PEOPLE MEETING COMMON ECONOMIC, SOCIAL AND CULTURAL NEEDS TOGETHER

Insurance and Risk Protection

Mutual insurers

Increase customer trust and accountability

Because of their different purpose, mutual insurers help to increase customer trust and drive greater accountability.  Their members are their owners and they have a degree of influence over the way in which the insurer operates.

Give consumers more choice and increase competition in insurance markets

Mutual insurers provide additional choice in the marketplace. They do not pursue short term goals and are able to provide stability and consistency in a highly-developed market. They focus on delivering high-quality products, often designed with and for their customers/members.

Contribute to corporate plurality and diversity

Mutual insurers different business purpose permits them to pursue different business objectives which helps them contribute to corporate plurality and diversity. This contrasts with listed firms that require shareholder-led short and medium-term business strategies.

Promote economic resilience and sustainability

The evidence of the economic downturn is that mutuals and co-operatives have generally been more resilient than listed firms. Mutual insurers play an essential role in the global economy, especially in time of crisis, by combining profitability with solidarity; creating high-quality jobs; strengthening social; economic and regional cohesion; and generating social capital.

Examples

Australian Unity

Australian Unity

Australian Unity is a national healthcare, financial services and independent and assisted living organisation with over 6,000 employees providing services to nearly a million Australians including some 300,000 members nationwide. Australian Unity’s retirement communities assist over 3,000 older Australians to continue to live as independently as possible in communities with friends and supports. Australian Unity’s history as an independent mutual dates back 175 years.

Year established: 1840

Type: Mutual

Industry: Healthcare, Insurance & Risk Protection, Private Health Insurance

Civic Risk Mutual

Civic Risk Mutual

CivicRisk Mutual is a mutual of NSW councils. It is self-managed, self-funded and owned and operated entirely by members for risk management regarding public liability losses.

Year established: 1988

Type: Mutual

Industry: Insurance & Risk Protection

Employers Mutual Limited

Employers Mutual is a member-owned insurance fund which provides for the claims management and related injury management needs of employers and workers. They provide the tools, resources and support for employees injured at work, and to help employers create safe workplaces.

Year established: 1910

Type: Mutual

Industry: Insurance & Risk Protection

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