Report: Mutual Insurers See Positive Perceptions Among Consumers, Growing Financial Strength

Consumers in the commercial market are increasingly looking to mutual insurance companies, as mutuals show the segment’s continued financial strength, according to the National Association of Mutual Insurance Companies’ Mutual Factor 2025.

NAMIC and Aon released the eighth edition of the annual Mutual Factor report today at the association’s 130th Annual Convention in San Diego. The report compares performance metrics over the past 12 months and a five-year time frame, in addition to AM Best credit ratings impact and a consumer sentiment survey of commercial insurance buyers. Conducted with Readex Research, the survey is similar to one conducted in 2019 with a different independent third-party partner.

Commercial insurance buyers were surveyed regarding their familiarity with the mutual property/casualty insurance industry and their purchasing preferences. Eighty-one percent of respondents have a favorable impression of mutual companies, and 93 percent are likely to consider a mutual the next time they buy commercial insurance – a number that is nine points higher than for stock companies.

Financially, mutual insurers saw a nine-point improvement in their combined ratios in 2024, and the combined ratio gap between personal lines and commercial lines narrowed to only 0.6 percent.

“In uncertain times stability can be reassuring and attractive for consumers. Mutuals provide that stability,” said Neil Alldredge, president and CEO of NAMIC. “The more consumers hear about mutual insurance, the more they like mutual insurance companies.”

“The team at Aon is thrilled to continue our partnership with NAMIC in producing this valuable report” said Patrick Abbe, executive managing director, U.S. regional and mutual segment growth leader at Aon Reinsurance Solutions. “As mutual insurers have navigated a challenging few years, the 2025 Mutual Factor Report highlights the outcome of the diligent effort of insurers to bring stability and support to consumers.”

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The National Association of Mutual Insurance Companies consists of more than 1,300 member companies, including six of the top 10 property/casualty insurers in the United States. The association supports local and regional mutual insurance companies on main streets across America as well as many of the country’s largest national insurers. NAMIC member companies write $383 billion in annual premiums and represent 61 percent of homeowners, 48 percent of automobile, and 25 percent of the business insurance markets.

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