Cooperative and Mutual Insurance Federation ( ICMIF ) represents mutual insurers that collectively manage more than $ 10 trillion in assets , underscoring their financial significance and societal impact . ICMIF ’ s mission is to promote , support and unite mutual and cooperative insurers globally , driving innovation and sustainability in the sector .
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Around the world , cooperatives and mutuals have been pivotal in addressing collective needs and nurturing resilience .
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It has achieved remarkable milestones , including providing technical assistance to emerging markets , facilitating knowledge exchange among members and advocating for mutual principles on international platforms . Looking ahead , ICMIF aims to enhance financial inclusion , mitigate climate risks and drive progress toward the United Nations ( UN ) Sustainable Development Goals ( SDGs ), further solidifying its role as a catalyst for mutual success worldwide .
2025 : THE UN ’ S YEAR OF COOPERATIVES
Recognising the power of cooperatives and mutuals , the UN has declared 2025 the Year of Cooperatives . This global initiative aims to spotlight the role of cooperatives in achieving SDGs , particularly those related to poverty alleviation , gender equality and decent work .
Interestingly , the UN itself operates in many ways like a global cooperative . By pooling financial and human resources from member states , it undertakes initiatives that range from environmental conservation and humanitarian aid to education and public health , embodying the principles of collective action and shared responsibility .
The UN envisions a world where cooperative models empower communities , foster economic equity and drive sustainable growth . By emphasising the importance of democratic governance , transparency and shared prosperity , the Year of Cooperatives seeks to inspire governments , businesses and individuals to embrace cooperative principles . This focus is especially relevant in a world grappling with economic disparities , climate change and the need for inclusive financial systems .
THE POTENTIAL IMPACT OF A COOPERATIVE FUTURE
The emphasis on cooperatives in 2025 could usher in a global renaissance of mutuality . Greater awareness and adoption of cooperative models could enhance financial inclusion for underserved populations , promote sustainable business practices and strengthen community resilience . The UN ’ s cooperative approach parallels this vision , pooling global resources to address pressing issues such as poverty and inequality . This is particularly relevant for South
Africa , a country grappling with stark economic disparities . Here , cooperative models like stokvels have proven instrumental in encouraging financial stability and community support among marginalised groups . Scaling such models into formalised institutions could bridge the significant gap between informal savings mechanisms and the broader economy , offering a pathway to greater equity and inclusion .
REGULATORY CHALLENGES
Developing effective regulatory frameworks remains a critical challenge for cooperatives and mutuals . In South Africa , cooperatives are governed by the Cooperative Act No . 14 of 2005 , designed to promote their development as economic and social empowerment vehicles . However , no specific regulatory provisions are tailored to mutuals .
Today , only a handful of companies operate as in South Africa . Among them , PPS stands out as the largest and most comprehensive . While other mutuals may serve niche markets , PPS uniquely offers a holistic financial services solution .
PPS embraces mutuality as more than shared finances . It ’ s about building a supportive community . By providing tools and knowledge , PPS helps members grow wealth , secure their futures and equip their children for success . This collective support creates shared prosperity , because success is better , shared .
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