The COVID-19 global pandemic is affecting business in different ways and the insurance industry is no different.
Mutual insurance companies have different challenges that come with being a policyholder-owned structure. Mutual of Omaha CEO James T. Blackledge apprised customers this week on the state of the company.
"Since 1909, Mutual of Omaha has successfully navigated many challenging environments, guided by our mission to help our customers protect what they care about and achieve their financial goals," he wrote.
As a mutual company, Blackledge said Mutual of Omaha is uniquely positioned "to focus solely on the long-term needs of our customers, not the short-term demands of the stock market."
Mutual of Omaha finished 2019 with more than $50 billion in assets, and its $3.1 billion in statutory surplus "represents added security and protection for our customers," Blackledge said.
The company's financial strength has been acknowledged with strong ratings of Mutual of Omaha and its insurance affiliates by leading ratings services over many years, he added.
"As the COVID-19 pandemic continues to evolve, I’d like to share a few of the specific ways we’re responding to protect our customers and maintain our financial strength and stability," Blackledge wrote:
• We are taking extra precautions to protect the health and safety of our associates, our customers and our communities. We are following guidance from public health officials and practicing social distancing to help prevent the spread of COVID-19, including activating remote work capabilities for our associates.
• We are providing uninterrupted service to our customers. We have robust Business Resiliency plans and are exercising elements of those plans to continue providing excellent service to our customers.
• We are closely monitoring and responding to the economic environment and market conditions to ensure we remain well-positioned to meet current and future obligations. We are evaluating the potential impact of various adverse scenarios and proactively working to maintain our strong liquidity and capital positions.