Refund of Premiums
At Ayr Farmers Mutual Insurance Company, we strongly believe in rewarding our policyholder, as a valued member of our company.
Our commitment to you, our Policyholders
With strong financial results in 2024, largely coming by way of our investment income, our Board of Directors has approved a refund from premiums on all qualifying policies. This refund reflects our commitment to providing an exceptional experience for our policyholders, and embodies the Mutual experience. Our success is shared with you.
Watch President & CEO, Jeff Whiting, share about the Refund from Premiums.
How we help communities thrive
As a Mutual company, we care deeply about the communities we serve. In 2024, we gave back in many ways.
Learn more about how we're helping communities thrive in our Annual Report.
Refund FAQ
Why am I getting this cheque?
As a qualifying policyholder, you’re receiving a refund from premiums.
What is a refund from premiums?
It’s a portion of your 2024 premiums, returned to you.
In accordance with AFM’s Bylaw, the Board of Directors may authorize a refund to qualifying policyholders when AFM has produced a strong financial year and based on a full review of AFM’s financial position.
This is truly the mutual difference. We believe in sharing the positive results of a successful year with our members.
Who gets a refund from premiums cheque?
Every policyholder is eligible for a refund, if they:
- are in good standing, and;
- had a policy in force in 2024, and as of January 24, 2025, and;
- had a non-automobile policy.
Why am I not receiving a refund on my automobile policy?
Based on regulatory guidelines, we are unable to offer a refund on automobile policies.
How is my refund cheque calculated?
Your refund has been calculated based on 5% of your policy premiums for 2024. Should you have more than one eligible policy with AFM, you will receive multiple cheques.
What if I had a claim?
Even if you had the misfortune of having a claim this year, you will still receive your refund. Your claim will not affect your eligibility.
Why don’t you apply my refund against my renewal?
The refund is based on your premiums in 2024, to which some policyholders may have already renewed and paid prior to AFM issuing the refund. We hope you enjoy having this money back in your pocket!
I didn’t receive a refund in x-year. Why not?
Each year, AFM’s Board of Directors rigorously reviews our financial health. They play an integral role, making certain that AFM has the adequate funds to manage current and future obligations.
Should the Board be satisfied that AFM’s financial obligations are fully met, they may declare a refund from the members’ equity account.
How does a Mutual Company work?
Ayr Farmers Mutual Insurance Company is proud to be a Mutual Company. As a Mutual, we have two main sources of income – premiums paid by policyholders, and our investment returns. Likewise, we have two major sources of expenses – claim payments, and operational expenses.
As a policyholder, you are a member and part-owner of AFM.