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.”
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