New ICMIF report confirms members have US$ 1trn in assets

MANCHESTRER, November 2023 – International Cooperative and Mutual Insurance Federation [ ICMIF ] members have US$ 1 trillion in assets under management in investments which are aligned to sustainable investment frameworks, according to the new 2023 edition of the ICMIF Members Sustainable Investment Report, an increase of 32 percent compared to the 2022 report.

Data in the report shows that ICMIF members are collectively investing USD 1,003 billion in sustainable investment frameworks, which includes green bonds, social bonds and resilience bonds for example; many of which will be targeting climate change and its effects. This represents an increase of 32 percent from the US$ 759bln collectively invested by members in 2022.

Mutual and cooperative insurers represent almost 30 percent of the world’s insurance market and US$ 10.4trn in assets.

Speaking about the latest report’s publication, Shaun Tarbuck, ICMIF CEO said: “The latest edition of the ICMIF Members Sustainable Investment Report reveals the results of the 2023 ICMIF Sustainability Investment Framework Survey which are testament to how our members have continued to increase levels of investments in sustainable frameworks since the inception of our survey in 2019.”

He added that the insurance industry is uniquely positioned to assist with delivering climate action as it has both the assets to invest and the in-depth knowledge of the many risks that need to be mitigated both on a macro level and a community level to make people and the planet more resilient.

The report highlights ways in which ICMIF members are continuing to lead by example in in terms of sustainable investments.

Key findings:

• ICMIF members confirmed that US$ 1,003bln of their assets under management (AUM) are investments aligned to sustainable investment frameworks compared to US$ 759bln reported in our 2022 survey – an increase of 32 percent.
• This alignment of US$ 1,003 billion to sustainable investment frameworks represents 79.4 percent of AUM for the members that responded to the survey, compared to 51 percent last year.
• The survey saw 60 percent of members who responded to the survey report that they invest in impact investing, up from 55 percent in the 2022 survey. Impact investing by ICMIF members has grown a staggering 575 percent from last year, to USD 105.6bln with five members stating that over 10 percent of their total AUM are invested in impact investing and one member is investing 68 percent of its AUM in impact investing.
• 57 percent of responding members invest in sustainable bonds including green bonds, social and/or resilience bonds, amounting to US$ 18.3bln, compared to US$ 16.9bln in the 2022 survey.
• 40 percent of ICMIF members have made net-zero commitments, up from 37 percent last year.
• Sustainability reporting is growing with 77 percent of members stating that they actively report on sustainability in some way.
• 59 percent of ICMIF members said they were either compliant or expected to be Task Force on Climate-related Financial Disclosures [TCFD] compliant in the next few years.

ICMIF is the global association for cooperative and mutual insurers. As a membership organisation, the Federation’s mission is to help its member companies achieve their strategic goals and sustainably grow in their local markets.

Focusing on the key areas of mutuality, sustainability and business transformation, ICMIF’s networking and business intelligence activities leverage the knowledge, competencies and experience of its global network of member-owned and purpose-led insurance companies in over 60 countries.

Through its influence work, ICMIF represents the interests of global mutual/cooperative sector – accounting for approximately 26 percent of the global insurance market – to key stakeholders around the themes of resilience, disaster risk reduction, sustainable development and responsible investing.

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