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

ICMIF affirms support for International Day of Cooperatives and the creation of sustainable societies through cooperation

On 7 July 2018, cooperatives around the world will celebrate the International Day of Cooperatives. Through the slogan Sustainable societies through cooperation cooperatives will show how, thanks to their cooperative values, principles and governance structures, these organisations have sustainability and resilience at their core, with concern for community as the seventh of their guiding principles.

The theme for the 2018 International Day of Co-operatives (Saturday 7 July) was confirmed earlier this year along with the slogan “Sustainable societies through co-operation”. The aim of the theme is to give cooperatives the opportunity to show how they run successful businesses while still respecting the natural environment and the resources it offers.

Speaking on behalf of the International Cooperative and Mutual Insurance Federation (ICMIF), Shaun Tarbuck, Chief Executive, said: “ICMIF members and the cooperative and mutual insurance sector as a whole are important and efficient instruments to fight poverty around the world. Our members and their communities bring people together in a democratic way. They enable people to take control of their economic future and protect their lives and livelihoods, even in areas which may be prone to natural disasters. As our member organisations are not owned by shareholders, the economic and social benefits of their activity stay in the communities where they are established which is critical when it comes to protecting against poverty”.

Amongst the ICMIF membership there are many inspiring and commendable examples of sustainability. We believe that the cooperative/mutual insurance sector, as the provider of financial security and prosperity to communities and individuals, has an inherent responsibility to ensuring its actions, operations and impacts are acceptable to stakeholders, including the environment.

ICMIF members providing insurance for low-income populations, or microinsurance, are particularly working hard to support the SDGs and increase sustainability. Microinsurance is now firmly accepted as an integral tool for poverty alleviation and building resilience in communities against natural and man-made disasters. Recent global initiatives recognising the importance of risk management for disaster relief include the UN Sendai Agreement on Disaster Risk and Resilience, the G7 Climate Risk Insurance Initiative ‘InsuResilience’ and the Climate Change Summit, COP21. ICMIF launched the 5-5-5 Mutual Microinsurance Strategy to develop mutual microinsurance in five countries, reaching out to 5 million uninsured low-income households, equate to 25 million individuals in total. The ultimate objective being to take low-income people out of poverty.

 

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