mutual insurance
| Dictionary: mutual insurance |
n.
An insurance system in which the insured persons become company members, each paying specified amounts into a common fund from which members are entitled to indemnification in case of loss.
| Wikipedia: Mutual insurance |
A Mutual insurance company is an insurance company which has no shareholders but instead is owned entirely by its policyholders: this ownership either extends to all its policyholders or is restricted to certain classes of policyholders. Their ownership rights typically include voting rights, for instance in the election of the board of directors and on any proposal to demutualise. In a mutual insurance company, any distributed surplus funds is paid entirely to policyholders, whereas in a proprietary company (one with shareholders) a proportion of the surplus (typically 10%) is paid to shareholders, in exchange for the capital that they provide to support the business. The absence of shareholders makes it more difficult for the directors of a mutual to raise fresh capital, for example to finance any new ventures that they propose. Historically, insurance began in many countries mainly through a mutual (or cooperative) structure. In recent years, many insurance companies have gone through demutualization and become public companies in an effort, among other things, to enable them to acquire further capital.
The global trade association for the industry, the International Cooperative and Mutual Insurance Federation, claims 206 members in 72 countries, in turn representing 400 insurers.[1]
Contents |
List of mutual insurance companies
Canada
Germany
Members of "Arbeitsgemeinschaft der Versicherungsvereine auf Gegenseitigkeit e.V"
Japan
- Asahi Mutual Life Insurance Company
- The Dai-ichi Mutual Life Insurance Company
- Fukoku Mutual Life Insurance Company
- Meiji Yasuda Life Insurance Company
- Nippon Life Insurance Company
- Sumitomo Life Insurance Company
Spain
Australia
- Employers Mutual
United Kingdom[2]
- The Equitable Life Assurance Society
- NFU Mutual
- Royal London Mutual Insurance
- Engage Mutual Assurance
- Liverpool Victoria
United States
- Acacia Life Insurance Company
- American Family Insurance
- Amica
- Ameritas Life Insurance Company
- Auto-Owners Insurance
- Boston Mutual
- CAMICO Mutual Insurance Company
- Church Mutual Insurance Company
- COUNTRY Insurance & Financial Services
- CUNA Mutual Group
- Enumclaw Insurance Group
- FM Global
- Guardian Life
- Hastings Mutual Insurance Company
- HCSC - Blue Cross Plans of IL, NM, OK and TX
- Illinois Mutual
- Liberty Mutual
- Massachusetts Mutual Life Insurance Company
- MiddleOak
- Missouri Employers Mutual
- MTL Insurance Company
- Mutual of America
- Mutual of Omaha
- Nationwide Mutual Insurance Company
- New York Life
- North Carolina Mutual
- Northwestern Mutual Life
- Ohio National Life Insurance Company
- PEMCO
- Penn Mutual Life
- Physicians Mutual
- SBLI USA Mutual Life
- Security Mutual of NY
- Sentry Insurance
- Shelter Insurance
- State Farm Insurance
- UNIFI Companies
- Union Central Life Insurance Company
- Western & Southern
List of demutualized insurance companies
Japan
- Daido Life Insurance Company
- The Kyoei Fire & Marine Insurance Co., Ltd.
- Mitsui Life Insurance Co., Ltd.
- Taiyo Life Insurance Company
- Yamato Life Insurance Company
South Africa
United Kingdom
- Friends Provident
- Prudential
- Scottish Amicable (see Prudential plc)
- Scottish Widows
- Standard Life
United States
- John Hancock Mutual Life
- Metropolitan Life Insurance Company
- MONY (was Mutual of New York)
- Principal Financial Group
- Prudential Insurance
List of defunct mutual insurance companies
Japan
- Chiyoda Mutual Life Insurance Company
- Daihyaku Life Insurance Company
- Daiichi Mutual Fire & Marine Insurance Company
- Nissan Mutual Life Insurance Company
- Toho Mutual Life Insurance company
- Tokyo Mutual Life Insurance Company
References
- ^ ICMIF: Members list. Retrieved on April 7, 2009.
- ^ AMI members. Association of Mutual Insurers. Retrieved on August 24, 2008. A longer list of UK mutual insurers.
External links
- ICMIF – International Cooperative and Mutual Insurance Federation
- Reorganization Status of Mutual Life Insurance Companies (USA)
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 | Dictionary. The American Heritage® Dictionary of the English Language, Fourth Edition Copyright © 2007, 2000 by Houghton Mifflin Company. Updated in 2009. Published by Houghton Mifflin Company. All rights reserved. Read more |
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- Downstream Holding Company (insurance term)
- Mixed Agency (insurance term)
- Mutualization (insurance term)
- Nonstock Insurance Company (insurance term)
- Perpetual Mutual Insurance Company (insurance term)
- Mutual Insurance Company (business term)
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- Mixed Insurance Company (insurance term)
- Annual Report (insurance term)
- Nonassessable Mutual (insurance term)
- Mutual Fund Insurance (insurance term)
- Liberty Mutual Holding Company Inc. (Private - Mutual Company Company)
- Demutualization (Stocking a Mutual) (insurance term)
- National Association of Mutual Insurance Companies (Namic) (insurance term)
