This is an outstanding record for CML’s not-for-profit 20-year history in Australia and New Zealand.
CML sales exceeded $100 million in 2022 despite having paid out record sums for claims during one of Australia’s biggest natural disasters in early 2022. More than 200 Capricorn members affected by the devastating New South Wales and Queensland floods received approximately $35 million in support from CML.
Capricorn Risk Services Chief Executive Officer, Jim Glossat, said the $100 million milestone was a huge achievement for the Mutual, with the business growing by $50 million in sales in just the past five years.
“It is recognition of the sustainable nature of our Mutual operating model, which relies on a focus on the automotive industry, face-to-face service and the support of our Members,” he said.
“Being a Mutual — whereby Members are the owners of the business as well as its customers — means we can focus solely on our purpose, which is to support our Members in their greatest times of need without having to worry about external investors wanting their share of the profits.
“In particularly good years where claims costs have been lower than we expected, we return excess profits directly back to Members in the form of a Loyalty Rebate — reducing the out-of-pocket cost of protection. The remaining profits are reinvested back into the business in the form of additional services and improved pricing to ensure our Mutual provides a product our Members need, at a competitive price.”
Over 10,000 Capricorn Members, just under half of the entire membership, are also Capricorn Mutual Members.
“With the support of our Members, Capricorn Mutual can boast a strong financial footing with higher than 10% annual growth and the capacity to pay claims when Members need us most. This is a well-established business that pays its own way and will be there for its Members well into the future.” Mr Glossat added.
As a non-profit mutual established to provide Capricorn Society members and their associates a competitive alternative to insurance, Capricorn Mutual offers market- leading protections tailored to the Motor Trades industry.
To find out more about the benefits of joining Australasia’s largest automotive cooperative, Capricorn, and to learn more about CML, visit capricorn.coop/risk or call 1800 327 427 (NZ 0800 401 444).