Folksam-Sweden
Folksam was established to underwrite general insurance in 1908 by the co-operative movement, trade union movement and the social democratic party. The objective of the company was to provide fire insurance on contents, with particular focus on the insurance needs of the average citizen. The then-existing insurance companies had little interest in the insurance needs of people with small assets. As the company was not able to raise the required capital it was allowed to start underwriting business on the condition that it obtained a certain number of policies in its first year of operations. In 1914 a life insurance company was established to offer cheap life insurance to people of limited means. This made an important contribution to the welfare of the poor, as demonstrated during the time of the Spanish flu in the 1920s, which claimed many lives amongst the poor. In 1925 Folksam introduced the first collective insurance scheme in 1925, providing personal accident cover for trade union members. Compulsory affiliation to the scheme enabled a better spread of risks and lower costs, which made the protection more affordable for those with low incomes. Over the years Folksam has spoken out for social insurance solutions where feasible, such as the creation of a national state-run old-age pension system. Folksam has more than 4 million insured under life and non-life group insurance schemes. Each scheme has an insurance committee where policyholders can put forward ideas, review current policy, assess financial results and discuss product development and claims reviews.
Folksam believes strongly in using its data and insights to prevent or minimise accidents and other insurance events. Its research into traffic safety has gained world-wide recognition, saving countless lives and reducing the suffering of millions. It regularly publishes reports on the interior safety of cars, child restraint systems, and crash pulse recorders in certain cars. The company also exerts considerable influence on environmental protection and costs, particularly in the use of building materials and products.
Recently, Folksam started a pension company with the Swedish Trade Union where all future surpluses of the scheme would in their entirety be for the benefit of the pension plan participants. Additionally, participants are given full insight and influence by having representatives sitting on the board of the company and investment committee. In its constant drive to give value for money, Folksam has reduced the costs of pension savings on the Swedish market by introducing funds that charged only 0.5% as opposed to the common charge on the Swedish fund market of 1.5% per annum. (ACME 2001, Grip 2001, ICMIF 2000, Folksam 1999).
Folksam was established to underwrite general insurance in 1908 by the co-operative movement, trade union movement and the social democratic party. The objective of the company was to provide fire insurance on contents, with particular focus on the insurance needs of the average citizen. The then-existing insurance companies had little interest in the insurance needs of people with small assets. As the company was not able to raise the required capital it was allowed to start underwriting business on the condition that it obtained a certain number of policies in its first year of operations. In 1914 a life insurance company was established to offer cheap life insurance to people of limited means. This made an important contribution to the welfare of the poor, as demonstrated during the time of the Spanish flu in the 1920s, which claimed many lives amongst the poor. In 1925 Folksam introduced the first collective insurance scheme in 1925, providing personal accident cover for trade union members. Compulsory affiliation to the scheme enabled a better spread of risks and lower costs, which made the protection more affordable for those with low incomes. Over the years Folksam has spoken out for social insurance solutions where feasible, such as the creation of a national state-run old-age pension system. Folksam has more than 4 million insured under life and non-life group insurance schemes. Each scheme has an insurance committee where policyholders can put forward ideas, review current policy, assess financial results and discuss product development and claims reviews.
Folksam believes strongly in using its data and insights to prevent or minimise accidents and other insurance events. Its research into traffic safety has gained world-wide recognition, saving countless lives and reducing the suffering of millions. It regularly publishes reports on the interior safety of cars, child restraint systems, and crash pulse recorders in certain cars. The company also exerts considerable influence on environmental protection and costs, particularly in the use of building materials and products.
Recently, Folksam started a pension company with the Swedish Trade Union where all future surpluses of the scheme would in their entirety be for the benefit of the pension plan participants. Additionally, participants are given full insight and influence by having representatives sitting on the board of the company and investment committee. In its constant drive to give value for money, Folksam has reduced the costs of pension savings on the Swedish market by introducing funds that charged only 0.5% as opposed to the common charge on the Swedish fund market of 1.5% per annum. (ACME 2001, Grip 2001, ICMIF 2000, Folksam 1999).
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Life Insurance Knowledge:Life Insurance , private, death, employee pensions and annuities,life insurance, educational, life insurance companies
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