New York Central Mutual Fire Insurance Company

- 09.53

NYCM Insurance - Wine About the Weather
photo src: wineabouttheweather.com

A mutual insurance company is an insurance company owned entirely by its policyholders. Any profits earned by a mutual insurance company are either retained within the company or rebated to policyholders in the form of dividend distributions or reduced future premiums. In contrast, 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.


World-Class Risk Management Faculty Collaborate on Continuing ...
photo src: bus.wisc.edu


Maps, Directions, and Place Reviews



History

The concept of mutual insurance originated in England in the late 17th century to cover losses due to fire. 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. Mutual property/casualty insurance companies exist now in nearly every country around the globe.

The global trade association for the industry, the International Cooperative and Mutual Insurance Federation, claims 216 members in 74 countries, in turn representing over 400 insurers. 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.


NYCM Insurance - Wine About the Weather
photo src: wineabouttheweather.com


Recent developments in the U.S.

The "mutual holding company" structure was first introduced in Iowa in 1995, and has spread since then. There have been concerns that the mutual holding company conversion is disadvantageous for the owners of the company, the policyholders, The major disadvantage of mutual insurance companies is the difficulty of raising capital.

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.

Mutual holding companies are one way to undergo privatization, also called demutualization.


About Central New York Agency
photo src: www.cnyagency.com


List of mutual insurance companies

Multinational

  • AIM - Association Internationale de la Mutualité

Bermuda

  • Oil Insurance Limited

Canada

  • Halwell Mutual Insurance Company
  • Promutuel Mutual Insurance Company
  • Gore Mutual Insurance Company
  • The Kings Mutual Insurance Company
  • McKillop Mutual Insurance Company
  • North Waterloo Farmers Mutual Insurance Company
  • Townsend Farmers' Mutual Fire Insurance Company
  • The Wawanesa Mutual Insurance Co.
  • Portage la Prairie Mutual Insurance Company
  • Grenville Mutual Insurance Company
  • The Commonwell Mutual Insurance Group
  • The Equitable Life Insurance Company of Canada
  • Trillium Mutual Insurance

Denmark

  • Tryg (owned 60% by the mutual company Tryghedsgruppen)

Faroe Islands

  • The Faroe Insurance Company (Tryggingarfelagið Føroyar)

Finland

  • Pohjantähti Mutual Insurance www.pohjantahti.fi

France

General Mutual insurance companies

  • MACIF
  • MAIF
  • Matmut
  • MAAF
  • MMA
  • SMACL
  • Thélem Assurances

Health insurance companies

  • MGEN
  • Mutualia
  • Mutuelle Générale
  • Harmonie Mutuelle*
  • MNT

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

Philippines

  • Insular Life

Slovenia

  • Vzajemna

South Africa

  • PPS (Professional Provident Society)
  • Iemas
  • AVBOB

Spain

  • Mutua Madrileña

Sweden

  • Länsförsäkringar

United Kingdom

  • 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

Source of the article : Wikipedia



EmoticonEmoticon

 

Start typing and press Enter to search