Mutual insurance
A mutual insurance company is an
History
The concept of mutual insurance originated in England in the late 17th century to cover losses due to fire.[1] The mutual/casualty insurance industry began in the United States in 1752 when Benjamin Franklin established the Philadelphia Contributionship 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
Recent developments in the United States
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 company conversion is disadvantageous for the owners of the company, the policyholders.[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 have protected mutual holding company owners. The measure, H.R. 3291, died in committee.[citation needed]
Mutual holding companies are one way to undergo privatization, also called demutualization.
List of mutual insurance companies
Multinational
Bermuda
Canada
- Algoma Mutual Insurance Company
- Amherst Island Mutual Insurance Company
- Antigonish Farmers' Mutual Insurance Company
- Ayr Farmers Mutual Insurance Company
- Bay of Quinte Mutual Insurance Company
- Bertie & Clinton Mutual Insurance Company
- Brant Mutual Insurance Company
- Caradoc Delaware Mutual Insurance Company
- Carleton Mutual Insurance Company
- Cayuga Mutual Insurance Company
- Clare Mutual Insurance Company
- The Commonwell Mutual Insurance Group
- Dufferin Mutual Insurance Company
- Dumfries Mutual Insurance Company
- Edge Mutual Insurance Company
- The Equitable Life Insurance Company of Canada
- Erie Mutual Insurance Company
- Fundy Mutual Insurance Company
- Germania Mutual Insurance Company
- Germania Mutual Insurance Company Saskatchewan
- Gore Mutual Insurance Company
- Grenville Mutual Insurance Company
- Halwell Mutual Insurance Company
- Hay Mutual Insurance Company
- Heartland Farm Mutual (formerly North Waterloo & Oxford)
- Howard Mutual Insurance Company
- Howick Mutual Insurance Company
- HTM Insurance Company
- Kent & Essex Mutual Insurance Company
- The Kings Mutual Insurance Company
- Lambton Mutual Insurance Company
- L&A Mutual Insurance Company
- MAX Canada Insurance Company
- McKillop Mutual Insurance Company
- My Mutual Insurance
- Mennonite Mutual Insurance Company (Alberta) Ltd.
- Middlesex Mutual Insurance Company
- The Mutual Fire Insurance Company of British Columbia
- Norfolk Mutual Insurance Company
- North Blenheim Mutual Insurance Company
- North Kent Mutual Insurance Company
- Peel Mutual Insurance Company
- PEI Mutual Insurance Company
- Pictou County Farmers' Mutual Insurance Company
- Portage la Prairie Mutual Insurance Company
- Promutuel Mutual Insurance Company
- Red River Mutual Insurance
- Saskatchewan Mutual Insurance Company
- SouthEastern Mutual Insurance Company
- South Easthope Mutual Insurance Company
- Stanley Mutual Insurance Company
- Town & Country Mutual Insurance Company
- Townsend Mutual Insurance Company
- Tradition Mutual Insurance Company
- Trillium Mutual Insurance Company
- United General Insurance Corporation
- Usborne & Hibbert Mutual Insurance Company
- Wabisa Mutual Insurance Company
- Wawanesa Mutual Insurance Company
- West Elgin Mutual Insurance Compa
- Westminster Mutual Insurance Company
- West Wawanosh Mutual Insurance Company
- Yarmouth Mutual Insurance Company
Denmark
- Tryg (owned 60% by the mutual company Tryghedsgruppen)
- Lærerstandens Brandforsikring[8]
Faroe Islands
- The Faroe Insurance Company (Tryggingarfelagið Føroyar)
Finland
- Pohjantähti Mutual Insurance www.pohjantahti.fi
- Mutual Insurance Company Turva www.turva.fi
France
General Mutual insurance companies
Health insurance companies
- ACORIS Mutuelles
- Almutra
- Avenir Santé Mutuelle
- Choralis Mutuelle le libre choix
- Complévie
- CMIP
- EMOA Mutuelle du Var
- Groupe Victor HUGO
- La Maison du Fonctionnaire
- La Mutuelle Catalane
- La Mutuelle des Remparts
- MBA Mutuelle
- MCEN
- M Comme Mutuelle
- MFCF
- Mutuelle Entrain
- Mutuelle Générale d'Avignon
- Mutuelle Générale des Cheminots
- MIPSS Auvergne
- MOAT
- Mutuelle Matra Hachette
- Mutuelle du Pays Martégal
- Mutuelle du Pays de Vaucluse
- Mutuelle du Rempart
- Mutuelle SEPR
- Mutuelle SERAMM
- Mutuelles du Soleil
- Precocia
- Sereina Mutuelle
Germany
- Arbeitsgemeinschaft der Versicherungsvereine auf Gegenseitigkeit e.V.
- VERBAND DER VERSICHERUNGSVEREINE
Japan
- Asahi Mutual Life Insurance Company
- Meiji Yasuda Life Insurance Company
- Nippon Life Insurance Company
- Sumitomo Life Insurance Company
- Fukoku Mutual Life Insurance Company
New Zealand
- FMG Insurance
- MAS
Philippines
Slovenia
South Africa
Spain
Sweden
- Alecta
- Dina Försäkringar
- Folksam
- Länsförsäkringar
- Skandia
United Kingdom
- Shepherds Friendly Society
- Education Mutual
- The Equitable Life Assurance Society
- Exeter Friendly Society
- NFU Mutual
- Engage Mutual Assurance
- Health Shield
- Royal London Group
- Together Mutual Insurance
- The Military Mutual
- Scottish Friendly
- UIA Mutual
United States
- Acacia Life Insurance Company
- Acuity Insurance
- AEGIS Limited[12]
- American Family Insurance
- Ameritas Life Insurance Company
- Amica Mutual Insurance Company
- Assurity Life Insurance Company
- Auto-Owners Insurance
- Some Blue Cross Blue Shield Association affiliated companies (except Elevance Health, formerly known as Anthem).
- Central Mutual Insurance Company
- Commonwealth Mutual Insurance Company of America
- Connecticut Mutual Life Insurance
- Co-operative Insurance Companies
- COUNTRY Financial
- CUNA Mutual Group
- Employers Mutual Casualty Company
- Farmers Mutual Hail Insurance Company of Iowa
- FM Global (Factory Mutual Insurance Company)
- Grange Insurance Association
- Georgia Farm Bureau Federation
- Grange Mutual Casualty Company
- Greater New York Mutual Insurance Companies[13]
- Grinnell Mutual[14]
- Guardian Life[15]
- Health Care Service Corporation (Blue Cross Blue Shield of Illinois, Montana, New Mexico, Oklahoma and Texas)
- Lafayette Life
- Liberty Mutual
- Maple Valley Mutual Insurance
- Massachusetts Mutual Life Insurance Company
- Medical Mutual of Ohio
- Mennonite Mutual Insurance Company[16]
- Minnesota Lawyers Mutual Insurance Company
- Minnesota Mutual Companies, Inc.[17]
- Missouri Employers Mutual
- Mutual Benefit Life Insurance
- Mutual of America
- Mutual of Omaha
- National Life Group
- Nationwide Mutual Insurance Company
- New England Life
- NYCM Insurance
- New York Life
- NJM Insurance Group
- 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
- Sawgrass Mutual Insurance Company
- Security Mutual Life Insurance Company of New York
- Sentry Insurance
- SFM Mutual Insurance Companies[18]
- Shelter Insurance
- State Farm Insurance
- UNIFI Companies
- Union Central Life Insurance Company
- West Bend Mutual Insurance Company
- Wisconsin Mutual Insurance Company
- Western Mutual Insurance Group
See also
- Reciprocal inter-insurance exchange – a type of insurance company which, similar to a mutual, is not owned by stockholders.
- Protection and indemnity insurance
References
- ^ a b 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. pp. 1–5.
- ^ "Association of Mutual Insurers and Insurance Cooperatives in Europe". AMICE. Retrieved 24 February 2011.
- ^ "ICMIF Members list". Archived from the original on February 3, 2011. Retrieved March 5, 2010.
- ^ 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.
- ^ Banstetter et al. (1997). The Mutual Holding Company: A New Structural Option. The Association of Life Insurance Counsel. pp 65-140
- ^ Rambeck R. (2001). Mutual Holding Company: A Shell Game Without the Pea. Insurance Journal.
- ^ What demutualization means for policyholders. Insure.com. January 28, 2003
- ^ "Om LB Forsikring A/S".
- ^ "About PPS - Our Heritage | Mutual Financial Services Exclusively for Graduate Professionals". Archived from the original on 2014-12-17. Retrieved 2014-12-17.
- ^ "Overview". Archived from the original on 2014-12-17. Retrieved 2014-12-17.
- ^ "AVBOB – Home Page". avbob.co.za.
- ^ "Utility Insurance". Aegis Limited.
- ^ "About GNY". Greater New York Mutual Insurance Companies.
- ^ "Grinnell Mutual". Grinnell Mutual Reinsurance.
- ^ "About Guardian | Guardian".
- ^ Insurance, Mennonite Mutual. "Faith-Based & Church Insurance - Agribusiness & Farm Insurance". www.mennonitemutual.com.
- ^ "Financials and Reports". Securian Financial.
- ^ "Expect more from your work comp partner". SFM Mutual Insurance.
Further reading
- Emery, Herbert, and George Emery. A Young Man’s Benefit: The Independent Order of Odd Fellows And Sickness Insurance in the United States and Canada, 1860–1929 (McGill-Queen's University Press, 1999).
- Van Leeuwen, Marco H.D. Mutual Insurance, 1550–2015: From Guild Welfare and Friendly Societies to Contemporary Micro-Insurers (Palgrave Macmillan, 2016) 321 pp. online review, A standard scholarly history
External links
- NAMIC – National Association of Mutual Insurance Companies
- ICMIF – International Cooperative and Mutual Insurance Federation
- AFM – Association of Financial Mutuals (UK)
- University of Wisconsin Center for Cooperatives: Research on the Economic Impact of Cooperatives. Economic Impacts of Cooperatives › Financial Services > Mutual Insurance