2015 is the first year of the ICMIF 5-5-5 Mutual Microinsurance Strategy, which aims to extend mutual insurance to five million low income households over five years in five countries. The inaugural ICMIF/AOA 5-5-5 Inclusive Mutual Insurance Symposium will be held on 7 and 8 December 2015 at the Taj Samudra Hotel, Colombo, Sri Lanka. The Symposium is being co-hosted by ICMIF (International Cooperative and Mutual Insurance Federation) members, Amana Takaful Plc, SANASA Insurance Co. Ltd. and Cooperative Insurance Company Ltd. Over 90 delegates have registered to attend the event with over 150 to attend the opening ceremony.
The Symposium will bring together the key stakeholders of the 5-5-5 Strategy and contribute to a better understanding of the way forward in developing inclusive mutual insurance. Honourable Deputy Minister Mr. Eran Wickramaratne - State Enterprise Development, will be the chief guest along with many other foreign delegates from nine countries.
Over the course of the two day event delegates will hear about the status and potential of mutual insurance in India and the Philippines, the limitations, the impact it could bring to people’s livelihoods and how it can be achieved. The Symposium aims to share findings of country diagnostic studies recently carried out for India and the Philippines by expert local teams with the delegates before then sharing with the wider ICMIF membership; to build momentum and interest in the 5-5-5 Strategy. The aims is also to engage established members and donors to support strategy with resources and to commence dialogue for starting projects in Sri Lanka, Kenya and another country (as yet to be confirmed) in Latin America.
Speaking about the forum and the 5-5-5 Stategy, ICMIF Senior Vice-President for Emerging Markets, Sabbir Patel, said: "Our business model thrives by adopting a long-term, sustainable approach to business and it is therefore of little surprise to see mutual and cooperative insurance leaders now playing such a visible and vital social and economic role in the world.”
Patel continued, "This is an exciting moment for ICMIF, in that we are now putting in place the frameworks in the first two countries which will carry forward the development work for the next five years. The strategy is based on realistic and achievable targets. We are concentrating on making a real change in people’s livelihoods rather than on headline numbers.”
About the ICMIF Development Function
The International Cooperative and Mutual Insurance Federation (ICMIF) is a long established and unique global organization representing cooperative and mutual insurers from around the world. Established in 1922 it is a not-for-profit voluntary trade association with over 230 “people-centred insurers” from 70+ countries as members.
The Development Function at ICMIF was founded in 1963 with the objective of assisting smaller members of the Federation to grow on a sound financial and technical basis, to work with people-based organizations to establish new cooperative insurance schemes and to improve access to insurance for excluded and underserved sectors of society. The Development Function is headed by Sabbir Patel, Senior Vice-President, Emerging Markets, ICMIF.
Over the last 50+ years ICMIF has been involved in the establishment of 25 cooperative and mutual insurance schemes through the technical and financial support of its established member organizations. There is a huge potential for increasing the scale of ICMIF members in emerging markets due to their affinity with the wider cooperative sector. In January 2015, ICMIF’s Development Committee adopted the 5-5-5 Mutual Microinsurance Strategy to develop mutual insurance in emerging markets. Over the next five years, ICMIF plans to develop inclusive mutual insurance in five emerging markets, reaching out to five million new households i.e. an additional 25 million low income people by 2020. That equates to 25% of the G7’s business sector commitment to increase climate insurance cover for an additional 400 million poor and vulnerable people in highly exposed and low income countries within the next five years.
About the AOA
The Asia and Oceania Association (AOA) is one of ICMIF's regional associations. It was established to promote mutual friendship and exchange of information among ICMIF members in the Asia and Oceania region in 1984. Their annual meeting provides networking opportunities on a regional basis.