Discover the Mutual Difference
There's a difference between Mutual insurance companies and "other" insurance companies.
As an Ontario Mutual, we believe in being there for our neighbors and lending a hand when it matters most. We believe in building better and stronger communities. We believe that our small company can provide better service.
When you have insurance with Ayr Farmers Mutual, you are part of the difference. You are a part of putting people over profit. The focus is always on you, the Policyholder. You're not a customer, you're a member and an owner - you're part of something great!
We invest in local sports teams, events, community projects, and other things that we hold dear. We work together. We take pride in what we do. We believe in honoring the past and knowing where we came from. Our roots run deep.
Discover the Mutual Difference today.
Refund of Premiums
Each year the Board of Directors makes certain that adequate funds remain in the Company’s surplus account to ensure current and future obligations can be met. They also consider if sufficient funds are available for the Company to continue to grow and assume additional risk each year.
When the Board of Directors is satisfied these obligations can be met, they can declare a refund from the members’ equity account.
To learn more about the Refund of Premiums, please click here.
How a Mutual Company Works
As a Mutual Company, we have two main sources of income – the premiums paid by Policyholders and our investment returns. Conversely, we also have two major costs – claim payments and operational expenses.
Premium & Investment Returns - These income sources are allocated towards the surplus, members equity, investing in the community, and refund of premiums.
Claims & Expenses - While we have control over certain premium incomes, operational expenses and investment returns, there is very limited control over the claims expenses.
A surplus ensures that we remain in a strong position for our Policyholders and that we have the ability to meet all our future obligations. As Ayr Farmers continues to grow, a larger surplus is required.