CML Chief Executive Officer Jim Glossat said the Member Loyalty Rebate came after several years of exceptional financial performance, including a very strong 2021 Financial Year.
It’s the first time in the Mutual’s history it has declared a rebate.
Jim said CML was in a strong financial position, with more than $120 m in assets, and in a good position to provide a rebate to eligible Members in the form of rewards points.
“As a Member-based organisation, CML prices its protections to make only a modest profit — just enough to cover its regulatory requirements,” he said. “However, in addition to our regular claims, we must also price for catastrophe events such as bushfire, hail and flood and we never know when they are going to happen.
“In some years we experience more events than others and we need to ensure that there are always enough funds in the business when those events do happen.
“But CML’s policy is to return excess funds to Members whenever it is safe and responsible to do so.”
This is the first time the CML board has announced a Member Loyalty Rebate, which will be paid out to eligible Members in the form of rewards points.
To be eligible for a rebate, you must have been a Member with CML for at least three continuous years (as at 30 June 2021). The rebate calculation has been designed to reward Members for staying with CML and the longer you are a Member, the bigger the rebate you are eligible to receive. The rewards points will be credited to your Capricorn Trade Account in July.
Letters will be sent to eligible Members in the coming weeks outlining their entitlement which is based on their tenure and 2021 financial year spend with CML.
Jim said the rebate was another good example of the difference choosing to protect your business through a mutual makes. He said CML’s constitution meant Members would reap the benefits when the Mutual performed well, demonstrating the CML commitment to Capricorn Members.
“We’re delighted to be able to return this benefit to Members,” Jim said. “It shows, once again, that we really are stronger together.”
AU: Products sold through Capricorn Risk Services Pty Ltd (ABN 93 111 632 789) are: (i) discretionary risk protection products issued by Capricorn Mutual Ltd; and (ii) general insurance products issued by a range of insurers and brokered through Capricorn Insurance Services Pty Ltd. Before deciding to acquire any product you should consider the Product Disclosure Statement available from Capricorn Risk Services Pty Ltd to see if the product is appropriate for you. Capricorn Risk Services Pty Ltd is a Corporate Authorised Representative (No. 460893) of Capricorn Mutual Ltd (AFSL 230038) and Capricorn Insurance Services Pty Ltd (AFSL 435197).
NZ: Products sold through Capricorn Risk Services Pty Ltd (NZBN 9429041139813) include discretionary risk protection and general insurance products. Discretionary risk protection is issued out of Australia by Capricorn Mutual Ltd. Before deciding to acquire discretionary risk protection you should consider the Product Disclosure Statement to see if it is appropriate for you. This can be obtained from Capricorn Risk Services Pty Ltd by phoning 0800 555 303 via email email@example.com or by visiting website capricornrisk.com. General insurance products are issued by a range of insurers and are available through Capricorn Risk Services Pty Ltd as a member broker of PSC Connect NZ Limited. Capricorn Risk Services Pty Ltd is a registered financial services provider (390446) and a corporate Authorised Representative (No. 460893) of Capricorn Mutual Ltd (AFSL 230038).