Towards the end of 2024, ICMIF member FMG was named 2024 Cooperative Business New Zealand‘s Co-op/Mutual of the Year. In awarding the prize, the judges commended FMG’s B Corp certification and the fact that FMG was the first general insurer in New Zealand Aotearoa to achieve this accolade.
Coincidently, winning “Mutual of the Year” came at the same time as FMG celebrated one year of being a B Corp business. FMG says being a B Corp business also gives employees a stronger sense of purpose and belonging – proud to be part of a business that genuinely cares about making a positive impact and help build strong and prosperous rural communities.
The judges also noted FMG’s proactive response to Cyclone Gabrielle, as well as its ongoing support for rural communities in New Zealand.
It was two years ago that great numbers of FMG members were affected by Cyclone Gabrielle and the Auckland Anniversary Weekend floods. These two events caused huge devastation and created an enormous challenge for rural New Zealand, with FMG paying out over NZD 300 million in claims. FMG says this wasn’t simply about paying claims, it was offering support and empathy to members who had lost everything and to local communities.
Some of the initiatives launched by FMG after the catastrophic events were designed to support members in some possibly more unusual ways for an insurance company, but which were vital at the time and which since lead, at least in part, to the company receiving the “Mutual of the Year” award.
One such initiative was “Dinner on us” which donated frozen meals to be given out to families in need. Another was supporting the “Getting through” book which was produced by Farmstrong, a nationwide wellness initiative set up by FMG. The Farmstrong book collected stories and learnings from those in the rural community who had faced the devastation. Later, as the worst of the situation passed, FMG partnered with Farmstrong to put on 12 comedy shows in some of the worst-hit areas, giving farmers some much needed respite.
Judges also highlighted FMG’s strong financial performance in FY24 and its ongoing commitment to ensure it remains a sustainable mutual for years to come.
“This award represents wonderful recognition for the collective work across our entire One Team at FMG in what has been another big year for the Mutual,” said Adam Heath, Chief Executive of FMG and also a member of ICMIF’s Board of Directors.
FMG says its submission showcased the mutual’s dedication to aligning its actions with its promises, reassuring clients and members that at FMG, they don’t just promise – they deliver.
The last time FMG won this award was in 2016, and the company has been a finalist every year since.
