Protecting the stone: Jewelers Mutual Insurance finds a gem in tough security measures.Several years of improving claims experience have prompted Jewelers Mutual Insurance Co. to pay out the largest dividend in the company's 90-year history, as the company expands its niche market A niche market also known as a target market is a focused, targetable portion (subset) of a market sector. By definition, then, a business that focuses on a niche market is addressing a need for a product or service that is not being addressed by mainstream providers. share. To be successful, Jewelers Mutual puts a special focus on policyholders' security needs, said Ron Noun 1. Ron - a Chadic language spoken in northern Nigeria Bokkos, Daffo West Chadic - a group of Chadic languages spoken in northern Nigeria; Hausa in the most important member Harder, the company's president and chief executive officer. For businesses policyholders, claims experience has been good the past couple of years, with frequency down but severity up slightly, Harder said. For personal jewelry jewelry, personal adornments worn for ornament or utility, to show rank or wealth, or to follow superstitious custom or fashion. The most universal forms of jewelry are the necklace, bracelet, ring, pin, and earring. customers, claims experience has been good overall, he said. The company is involved in all aspects of security, Harder said. In addition, Jewelers Mutual is involved in Underwriters Laboratories' work with testing of safes and alarms. "In our 90 years of history, we've we've Contraction of we have. we've have only had nine years of an underwriting Underwriting 1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). 2. The process of issuing insurance policies. loss, and we're we're Contraction of we are. we're we are proud of that," he said. Commercial policyholders who are insured with Jewelers Mutual are to receive $5.1 million in dividends by Aug. 31, subject to regulatory approval, the company said in a statement. During the past 15 years, Jewelers Mutual has returned about $20 million in dividends to policyholders, with the company's last dividend being $3.8 million in 2000. "We have 120,000 individuals for whom we insure Insure can mean:
The improving claims experience began tour or five years ago, when Jewelers Mutual did some lobbying with other industry groups to focus some of the FBI's activity on jewelry crime, he said. As a result, the jewelry industry received some designated funding from the FBI to look at jewelry crimes, which is beginning to have an impact, he said. "The average major loss in a robbery robbery, in law, felonious taking of property from a person against his will by threatening or committing force or violence. The injury or threat may be directed against the person robbed, his property, or the person or property of his relative or of anyone in his to a jewelry store is about $150,000," Harder said. "The average bank loss in a robbery is about $2,300, and as soon as you have a bank loss, the FBI is involved. The jewelry industry has these large losses, and there was no attention paid to the impact on the industry. We finally convinced both Congress and the FBI that they needed to pay some attention to this industry." Since the lobbying effort was begun, task forces were assembled as·sem·ble v. as·sem·bled, as·sem·bling, as·sem·bles v.tr. 1. To bring or call together into a group or whole: assembled the jury. 2. in major cities, including local forces and the FBI, Harder said. As a result of the efforts of these groups, law-enforcement teams have been able to track and arrest maw more criminals who have been preying on the industry, he said. More than 350 people were arrested and sentenced for crimes against the jewelry, industry in 2003, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the Jewelers' Security Alliance. "We are extremely pleased with our policyholders' security efforts in reducing the number of losses; however, we have another battle to fight--an increase in the severity of losses," said Harder. "The average claim has increased more than 50% in the last five years." Jewelers Mutual's focus has always been on loss prevention, Harder said. The company has created videos on how these losses occur and how to prevent them, he said. Policyholders are provided information pieces on ways to prevent losses and how to spot someone who might be casing then] for a loss, he said. "We spend a lot of money on loss prevention to start with," Harder said. Jewelers Mutual insures any size jeweler, as long as it meets the company's underwriting criteria. "We look at what kind of safe they have and do they have a good alarm system," Harder said. "You have physical security, you have electronic security, and then procedural security, which is the attitude the potential policyholder Policyholder An individual who owns an insurance policy. takes about security itself. It includes how the jeweler displays merchandise and how they show merchandise to the potential customer." Over the past five or six years, the Years, The the seven decades of Eleanor Pargiter’s life. [Br. Lit.: Benét, 1109] See : Time jewelry industry has been hit by what it calls "South American jewelry gangs"--trained, professional criminals who have been attacking jewelry sales people, Harder said. The main target is the jewelry manufacturer or wholesaler who is on the road selling products to retailers, he said. Fast Fact: Jewelers Mutual The niche company's policyholder surplus reached $87.3 million in 2003, a growth of $18.4 million from four years prior. Policyholders' Surplus ($ Millions) 1999 $68.9 2000 $71.7 2001 $70.8 2002 $74.4 2003 $87.3 Source: A.M. Best data |
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