The nature of mutuality presents various opportunities and challenges when determining board compensation levels for insurance companies. Common tools used by stock-owned such as stock options, generally are not available for mutuals, which are owned by policyholders, not shareholders. Mutuals must be creative and deliberate when crafting compensation to remain competitive for highly qualified directors. The NAMIC 2023 Board Compensation Survey is designed to help mutual insurance company leaders benchmark director pay structures and board practices with similar in size as well as with the industry as a whole.
This report is provided as a benefit of membership. However, submission of board compensation data for next year’s report is required. Please click the button below to request a survey link. The 2023 report will be emailed to you after you complete the 2024 survey. Please allow at least two business days following data submission.