26 September 2023
BCCM CEO Melina Morrison delivered the keynote address at a conference of global mutual insurers hosted by BCCM member Capricorn Mutual. Melina spoke about the history, current state, and future vision of mutual insurance in Australia.
Melina said, “For insurance mutuals, deregulation was the beginning of a wave of swift and staggering homogenisation of financial institutions. The RBA noted in a 1999 bulletin that demutualisation gutted the sector. In 1985, five mutuals owned nearly 60 per cent of the industry’s assets; by 1998 this had fallen to under 1 per cent.”
She added, “But this was not, and is not the end; Australians and governments are rediscovering the essential role co-ops and mutuals play in supporting grassroots communities. The momentum of the movement, the reforms we’ve achieved, such as the ability to access capital without demutualisation, will propel co-operatives and mutuals into the front seat in driving a more inclusive business environment. Moving forward is about embracing corporate diversity and empowering everyday Australians.”