Specialized and/or Regional Insurance Actors: What Strategies?

The financial strategies of insurance companies reflect their investment policy and the coverage of their insurance liabilities. In an high concentration environment where creation of groups covering different branches (life, non-life, health) is a common approach, specialized mutualist structures have chosen another way. The diversification and, by extension, internationalization have never been a long-term objective for specialist mutualist structure. Even if these elements appear for many insurers as essential in view of the regulatory pressure, critical size concept, possible economies of scale to maintain their competitive position, some insurance companies have not chosen to consider a market but continue to serve their membership. In this context, this article aims to give the highlights of the investment policies of specialized mutualist structures. First, we define the characteristics of the specialized mutualist structures. Then we expose the constraints impacting their financial strategy. Finally, we expose their freedoms of action and some elements of investment policy.