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Latest Press Releases and Comments

Here we cover all the very latest news. If you have a specific enquiry or something you’d like to find out about, please get in touch. Contact Martin Shaw at AFM via email martin@financialmutuals.org or call 0788 754 7195.

19 June 2019

Mutual Sector is prospering, despite regulation challenges

In an interview with the FT Adviser, AFM's Chief Executive comments on the positive outlook for the Mutual sector and the AFM.

04 June 2019

Paying claims is not enough

Claims are 8 times more likely for someone who has an income protection policy with a mutual, writes AFM's Chief Executive in the latest COVER Magazine opinion piece.

03 June 2019

Mutually Yours, June 2019

You can read the latest newsletter from the Association of Financial Mutuals here

22 May 2019

Mutuals pay out 94% of IP claims

An article, published today in the FT Advisor, reveals that Mutuals paid out more than 94% of income protection claims in 2018. Research by the AFM into nine of its members showed that, combined, they paid out more than £26m in claims - an 18% increase on 2017. 

Martin Shaw, CEO of AFM, said: "The results provide further evidence that all IP providers are in the business of paying claims whenever they can. Customers, confident that their claim will be handled fairly, are increasingly aware of the importance of protecting their family's income and future by taking out income protection, and 2018 sales figures indicate that they are turning more than ever to a mutual provider. A claim is the key indicator of the value of any insurance policy, and by consistently paying more claims than the industry as a whole, the mutual sector is demonstrating loyalty to its customers and providing a business model that works for them." For the full article, click here.

01 May 2019

Insurance industry paid out over £5 billion in Protection claims in 2018

Providers, advisers and consumers should be equally pleased today with the news that the insurance industry paid out over £5 billion in protection claims in 2018.  This demonstrates how the right insurance cover offers really substantial support to people in their time of need.  And with such a high proportion of claims being paid, consumers can take great comfort that, when they need to claim on their policy, the industry will respond sympathetically and in their best interests.  Our own research indicates AFM members are at the forefront in raising the proportion of claims paid, and that this is leading to a sharp increase in interest in protection cover. For more on this, click here.  

01 May 2019

AFM Comments on new political report, Business With a Purpose

The latest report from the All-Party Group for Mutuals (“Business with a purpose”) demonstrates the massive contribution that mutuals make to the UK economy.  The figure of £133.5 billion equates to over £2,000 per citizen per year.  With one in three people now members of a mutual, compared to just 12% of the population holding direct investments in shares (according to a recent FCA consultation), the true source of wider corporate ownership today is the mutual sector. Despite this, policymakers tend to devote minimal time to understanding the value of mutuals, and to introducing proportionate legislation and regulation.

For the full report, go to: http://www.mutuo.coop/purpose-driven-businesses-top-130-billion-income-per-annum/ 

29 April 2019

Mutuals have something unique to offer

In a recent article published in the FT Advisor, AFM's CEO, Martin Shaw, explains how, at a time when the financial services industry is constantly looking for ways to present itself as consumer-friendly, Mutuals have something unique to offer. Read the full article here.

11 April 2019

Mutually Yours, April 2019

You can read the latest edition of Mutually Yours here

13 February 2019

AFM's Chief Exec outlines the outlook for UK mutuals in 2019

Article published in COVER magazine 13/02/19

At its heart, insurance is about problem-solving: protect my income if I can't work; replace my mobile phone if I lose it; save for my retirement; even helping the earth cope with the implications of climate change.

Insurance people have a reputation of being staid and conservative, but actually they are risk-takers, innovators and have a better track record of predicting the future than any of Russell Grant, Nostradamus or often the Bank of England.

Lloyd's coffee shop in London in the late seventeenth century lays proper claim to the early emergence of insurance as an industry. But it was mutuality that promoted the wider adoption of insurance during the eighteenth century, with the establishment of societies where working people could come together to put aside money for ill-health or to pay out on their death. And right up to the 1940s, before the introduction of the NHS, mutual societies were the foremost way in which working people safeguarded their future.

Mutuality

Mutuals, by which I mean organisations owned by their customers, rather than external shareholders, remain an important presence in the insurance industry today, both in the UK and internationally. [Read the full article]

05 February 2019

Mutually Yours, February 2019

You can read the latest edition of Mutually Yours here