President's Report 2020
Our lives have changed dramatically since the start of the Coronavirus pandemic in 2020. Both globally and socially. Evidently, it has been extremely challenging on staff and agents who quickly had to make changes and begin working from home.
Financially we had a strong year; we added nearly 1,300 new policies to bring us to a total of more than 38,000 policies. We paid over $11 million in claims; down significantly by over $10 million in 2019. The Board has approved a mutual rebate for 2021 of 10%. We also approved a special mutual rebate of 15 % which will be paid to the policyholders of 2020, which adds up to over $4.5 million. All the while adding over $4 million dollars to our Members’ surplus.
We are looking forward to getting through this pandemic stronger than before. And as a result, I would sincerely like to thank all the management team, staff and agents for all the extra hard work.