The Mutual Factor


Each year since its launch in 2018 NAMIC has unveiled the latest in an ongoing series of reports known as The Mutual Factor. The reports, developed by NAMIC in partnership with Aon, provide an updated look at multiple performance metrics illustrating how the mutual insurance industry is doing in relation to other non-mutual insurance companies. The reports also periodically feature an opinion survey of key stakeholders regarding their view of mutuals compared to non-mutuals.

In this year’s Mutual Factor Midyear Update, now in its second year of publication, NAMIC and Aon provide members the opportunity to reflect on the close of the prior year, the challenges that remain for our industry, perspectives shared by the world’s leading reinsurers, and opportunities that lie ahead for mutual insurers. Specifically, the 2024 Midyear Report provides perspective on the impact of significant events on the mutual industry that occurred between September 2023 and April 2024, U.S. catastrophe and secondary peril losses, inflation, legal system abuse, and the state of the reinsurance market.

Key takeaways include:

  • Highlighting another active year for weather in the U.S., in 2023, natural disasters resulted in economic losses estimated at $114 billion, slightly above the long-term mean ($105 billion) and notably above the median since 2000 ($84 billion). 2023 was the costliest year in U.S. history for Severe Convective Storms, which contributed an astonishing $73 billion of the total economic loss and generated nearly $59 billion of total insured loss.

  • With heightened wildfire activity in Texas and Oklahoma in February and March, Q1 2024 experienced the highest U.S. insured loss total from wildfires on record. Nearly all of these losses came from the Smokehouse Creek Fire in Texas and western Oklahoma.

  • Given the challenges that the homeowners line of business has presented NAMIC’s membership over recent years, the cooling of inflation is a helpful factor to foster broader market stabilization.

  • Through a combination of retained earnings, investment returns, and new capital funding, global reinsurance capital has quickly rebounded across both the traditional and alternative capital spaces. This has fundamentally helped stabilize the reinsurance marketplace in the early months of 2024.

Work is underway on the 2024 Mutual Factor Report with NAMIC and Aon continuing to partner in delivering expanded insights into the overall performance of the mutual insurer segment. The full 2024 Mutual Factor report will be published in September to coincide with NAMIC’s annual convention.

Get Your Copy Of The 2024 Mutual Factor Midyear Report

Sponsored by:



Neil Alldredge



Sarah Schnettler
Senior Vice President – Member Experience