Many claims issues arising from catastrophe losses are common to the insurance industry, but for mutual insurers some are much more acute, according to Barry Costi-Mouyia, technical claims director of Willis Re, at the 2013 International Cooperative and Mutual Insurance Federation (ICMIF) Claims Seminar on Tuesday.
“Mutual insurers’ policyholder memberships are typically drawn from similar homogenous groups. These concentrations can lead to the impact of catastrophes being felt more sharply,” Costi-Mouyia said. “The commitment of mutuals to their customers is never more needed by members than in the aftermath of a major catastrophe."
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