Members of NFU Mutual, the UK’s leading rural insurer, will receive a discount of at least 13.5% when they renew their insurance this July.
All of the Mutual’s general insurance customers – more than three quarters of the UK’s farms and many more homes, and businesses– will get a discount, known as a Mutual Bonus, of between 13.5% and 18.5% off their renewal premium. The Mutual Bonus rates have been significantly increased following sustained strong financial results from the insurer.
Lindsay Sinclair, Group Chief Executive, said: “Prudent management, benign weather and strong investment performance helped deliver our success, the result of which will ultimately mean the vast majority of the UK’s farmers will be in line for a discount which for some will be worth thousands of pounds.
“This will help to shelter our members from Insurance Premium Tax increases and government changes to how injury compensation is calculated, which will see many people’s insurance premiums rising.
“Our Mutual Bonus is a very important way of showing our appreciation of our customers’ loyalty to the business. As a mutual we are owned by our members – including all of our general insurance customers - rather than shareholders. This means we can reward our loyal customers for their continued support through our unique Mutual Bonus scheme.
“Insurance premiums vary from person to person and business to business but a £500 insurance premium renewal from July 1st will be reduced by £67.50 for someone renewing for the first time. If it’s their fifth successive renewal, the Mutual Bonus increases to £92.50.”