At the end of each year, we ask co-op and mutual leaders from around the world to reflect on their organisation and sector – and this year, on the UN International Year of Cooperatives theme: Co-ops Build a Better World. Read the December 2024 Q&As here.
How do co-ops build a better world?
Co-operatives and mutual insurers play a vital role in the global insurance industry by operating under principles like democratic decision-making, fairness, social responsibility, and reinvesting profits into communities. Unlike commercial insurers, they do not pay dividends to shareholders but use profits for community benefit, supporting local development and sustainability.
ICMIF members, for example, actively contribute to building a better world. In the Philippines, CLIMBS developed an agricultural insurance product to help farmers facing weather risks, promoting resilience and sustainable agriculture. In Sweden, Folksam invested SEK 1 billion in a World Bank sustainable development bond to support road safety projects in developing countries, aiming to reduce traffic injuries and improve emergency care. In Argentina, La Segunda Seguros launched a training initiative for rural women entrepreneurs to promote financial autonomy, addressing inequalities they face in accessing land, credit, and training.
What should the International Year of Cooperatives achieve – and how is your organisation working towards that?
The International Year of Cooperatives offers a unique opportunity to strengthen the co-operative and mutual insurance sector’s global impact. Increased recognition of this sector can drive sustainable development and foster strategic alliances and improved regulatory frameworks. For this, ICMIF and its members aim to raise awareness about the value of the co-operative and mutual model in solving societal challenges. At ICMIF, our mission is to Inspire and Assist. We are convening a group of members to explore how to maximise this opportunity by showcasing success stories, producing research on the sector’s impact, and developing resources for members to share their experiences. The working group will focus on several key areas:
- Value for members
- Supporting the ‘Leadership Circles’ initiative
- Case studies showcasing local impact
- Research on the co-operative model’s societal contributions
- Storytelling assets for members
- Promoting mutuality and purpose-led strategies
- Creating partnerships with like-minded organisations
- Influencing policymakers for a favourable business environment
- Highlighting how co-operatives and mutuals contribute to UN initiatives on resilience and SDGs
By working together, co-operatives and mutual insurers can continue to make a lasting positive impact on communities worldwide.
