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ICMIF International Cooperative

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... Avenues for collaboration The development function of ICMIF Importance of insurance to poverty alleviation Providing microinsurance products The need and ... – PowerPoint PPT presentation

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Title: ICMIF International Cooperative


1
ICMIF International Cooperative Mutual
Insurance Federation www.icmif.org
2
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3
Key points
  • About ICMIF
  • Linkage with Takaful concept
  • Avenues for collaboration
  • The development function of ICMIF
  • Importance of insurance to poverty alleviation
  • Providing microinsurance products
  • The need and possibilities in Muslim countries

4
About ICMIF
  • Established in 1922
  • Not-for-profit voluntary trade association
  • Represents 127 members from 67 countries
  • Member driven
  • Strengthen and promote the cooperative and
    mutual insurance sector

5
Linkage with Takaful concept
  • Policyholders co-operate among themselves for
    their common good
  • Every policyholder pays his subscription to help
    those that need assistance
  • Losses are divided and liabilities spread
    according to the community pooling system
  • It does not derive advantage at the cost of
    others

6
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11
Avenues for collaboration
  • Reinsurance
  • Information
  • Training
  • Establishing Takaful windows with members
  • Development

12
ICMIF development function
  • Objectives
  • Provide support to small members
  • Assist cooperative bodies to establish
  • insurance operations
  • Increase access to insurance to excluded
  • sectors of society

13
ICMIF development function
  • Methodology
  • ICMIF Fees
  • Technical expertise provided by members
  • Development projects led by members
  • Partnerships with national and international
  • donor agencies

14
ICMIF development function
  • Progress
  • Established 25 people-orientated insurance
  • organisations
  • Unique Insurance Company Ghana
  • Financial support received for Latin America
  • Contract to write guidelines on microinsurance
  • Turkmenistan State Insurance Organisation
  • Health Mutual scheme Mali
  • Currently involved in 22 countries

15
Insurance is being recognized as an important
tool for poverty alleviation
16
Insurance and Poverty Alleviation
  • The poor are the most vulnerable
  • The impact of losses are more severe
  • They have minimum means of recovery
  • Success of microfinance schemes show the poor can
    and want to save
  • Savings and credit are used unproductively
  • The poor need a safety net to escape poverty

17
Providing microinsurance The challenges
  • Coverage
  • Regulation
  • Moral hazard and Fraud
  • Adverse selection
  • Education and trust
  • Technical expertise
  • Affordability
  • Retention
  • Sustainability

18
Providing microinsurance The possibilities
  • The cooperative microinsurance model
  • History of organising the poor
  • Operate for the interest of members by
  • members
  • Trust
  • Ownership and loyalty
  • Peer pressure
  • Surplus reinvested or redistributed

19
Providing microinsurance
  • The partner agent model
  • No-risk fee for microinsurance provider
  • Better coverage for policyholder
  • Access to new market
  • Pooling of risks between informal and formal
  • sector

20
Providing microinsurance
  • The donor agent model
  • Access to expertise
  • Financial sustainability
  • Guiding hand

21
The need in Muslim countries
  • Social services inadequate or unavailable
  • Large sectors of poverty in many Muslim countries
  • Over half of worlds lowest developed countries
    have a majority Muslim population
  • Increasing inequality in Middle East and Gulf
    countries

22
Takaful is the second most important social
institution to counter poverty and
deprivation Omar Fisher,1999
23
How can we provide microtakaful products?
  • Establish informal microtakaful schemes
  • Encouragement of pro-poor organisations
  • Education of government and donor agencies
  • Involvement of Takaful sector
  • Technical expertise
  • Financial assistance
  • Partner-agent model
  • Bear ye one anothers burden

24
A Global reach for local strength
  • Thank you for your attention
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