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Austrian mutual VLV draws up one of the first insurer “Common Good” balance sheets

Austrian mutual VLV draws up one of the first insurer “Common Good” balance sheets

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How do you strike the right balance between economic and social success in a society? On this, it would appear that Vorarlberge Landes-Versicherung VaG (VLV), an Austrian mutual and AMICE member have got it covered. It recently became (one of the first) insurance companies in the world to achieve an advanced solidarity rating from the Economy for the Common Good (Gemeinwohlökonomie) for its public welfare balance sheet.

Says Robert Sturn, Director at VLV: “Without solidarity, there would probably be no insurance companies. Only if as many people as possible are willing to pay comparatively cheap contributions or premiums into an insurance system can these amounts usually provide high insurance benefits for a few people affected. If this basic solidarity was missing, there would also be no functioning insurance systems”.

Full details (in German) appear on VLV’s website.