ICMIF, the global representative body of mutual and cooperative insurers, kicked off its biennial conference in Auckland this week with over 300 attendees gathering for the three-day event.
The conference is being hosted by local rural insurer FMG, one of only two licensed mutual insurers in New Zealand. The theme of the event is “the future of mutuality,” something which FMG CEO Chris Black says chimes well with FMG’s own theme for 2019, which focuses on the social benefits of doing business as a mutual.
FMG was set up as a mutual company in 1905, and has remained with the same business model to this day.
Attendees were welcomed with a message from Prime Minister Jacinda Ardern, and the conference was opened by Chris Black and ICMIF Chair Hilde Vernaillen.
“It’s not by accident that FMG’s overall theme in 2019 is ‘proud to be mutual’,” Black said.
“We are fiercely proud of the principles and philosophy that underpins the mutual and cooperative business model – a model that is rooted in taking a long-term view of creating sustainable advantage for multiple stakeholders.”
“It is a model that’s enduring in people and purpose, and is values-driven,” he explained.
“It is a model that has a strong alignment between stakeholder interests, and is essentially a closed system with giving back being a key part.”
Black noted the results of a recent ICMIF report, which showed that over the 10 years to 2017 the global insurance industry grew by 20%, but the mutual and cooperative insurance sector grew by 30%. ICMIF members took the trend even further, growing by 40% in comparison to their industry counterparts.
“The 20-30-40 statistic is interesting to note,” Black said. “I think that’s something to be proud of, and really reinforces the value of being part of the ICMIF family.”
The conference wraps up today with a series of talks on leadership, and the future of the mutual community.
