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 Symposium will be held on December 7th and 8th at the Taj Samudra “Grand Crystal Ballroom”. The symposium co-hosted by Amana Takaful Plc together with SANASA Insurance Co. Ltd. and Cooperative Insurance Company Ltd. will provide an excellent opportunity for us to understand and contribute to ICMIF’s plan for developing inclusive mutual microinsurance in emerging markets.
The 1st ICMIF/AOA 5-5-5 Inclusive Mutual Insurance Symposium will be an important and meaningful event, bringing together the key stakeholders of the 5-5-5 plan and contributing to a better understanding of the way forward in developing inclusive mutual insurance. Honourable Deputy Minister Mr. Eran Wickramaratne - State Enterprise Development, will grace the occasion as the chief guest along with several foreign delegates from nine countries.
Over the course of two days 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 diagnostics with the wider ICMIF membership, to build momentum and interest in the 5-5-5 Strategy, to engage established members and donors to support strategy with resources and to commence dialogue for starting projects in Sri Lanka, Kenya and one country in Latin America.
About ICMIF and the 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.
With its global headquarters in the United Kingdom and regional offices in Washington DC, USA; Tokyo, Japan; and Brussels, Belgium; ICMIF aims to promote and work with the cooperative and mutual insurance sector globally by providing valuable, cutting-edge information and services to members and by representing the interests of the global cooperative and mutual insurance sector.
The Development Function of ICMIF was founded in 1963 with the objective of assisting smaller members to grow on a sound financial and technical basis, work with people based organizations to establish new cooperative insurance schemes and to improve access to insurance for excluded and underserved sectors of society.
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. Thus 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 5 million new households i.e. an additional 25 million poor people.
About the AOA
The Asia and Oceania Association (AOA) is one of ICMIF regional associations that was established to promote mutual friendship and exchange of information among ICMIF members in the Asia and Oceania region in 1984. Their event provides networking opportunities on a regional basis.