Starting in May 2023, Swedish ICMIF member Folksam will distribute SEK 1 billion (USD 94.2 million) to more than 2.1 million of its customers in the form of rebates. The size of the rebate is intended to support Folksam’s customers in turbulent times, but, the company says, it is also a testament to Folksam’s strong financial position and that the company is well prepared for the future.
As a member-owned company, all of Folksam’s surplus is returned to its customers, this includes in the form of rebates. The rebate is based on the premium paid in the previous year and the size of the rebate depends, among other things, on Folksam’s surplus.
“Folksam is a customer-owned company, and when we are doing well, it goes without saying that our customers should benefit. The fact that we can now give more than 2.1 million customers a record-breaking dividend of SEK 1 billion to share feels very good and is proof of Folksam’s strong financial position, despite a turbulent time,” says Jens Wikström, Head of Business Area Property at Folksam.
At the beginning of April, Folksam will send out rebate notices to customers who have earned a rebate of SEK 100 or more. For customers with lower amounts, the refund is saved for the following year. The refund will start to be paid in mid-May to customers who have direct debit and the rest of the customers will receive their refund starting in June.
“With soaring electricity prices, high inflation and interest rate increases in society, we are now choosing to use our strong financial position to support our customers, which is why we have chosen to distribute a record amount of SEK 1 billion,” concludes Jens Wikström.
The customers who will benefit from the rebate are Folksam’s non-life insurance customers, ie those with motor, home, child, maternity, accident, pet and supplementary insurance policies.
