insurance cooperatives

Insurance cooperatives are member-owned organizations that provide insurance coverage to their members. Instead of operating for profit, these cooperatives focus on meeting the needs of their members, pooling resources to share risks. Members pay premiums, which are used to cover claims and operational costs. In the case of surplus funds, they may be returned to members or reinvested in improving services. This model fosters a sense of community and accountability, as members have a direct say in how the cooperative is run and benefit collectively from its success.