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Best's Review Examines the Mutual Insurance Sector

The September issue of Best's Review looks at the U.S. mutual insurance sector, using AM Best data to compare the performance of property/casualty mutuals and stock insurers. While the sector posted a net loss of $6.2 billion in 2022 due to results in both the private passenger auto and homeowner lines, mutuals have a long history of weathering storms.

AM Best Director Brian O’Larte describes the difference between stock and mutual companies using a seacraft analogy: Stocks are fast, unpredictable and risky speedboats, while mutuals are steady, careful cargo ships with a clear destination. Whether enduring world wars, great depressions or other economic setbacks, mutuals have a long history of navigating through rough seas. Read further in “The Mutual Mindset: Slow and Steady.”

Best’s Review is AM Best’s monthly insurance magazine, covering emerging issues and trends and evaluating their impact on the marketplace. The complete content of Best’s Review is available here.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit

Copyright © 2023 by A.M. Best Company, Inc. and/or its affiliates. ALL RIGHTS RESERVED.


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