Benenden and the city of York play host to international mutuals and cooperatives conference
24th May 2016
The York-based mutual Benenden and other partners in York play host this week to a conference organised by the International Cooperative and Mutual Insurance Federation (ICMIF), which invites senior figures from mutuals and cooperatives across the globe.
Over 60 CEO and key figures from countries worldwide - including the United States, Canada, Japan and South Africa – will gather to discuss key issues around the conference’s core theme: exploring Generation Y and assessing the challenges and opportunities for mutuals.
Mutuals and cooperatives represent 27% of the insurance market share worldwide and have 31% market share in Europe.
Benenden will host the event, with the main conference at the Royal York Hotel on 25th and 26th May as well as special events at the Castle Museum and other venues, much of which has been supported by working with key tourism body Make It York.
Marc Bell, Chief Executive Officer at Benenden, said: “We’re really proud to be able to welcome to York our international trade federation, ICMIF and many other key figures in the mutual sector across the world. I look forward to discussing the role that mutuals can play in the insurance sector in the future.
“Our beautiful city has a huge amount to offer and we’re hoping to send delegates home full of praise and great stories to tell their friends and family. We’d like to thank Make It York for their support in identifying venues and activities.”
Shaun Tarbuck, Chief Executive Officer at ICMIF, said: “The topic of Gen Y was examined during a session on Winning the hearts and minds of tomorrow’s customers at ICMIF’s 2015 Biennial Conference. Our members asked us to help them continue the Gen Y debate which brings us to York now. It is with great pleasure, therefore, that we now welcomes delegates from around the world to the special Why Gen Y? Challenges and opportunities for mutuals conference. The agenda has been put together with the aim of promoting active exchanges of opinions and animated high level discussions between ICMIF members and key figures from organizations including the World Bank.
“Our sincere thanks go to Marc Bell and his team at Benenden who have been generous, innovative and incredibly accommodating in helping the team at ICMIF develop the vision for this event and in arranging logistics and all the social events we will enjoy in the great city of York.”
Key facts about mutuals
- ICMIF members held USD 1.80 trillion in total assets in 2014, an increase of 7.1% from the previous year (Source: ICMIF members: Key Statistics 2014)
- Between 2007 and 2014 premiums in the mutual and cooperative market increased by 29% compared to a 13% growth in the global insurance market (Source:Global Mutual Market Share 2014 )
- 20% more new jobs created by mutual insurers since economic crisis in 2007(Source:Global Mutual Market Share 2014 )
- Mutuals and cooperatives represent a 27% insurance market share worldwide and a 31% market share in Europe (Source:Global Mutual Market Share 2014 )
- A total of 1.11 million people were employed by mutual insurers worldwide in 2014
- In 2014, mutual and cooperative insurers represented 955 million members and policy-holders (Source:Global Mutual Market Share 2014 )
What is Generation Y?
Generation Y is generally considered to be those born between 1980 and 1994, with some definitions taking this up to 2000. ‘Millennials’ is another term applied to this group.
There are around 13.8 million people who make up Generation Y in the UK or 21% of the population. Generation Y can be disloyal to brands, keen on a personalised approach and will explore their options using the internet.
The challenge of attracting Generation Y customers is an important one for mutuals due to their low awareness of this business model – particularly in the UK where 24% of 25 to 34 year old are least likely to hold a product with a mutual (Source: YouGov/AFM Poll).