Mutual insurance

From Wikipedia, the free encyclopedia

A mutual insurance company is an insurance company owned entirely by its policyh
olders. Any profits earned by a mutual insurance company are rebated to policyho
lders in the form of dividend distributions or reduced future premiums. In contr
ast, a stock insurance company is owned by investors who have purchased company
stock; any profits generated by a stock insurance company are distributed to the
investors without necessarily benefiting the policyholders.
The concept of mutual insurance originated in England in the late 17th century t
o cover losses due to fire.[1] The mutual/casualty insurance industry began in t
he United States in 1752 when Benjamin Franklin established the Philadelphia Con
tributionship for the Insurance of Houses From Loss by Fire.[1] Mutual property/
casualty insurance companies exist now in nearly every country around the globe.
[2]
The global trade association for the industry, the International Cooperative and
Mutual Insurance Federation, claims 216 members in 74 countries, in turn repres
enting over 400 insurers.[3] In North America the National Association of Mutual
Insurance Companies (NAMIC), founded in 1895, is the sole representative of U.S
. and Canadian mutual insurance companies in the areas of advocacy and education
.[4]
Contents [hide]
1
History in the U.S.
2
List of mutual insurance companies
2.1
Bermuda
2.2
Canada
2.3
Denmark
2.4
Faroe Islands
2.5
Finland
2.6
Japan
2.7
New Zealand
2.8
Philippines
2.9
Slovenia
2.10
South Africa
2.11
Spain
2.12
Sweden
2.13
United Kingdom
2.14
United States
3
References
4
External links
History in the U.S.[edit]
The "mutual holding company" structure was first introduced in Iowa in 1995, and
has spread since then.[5] There have been concerns that the mutual holding comp
any conversion is disadvantageous for the owners of the company, the policyholde
rs,[6] The major disadvantage of mutual insurance companies is the difficulty of
raising capital.[7]
In the 111th Congress, Carolyn Maloney sponsored a bill that she claimed would h
ave protected mutual holding company owners. The measure, H.R. 3291, died in com
mittee.[citation needed]
Mutual holding companies are one way to undergo privatization, also called demut
ualization.
List of mutual insurance companies[edit]
Bermuda[edit]
Oil Insurance Limited

Canada[edit]
The Economical Insurance Group
Gore Mutual Insurance Company
The Kings Mutual Insurance Company
North Waterloo Farmers Mutual Insurance Company
Townsend Farmers' Mutual Fire Insurance Company
The Wawanesa Mutual Insurance Co.
Portage Mutual Insurance
Grenville Mutual Insurance Company
The Commonwell Mutual Insurance Group
The Equitable Life Insurance Company of Canada
Trillium Mutual Insurance
Denmark[edit]
Tryg (owned 60% by the mutual company Tryghedsgruppen)
Faroe Islands[edit]
Tryggingarfelagi Froyar
Finland[edit]
Pohjanthti Mutual Insurance www.pohjantahti.fi
Japan[edit]
Asahi Mutual Life Insurance Company
Meiji Yasuda Life Insurance Company
Nippon Life Insurance Company
Sumitomo Life Insurance Company
New Zealand[edit]
FMG Insurance
Philippines[edit]
Insular Life
Slovenia[edit]
Vzajemna
South Africa[edit]
PPS (Professional Provident Society)[8]
Iemas[9]
AVBOB[10]
Spain[edit]
Mutua Madrilea
Sweden[edit]
Lnsfrskringar
United Kingdom[edit]
Shepherds Friendly Society
The Equitable Life Assurance Society
NFU Mutual
Engage Mutual Assurance
Liverpool Victoria
Health Shield
Royal London Group
Together Mutual Insurance
United States[edit]
Acacia Life Insurance Company
American Family Insurance
Ameritas Life Insurance Company
Amica Mutual Insurance Company
Assurity Life Insurance Company
Auto-Owners Insurance
Commonwealth Mutual Insurance Company of America
Connecticut Mutual Life Insurance
COUNTRY Financial
CUNA Mutual Group
Employers Mutual Casualty Company
FM Global
Grange Mutual Casualty Company

Guardian Life[11]
Health Care Service Corporation (Blue Cross Blue Shield of Illinois, Michigan, N
ew Mexico, Oklahoma and Texas)
Horace Mann
Lafayette Life
Liberty Mutual
Massachusetts Mutual Life Insurance Company
Medical Mutual of Ohio
Minnesota Mutual Companies, Inc.[12]
Missouri Employers Mutual
Mutual Benefit Life Insurance
Mutual of America
Mutual of Omaha
National Life Group
Nationwide Mutual Insurance Company
New England Life
New York Central Mutual Fire Insurance Company
New York Life
The Norfolk & Dedham Group
Noridian Mutual Insurance Company
Northwestern Mutual
Ohio National Life Insurance Company
OneAmerica Financial Partners, Inc.
Pacific Life Insurance Company
PEMCO
Penn Mutual
Pure
Security Mutual Life Insurance Company of New York
Sentry Insurance
Shelter Insurance
State Farm Insurance
State Mutual Insurance Company
UNIFI Companies
Union Central Life Insurance Company
USAA
Wisconsin Mutual Insurance Company
Western Mutual Insurance Group
References[edit]
^ Jump up to: a b Wright, Janet; Virginia Wadsley; Janice Artandi (1994). The Hi
story of the National Association of Mutual Insurance Companies, A Century of Co
mmitment, 1895 1995. Indianapolis, IN: National Association of Mutual Insurance Co
mpanies. pp. 1 5.
Jump up ^ "Association of Mutual Insurers and Insurance Cooperatives in Europe".
AMICE. Retrieved 24 February 2011.
Jump up ^ "ICMIF Members list". Retrieved March 5, 2010.
Jump up ^ Wright, Janet; Virginia Wadsley; Janice Artandi (1994). The History of
the National Association of Mutual Insurance Companies, A Century of Commitment
, 1895 1995. Indianapolis, IN: National Association of Mutual Insurance Companies.
p. 21.
Jump up ^ Banstetter et al. (1997). The Mutual Holding Company: A New Structural
Option. The Association of Life Insurance Counsel. pp 65-140
Jump up ^ Rambeck R. (2001). Mutual Holding Company: A Shell Game Without the Pe
a. Insurance Journal.
Jump up ^ What demutualization means for policyholders. Insure.com. January 28,
2003
Jump up ^ https://www.pps.co.za/pages/about/our-heritage.php
Jump up ^ http://www.iemas.co.za/index.php/who-we-are/who-we-are-2
Jump up ^ http://www.avbob.co.za/Static/Our_Origin
Jump up ^ Description of a mutual insurance company from Guardian Life
Jump up ^ [1] from Securian

External links[edit]
NAMIC
National Association of Mutual Insurance Companies
ICMIF International Cooperative and Mutual Insurance Federation
AFM Association of Financial Mutuals (UK)
Reorganization Status of Mutual Life Insurance Companies (USA)
University of Wisconsin Center for Cooperatives: Research on the Economic Impact
of Cooperatives. Economic Impacts of Cooperatives
Financial Services > Mutual I
nsurance
AIM - Association Internationale de la Mutualit
[hide] v t e
Cooperatives and mutual organizations
[hide]
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Mutual insurance
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[show]
Topics
History of the cooperative movement .coop
Categories: Mutual insurance companiesCooperativesMutualism (movement)Types of i
nsurance
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