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ICMIFRegional Association of

the Americas Annual

Members’ Meeting November 29, 2017Montevideo, Uruguay

Annual Meeting of Members Rules

• Chapter III: Holding of Annual Meeting, Discussion and Agreements

• Article 7. Holding of Annual Meeting

• Article 8. Conduct and rules of discussion

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Annual Meeting of Members Rules

• Article 9. Discussion of issues.

• Article 10. Board of Directors Agreements.

• Article 11. Discussion of issues already voted on.

Voting Process • Member Official Voting Delegate only• Please use the colored cards:

GREEN = Yes, in agreement

RED = No, in disagreement

YELLOW = Abstention

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1. Review of Annual Report and Financials for the period from 1-1-16 to 31-12-16

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Chair’s Report

Georgina Díaz SánchezChair, ICMIF/Americas

General ManagerSociedad de Seguros de Vida

del Magisterio NacionalSan José, Costa Rica

ICMIF/Americas Board of Trustees

• Georgina DíazCosta Rica

• Paul HannaCanada

• Rosana IbarrartArgentina

• Rockne CorbinUSA

• Christopher Kopka USA

• Carlos VillaColombia

• Helton FreitasBrazil

• Daysi RosalesEl Salvador

• Roberto Castro Puerto Rico

• Boris QuiroaGuatemala

• Carlos Benítez Paraguay

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Board Meetings

1. Buenos Aires, ArgentinaMarch 7-8, 2017

2. San Juan, Puerto Rico August 22-23, 2017

3. Montevideo, UruguayNovember 29, 2017

Secretary’s Report

presented by

Rosana IbarrartGeneral ManagerSeguros Rivadavia

Argentinta

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Meeting Minutes Approval

• ICMIF/Americas Annual Member’s Meeting Minutes

Lima, PeruDecember 1, 2016

Executive Director’s Report2016 Review

Edward Potter, CAEExecutive DirectorICMIF/Americas

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GOAL: Networking 2016

• 24th Annual Conference, Lima, Peru• The Transformation of the Insurance Industry:

Leveraging Change & Creating Opportunities

• LARG Conference, San Salvador, El Salvador• Innovating to Strengthen our Competitiveness

• VI Financial and Insurance Meeting• Cooperatives of the Americas Conference,

Montevideo, Uruguay

GOAL: Influence 2016

• Latin American Association ofInsurance Supervisors(ASSAL) ConferenceRio de Janeiro, BrazilApril 18-20, 2016

• Regulatory Leaders Issues ForumLatin American RegionRio de Janeiro, BrazilApril 20, 201635 participants

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GOAL: Development 2016

The 5-5-5 Plan for Emerging MarketsICMIF Foundation

During the next five 5 years

Develop inclusive insurance in 5 emergingmarkets

To reach 5 million low income households(25 millón people)

Países seleccionadosLos cinco mercados emergentes seleccionados para el desarrollo del seguro mutual inclusivo para los próximos cinco años son:

Five Initial Countries for 5-5-5 Plan

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Treasurer’s Report

Rockne Corbin

Senior Vice President Shelter Mutual Insurance Company

USA

Statement of Financial PositionJanuary 1 – December 31, 2016

Statement of Financial PositionJanuary 1 – December 31, 2016

ASSETS: Cash = USD 4,074

Investments = USD 117,224

Accounts receivable = USD 13,523

Prepaid Expenses = USD 38,100

Property/Equipment = USD 1,590

Total Assets = USD 174,511

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Statement of Financial PositionJanuary 1 – December 31, 2016

LIABILITIES & NET ASSETS

Total Liabilities = USD 38,675Accounts payable 1,462 Deferred revenue 37,213

Net Assets = USD 135,836

Fund Balance = USD 174,511

Statement of ActivitiesJanuary 1 – December 31, 2016

REVENUE & SUPPORT

Member Dues = USD 216,399 Conference = USD 109,825 Contributions = USD 50,000 Investment Income = USD 1,059

Total Revenues = USD 377,283

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Statement of ActivitiesJanuary 1 – December 31, 2016

EXPENSES

Program servicesconference & meetings& member services = USD 242,266

General/Management = USD 154,935

Total Expenses = USD 397,201

Change in net assets = USD (19,918)

Net Assets = USD 135,836

Actions of Officers & Directors

• Ratification of Actions of Officers and Directors

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2. Board of Trustee Elections

Nomination Process

presented by

Paul HannaVice Chair, ICMIF/Americas

Chair, Nomination CommitteeExecutive Vice President Member Relations and

Corporate ServicesThe Co-operators Group

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Candidates

• Rosana Ibarrart, General ManagerSeguros Rivadavia, Argentina

• Rockne Corbin, Senior Vice President, Shelter Mutual Insurance, USA

• Mariela Silva, General Manager,Equidad Compañía de Seguros, S.A.Honduras

Board Officers2017 - 2018

announcement at theconference conclusion

• Chair• Vice Chair• Treasurer• Secretary

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3. Other Business

Executive Director´s Reportfor the current year

Edward Potter, CAE

Executive DirectorICMIF/Americas

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ICMIF/Americas Member Survey

Aspect North America Latin America/Caribbean

Number 22 (33% of total members)Pay 75% of all member fees

44 (66% of total members)Pay 25% of all member fees

Size(by premium income)

Large = 27%Medium = 27%Medium-Small = 23%Small = 0%Associate = 0%Observer = 23%

Large = 0%Medium = 11%Medium-Small = 16%Small = 57%Associate = 11%Observer = 5%

Evolution Average age: 81.3 years Average age: 38.7 years

CONTEXT: Understanding differences/ similarities between North American vs.LatinAmerican/Caribbean members

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CONTEXT: Understanding differences/ similarities between North American vs. Latin

American/Caribbean membersAspect North America Latin America

/CaribbeanMarket Mature Emerging/developingMarket prospects

Short term: growthLong term: shrink

Short term: growthLong term: more growth

Business Lines

Similar: Motor (32%), Life (69%)Different: Workers Comp. (44%), Health (23%), + others

Similar: Motor (41%), Life (52%)Different: Reinsurance (32%), Property (20%), + others

Model Cooperative = 69%, Mutual /Fraternal = 25%, others =6%

Cooperative = 14%, Mutual / Fraternal =64%, other= 22%

Survey: Top 4 scores in terms of value of member services, programs and information

Latin America and Carribean North America

1. Regional Conference = 4.47 1. Global conference = 4.05

2. Regulatory & legal enabling environment = 4.43

2. Market research = 3.75

3. Global influence on national regulation = 4.38

3. Regulatory & legal enabling environment = 3.58

4. Development/microinsurance = 4.25

4. Training = 3.50

5 = Extreme value, 4 = Much value, 3 = Average value, 2 = Limited value, 1 = No value

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Survey: Top 3 scores for prioritiesfor delivery of key benefits

Latin America and Carribean North America

Regional Delivery Priorities

1. Networking = 4.50 3. Knowledge = 3.422. Development= 4.252. Influence= 4.253. Knowledge =4.00

Global Delivery Priorities

3. Development = 4.00 1. Knowledge = 4.002. Networking = 3.673. Influence = 3.42

5= Essential, 4 = High priority, 3= Medium priority, 2 = Low priority, 1= Not a priority

Summary: Top 4 scores for agreement on regional proposals focus for programs, services

and informationLatin America and Carribean North America

1. Regional member relationship building = 4.81

1. Regional opportunities to learn, strengthen and put co-op/mutual values into practice = 4.08

2. Regional member to member business opportunities = 4.67

2. Regional member relationship building = 4.00

3. Regional learning/knowledge and experience sharing: = 4.60

3. Regional learning/knowledge and experience sharing: = 3.92

3. Regional opportunities to learn, strengthen and put co-op/mutual values into practice = 4.60

4. Regional member to member business opportunities = 3.83

5 = Strongly agree, 4 = Agree, 3= Neither agree nor disagree, 2= Disagree, 1 = Strongly disagree

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Common Areas of Perceived Value

• Member relationship building

• Put mutual values into action

• Share regional knowledge and experience

• Member to member business

• Promoting an enabling legal and regulatory environment

Latin American and the

Caribbeanmembers

North Americanmembers

Value PropositionA value proposition is a promise of value to be delivered.

Motivation = perceived benefits – perceived costs

Increase the competitive advantage of ICMIF member Cooperative and Mutual Insurers in the Americas Region by

• catalyzing peer-to-peer and business-to-business relationships• learning and sharing unique knowledge and experience

• strengthening and putting into practice members’ distinctive mutual values

• promoting an enabling legal and regulatory environment

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ICMIFStrategic Plan 2019 - 2022

GOAL: Influence

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Latin American Association of Insurance Supervisors(ASSAL)

Santiago, Chile17-20 April, 2017

Pension Systems: Challenges and Perspectives. The Role of Fund Administrators and Insurers

Regulatory Leaders Issues Forum April 17, 2017 Santiago, Chile

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Brazilian Congressional DelegationICMIF Biennial Conference, London

ICMIF/Americas Annual Conference, Montevideo

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GOAL: Unique Networking

Silver Anniversaries25th ICMIF/Americas Annual Conference

From Risk to Opportunity29 November– 1 December 2017

Sheraton MontevideoMontevideo, Uruguay

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Anfitrión

www.icmif.org/es/icmifamericas2017

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25th ICMIF/Americas Annual Conference

• 138 participants• 17 countries• 12 presentations• 23 speakers• $10,000

sponsorships

Latin American Association for Reinsurance Education (LARG)

• August 23-25, 2017• San Juan, Puerto Rico• Host:

Cooperativa de SegurosMúltiples

• Strengthening our Business through Integration

• 100+ participants

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Latin American Association for Reinsurance Education (LARG)

Annual Meeting

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GOAL: Networking

ICMIF Biennial Conference17–20 October 2017

London, England, UK Hilton London Bankside Hotel

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Young Leaders Program

GOAL: Unique Knowledge

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Financial Research

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Publications

GOAL: Development

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A three steps impact focused strategy

Plan 5-5-5 Colombia Development

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I. Meso Strategic Line

Design all risk products specifically targeted to the solidary sector channel

with the goal of creating loyalty. Insurance that protects the entity in case

of natural catastrophes: portfolio protection, tools to facilitate refinancing of debt in case of natural catastrophes

and protect Mutualist Funds which provide for the availability of support

services.

I. Meso Strategic Line

Design all risk products specifically targeted to the solidary sector channel

with the goal of creating loyalty. Insurance that protects the entity in case

of natural catastrophes: portfolio protection, tools to facilitate refinancing of debt in case of natural catastrophes

and protect Mutualist Funds which provide for the availability of support

services.

Cooperatives that offer financial services: 1.477 credit unions and financial cooperatives which serve 41.6% of cooperative sector members, or 2.422.512 members

Cooperatives that offer financial services: 1.477 credit unions and financial cooperatives which serve 41.6% of cooperative sector members, or 2.422.512 members

Cooperatives that offer social benefit and support services: COOMEVA (230,832 members) and Red Olivos (1,300,000 persons covered)

Cooperatives that offer social benefit and support services: COOMEVA (230,832 members) and Red Olivos (1,300,000 persons covered)

Mutual Associations and Employee Funds that offer microcredit Mutual Associations and Employee Funds that offer microcredit

II. Micro Strategic Line

Offering relevant multi-risk products which are packaged for each segment with sustainable value added services from the solidarity sector. Leveraging solidarity funds from solidarity sector organizations to finance its members’

premiums.

II. Micro Strategic Line

Offering relevant multi-risk products which are packaged for each segment with sustainable value added services from the solidarity sector. Leveraging solidarity funds from solidarity sector organizations to finance its members’

premiums.

Micro & Small Enterprises (MSEs): 2,508,108 (99.6% of MSEs are SMEs) Of these around 1,560,000 are legal persons and 970.000 societies or 4,700,000

microbusinesses

Micro & Small Enterprises (MSEs): 2,508,108 (99.6% of MSEs are SMEs) Of these around 1,560,000 are legal persons and 970.000 societies or 4,700,000

microbusinesses

Solidarity Sector MSEs: 95.1% of cooperatives, in other words a total of 3,887 cooperatives. Including purchasing, agricultural, transportation, and service cooperatives which make up 14.6%

of cooperative sector members, or 850,208 members.

Solidarity Sector MSEs: 95.1% of cooperatives, in other words a total of 3,887 cooperatives. Including purchasing, agricultural, transportation, and service cooperatives which make up 14.6%

of cooperative sector members, or 850,208 members.

IndividualsIndividuals

Clients and members of credit unions and financial cooperatives through loans with credit life and voluntary multi-risk insurance: 2.422.512 members

Clients and members of credit unions and financial cooperatives through loans with credit life and voluntary multi-risk insurance: 2.422.512 members

Members of other solidarity sector organizations through voluntary insurance Members of other solidarity sector organizations through voluntary insurance

Solidary sector organization employees (240,304 jobs in the cooperative sector in 2014)Solidary sector organization employees (240,304 jobs in the cooperative sector in 2014)

Beneficiaries of social benefits and support provided by the solidarity sectorBeneficiaries of social benefits and support provided by the solidarity sector

Displaced by violence

Displaced by violence

Beneficiaries of gov’t

programs

Beneficiaries of gov’t

programs

Small producers

Small producers

Small producers associated with agricultural producer cooperatives (116,466) and mutual associations

Small producers associated with agricultural producer cooperatives (116,466) and mutual associations

Small producers with credit for productive activity with credit unions and financial co-ops Small producers with credit for productive activity with credit unions and financial co-ops

New small producers associated with producer cooperatives from the Peace Accords (estimated 8.000 ex combatants plus a % of displaced persons returning to their lands)

New small producers associated with producer cooperatives from the Peace Accords (estimated 8.000 ex combatants plus a % of displaced persons returning to their lands)

Employees of big producer cooperatives (tobacco, sugar, dairy, etc.)Employees of big producer cooperatives (tobacco, sugar, dairy, etc.)

Small producer beneficiaries of technical assistance programs associated with cooperativesSmall producer beneficiaries of technical assistance programs associated with cooperatives

Strategy Development Stage

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In Recognition

In RecognitionAndrés Elola

General Manager, SURCOFormer Secretary, Board Member, ICMIF/Americas

14 years of service to ICMIF/Americas 2002 - 2016

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In RecognitionBoris Quiroa

General Manager, Columna

8 years of service to ICMIF/Américas 2009 - 2017

In RecognitionCarlos Benítez

Former Chairman, Tajy

3 años de servicio a ICMIF/Américas 2014 - 2017

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If I had my way, I would write the word “insure” upon the door of every cottage, and upon the blotting book of every public man, because I am convinced, for sacrifices so small, families and estates can be protected against catastrophes which would otherwise smash them up forever.

Winston ChurchillManchester, May 23, 1909

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