Q&A with Nick Turner, Chief executive of NFU Mutual

What has been the biggest challenge and greatest achievement of your company in 2023?

Like all insurers, external factors such as inflation, supply chain difficulties and tough market conditions have affected our core operating ratio and the value of our investments.

Despite this, our long-term strategic view and strong capital position have allowed us to protect our members and be there when they need us most. In 2022, we paid out on 97% of claims and provided a £247m mutual bonus to our loyal customers.

I’m proud to say this commitment to excellent customer service has helped us maintain a 95% persistency rate and has seen us named the only insurer to be a Which? Recommended Provider for both home and car insurance in 2023 – as well as retaining the Which? Insurance Brand of the Year award.

How has your company assisted customers in vulnerable circumstances?

We know this is a difficult time for many in the UK and budgets may have been put under strain, and as a mutual, we put our members first.

We encourage all customers facing financial difficulty to talk to their local agent or phone or mutual direct service to discuss their insurance cover.

We don’t charge administration fees for any changes or cancellations and customers can also choose to pay by direct debit at no extra cost.

We also continued to reward loyalty in 2022, paying a £247m mutual bonus in the form of savings on members’ renewal premium.

What is your plan to grow the business?

We have an excellent reputation and unique heritage among insurers in the United Kingdom, and our plan for sustainable, profitable growth will build upon this.

As well as continuing to support the farming and rural communities we’ve been working with for over a century, we are also growing and diversifying our wider market offer.

In recent years, NFU Mutual has made significant strides in developing our commercial insurance business, covering everything from tradespeople to large corporate food manufacturers, bringing our high levels of customer service to the area of business insurance.

Similarly, we have had significant success in growing our share of the high net-worth market, building upon our foundations and deep knowledge of insuring the rural community.