Member news: NFU Mutual joins safety organization and reports on 2013 figures

Wednesday, 09 April 2014

NFU Mutual, one of ICMIF’s UK members, is the latest organization to join the UK not-for-profit safety organization, TyreSafe*. TyreSafe has some 70 member organizations from a diverse range of sectors including tyre manufacturers and retailers, car manufacturers, emergency services, local councils and fleet operators.

“We’re incredibly pleased to welcome NFU Mutual into the TyreSafe family, especially given its expertise in risk assessment and its connection with rural communities,” said TyreSafe Chairman Stuart Jackson. “We are confident that this added dimension will help us to keep even more drivers safe on our roads.”

Prior to becoming a TyreSafe member, NFU Mutual was already incredibly supportive of the organization’s work, carrying out a number of education based initiatives with its customers including a series of safety seminars in partnership with another TyreSafe member, the British Horse Society. These seminars were recently awarded a Prince Michael International Road Safety Award in recognition of their outstanding contribution to improving road safety.

Last October NFU Mutual published a blog by TyreSafe Chairman Stuart Jackson on October being (UK) tyre safety month.

“Becoming a member of TyreSafe underwrites our commitment to road safety and highlights the vital contribution tyres make to the safety of people who live and work in the countryside,” said Nicki Whittaker, a rural affairs specialist for the insurer. “We are looking forward to working with TyreSafe and spreading the tyre safety message to our staff, agents and customers.”

*TyreSafe is one of the UK’s leading tyre safety organizations, dedicated to raising awareness about the dangers associated with defective or illegal tyres. It was established in 2006 as a not for profit organization and campaigns in line with current legislation and duty of care regulations.

Also, in the last week, NFU Mutual has reported that its underwriting profits have more than doubled for 2013, with returns climbing to £120m. Last year the farmers’ mutual recorded an underwriting profit of £47m.

Overall profits also soared, climbing from £330m to £635m, with combined operating ratio improving from 96.1% to 89.9%, while non-life insurance premium inched up from £1.27bn to £1.29bn.

NFU Mutual chief executive Lindsay Sinclair said the figures came in spite of motor premiums falling 2.9% as the insurer exited some risks, with commercial and personal business increasing overall by 6.8% and 3.5% respectively.

“I am pleased to report that not only has premium income grown but, despite the negative impact of the weather and bodily injuries on our claims bill, we have made an underwriting profit for the third year running,” Sinclair said.

“In 2013, we also saw a substantial increase in large claims. Many involved a fall from height, resulting in extensive bodily injury and a requirement for life-long care. We are working closely with our members to help them to better manage the risks they face.”