Mutual Factor report shows strong consumer sentiment toward mutual insurers

Consumers in the commercial insurance market are showing increased interest in mutual insurance companies, according to the Mutual Factor 2025 report released by the National Association of Mutual Insurance Companies (NAMIC) and Aon. The findings were announced at NAMIC’s 130th Annual Convention in San Diego.

The eighth edition of the annual report evaluates performance metrics over the past year and a five-year period. It also examines AM Best credit ratings and presents results from a consumer sentiment survey conducted by Readex Research. This survey, which targeted commercial insurance buyers, is similar to one performed in 2019 but was administered by a different independent partner.

Survey results indicate that 81 percent of commercial insurance buyers have a favorable view of mutual insurers. Additionally, 93 percent said they are likely to consider a mutual insurer for their next purchase of commercial insurance—nine percentage points higher than those considering stock companies.

The financial analysis revealed that mutual insurers improved their combined ratios by nine points in 2024. The difference between personal lines and commercial lines combined ratios has narrowed to just 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.”

Aon commented on its ongoing partnership with NAMIC: “The team at Aon is thrilled to continue our partnership with NAMIC in producing this valuable report. 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.”

NAMIC represents more than 1,300 member companies—including six out of the top ten property/casualty insurers in the United States—which collectively write $383 billion in annual premiums and account for significant shares of homeowners, automobile, and business insurance markets.

Aon plc operates in over 120 countries offering advice and solutions intended to help clients make better decisions regarding business protection and growth.