Risk and Capital Management of Mutuals – Results from an ICMIF-Peak Re survey
Unrelenting pressure on the insurance industry
Through providing risk covers and paying out claims, the insurance industry has continued to act to steady and support households, enterprises and societies during the pandemic. The last year and a half has shown that the need for robust insurance risk and capital management has never been more important.
Mutuals, their needs, and the challenges they face
Mutuals accounted for over a quarter of insurance premiums globally in 2017, and they serve close to 1 billion people all over the world.
Given the importance of the mutual segment and the protection they offer to members/policyholders, it is imperative that they are well-positioned to deal with challenges triggered by the pandemic and the resultant global recession.
To this aim, Peak Re partnered with the International Cooperative and Mutual Insurance Federation (ICMIF) to conduct an online survey in March-April 2021 to understand mutuals’ risk and capital management needs and challenges. This article summarises the key findings.
This article was written by Clarence Wong, Chief Economist of Peak Re.
Questions related to this article can be addressed to Clarence ([email protected]).
Other questions unrelated to this article can be addressed to Andy Souter, Director, Global Markets and Co-Head of P&C of Peak Re ([email protected]).