Gregor Pozniak - Amice Sunumu

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Cooperative and mutual insurance in Europe for mutual benefit Cooperative Insurance Conference Istanbul, 24 March 2014

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Yeni Bir Sigortacılık Modeli: Kooperatif Sigortacılığı - 24 Nisan 2014

Transcript of Gregor Pozniak - Amice Sunumu

Page 1: Gregor Pozniak - Amice Sunumu

Cooperative andmutual insurancein Europe

for mutual benefit

Cooperative Insurance ConferenceIstanbul, 24 March 2014

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A cooperative or mutual insurer is an insurance undertaking which is collectively owned by its members who are at the same time its clients (policyholders). 

What exactly is a cooperative or a mutual insurer?

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How does a cooperative or mutual insurer differ from stock company insurers?

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Cooperative or mutual insurer

Any profits earned by a mutual insurance company are returned to policyholders in the form of rebates or reduced future premiums, or saved for the future.

Stock company insurer

A stock insurance company is owned by outside investors who have purchased company stock; profits generated by a stock insurance company are distributed to the investors without necessarily benefiting the policyholders.

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The mutual and cooperative insurance sector ...

... includes some 3,000 undertakings in Europe (i.e. more than 50% of all insurance undertakings).

... insures 200 million Europeans.

... employs more than 300,000 staff.

Market shares of the sector: 28.5% in Europe (2008: 25.9%)

over 32% in non-life (incl. health) some 25% in life insurance

Facts and figures about mutual/coop insurance in Europe

50% in the Netherlands 45% in Germany 43% in Denmark

Sources: ICMIF Global Mutual Market Share Report 2012, AMICE Statistics

40% in France 35% in Spain 30% in Finland

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~ 110 insurance undertakings as direct members + six national associations

from 20 countries

Mutuals account for ~30% of market share in Europe

AMICE (direct) members have close to 60%

AMICE Membership

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United in diversity

For mutual benefit

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Diversity in AMICE membership Insurers that operate in the form of a cooperative (e.g. TR, BE, IT)

Insurers that operate in the form of a mutual (e.g. DE, FR, NL, DK, ...)

(Horizontal) mutual groups (e.g. DE, FR, FI)

Mutuals that act as the holding of an insurance group, with or without insurance activities of their own (e.g. DE, AT)

Insurers owned by cooperative banks (e.g. DE, PL, IR; FR, FI)

Insurers owned by (non-ins) cooperatives (e.g. IT, GR, UK)

Hybrid forms (e.g. NL, NO, AT)

Other not-(only-)for-profit / stakeholder-driven insurers

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Diversity in history and background (I) Insurers established in a region, either by citizens (Hamburg),

the king (Copenhagen, Italy) or the territory (France)

Insurers with a professional background ... for employees, often established by trade unions or workers

movements (teachers, policemen, medical staff, priests, ...) for “free professions” (architects, pharmacists, doctors, lawyers,

notaries, ...), often with a specialised product portfolio for independent entrepreneurs (farmers, fishermen, driving

schools, jewellers, butchers, taxis, shopkeepers, truckers, ...) for enterprises (fruit growers, hospitals, constructors, industry,

cities, ...) for interest groups (motorcyclists, boat owners, ...)

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Diversity in history and background (II) Insurers established through outstanding initiatives by

individuals

Insurers established by the public hand (complementary health insurance in Slovenia, hail insurance)

Insurers established by non-insurance movements, e.g. Cooperatives (IT, UK, GR, TR, IR, ...)

But what unites them is their business model:

Insurance for mutual benefit = Mutual Insurance

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What are the benefits of mutual/coop insurers for….

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... the member-policyholders

All surplus is exclusively used for the benefit of the members.

No dividend is paid to outside shareholders.

Members are included and participate in the democratic governance.

... the insurance markets

The mutual business model competes with the shareholder-oriented model

Mutual insurers are innovative; they listen to the needs of their members.

They have a long-term business

orientation and investment behaviour.

... our society

Mutual insurers act in a socially responsible way.

Many mutual insurers are engaged in societal activities.

Mutual insurers tend to be reliable long-term employers.

... the economy

Mutuals’ long-term orientation provides stability to the financial sector.

The diversity of business models increases the resilience of the sector.

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Promoting

Assisting

Advocating

AMICE’s main objectives

Through exchange of experience and best practice By providing information and services to member Members in their national discussions. 

Mutuality as the alternative model

The mutual model where it does not exist

A societal role for mutual insurers

Fair treatment of all legal forms

Proportionality

A secure future for small and specialised insurers

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Hear more about all this ....

at the AMICE Congressin Nice (France)on 4-6 June 2014

under the topic

Business – the mutual way

visit www.amicenice.eu

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www.amice-eu.org

Association of Mutual Insurers and Insurance Cooperatives in Europe aisbl

Rue du Trône 98/14 | B-1050 Brussels | Belgium T: +32 2 503 38 78 | F: +32 2 503 30 55 | [email protected]