Not too many life and homeowners insurance firms are foregoing rate increases and rebating money to their insured. But that’s what one New Mexico-based company is doing.
AMERIND Risk Management Corp., Santa Ana Pueblo, N.M., is keeping its rates level despite suffering its “worst year ever in claims,” CEO Kent Paul told the annual meeting of the National American Indian Housing Council in Anchorage.
The firm, which insures life and property on American Indian reservations nationwide, paid out more than $5 million in claims than it collected in premiums last year, Paul told the meeting.
Yet not only is it keeping claims level, it is rebating $1.3 million back to its member tribes.
This is part of a 10-year initiative to return a $13 million reserve to its members over the next ten years, Paul said.
AMERIND is “a multitribal not-for-profit federal corporation. Tribes united to create AMERIND in 1986 to protect life and property from the devastation of fire, natural disasters and other unforeseen events. AMERIND is owned by the majority of federally recognized tribes,” according to the firm.
