been particularly involved in the B20 Taskforce on Financing Growth since the Australian Presidency in 2014, when Capricorn Cooperative Society (an Australian ICMIF member), the Business Council for Co-operatives and Mutuals (BCCM, Australia) and the International Co-operative Alliance (the Alliance) helped introduce ICMIF to the B20 processes.

Under the current Chinese Presidency, the Financing Growth Taskforce has been working on ways to establish a more effective and efficient global economic and financial system of governance which should be achieved thanks to four policy recommendations including financial sector reforms; green finance;  financial inclusion; and international tax.  These recommendations will be brought forward to the G20 Summit in September 2016.

Picture shows: Meeting of the B20 Financing Growth Taskforce meeting in Paris in May 2015. Pictured second from right is Shaun Tarbuck, CEO, ICMIF, and far right is Teresa Rasmussen, President, Thrivent Financial (USA).