In the context of mutual insurance companies, who are the owners?

In mutual insurance companies, the owners are the policyholders who have purchased policies. This ownership structure reflects the mutual nature of the company, where policyholders share in the company's profits and have decision-making power through voting on important matters, such as electing the board of directors. Unlike stock insurance companies where ownership is held by shareholders who invest money in exchange for shares of stock, mutual insurance companies focus on serving the interests of their policyholders. This model fosters a sense of community and shared benefit among those insured, as any profits are usually reinvested in the company or distributed back to policyholders in the form of dividends or reduced premiums. This distinct characteristic aligns with the principles of mutuality, emphasizing the collective benefit of those who are insured rather than individual investor profits.