Our Story
Unimutual is proudly member-owned and operated, a principle that guides every aspect of our organisation. Since 1989, we have remained committed to protecting and serving our Members, who are the foundation of our success.
Our journey started with a visionary alliance of six pioneering universities, united in their goal to take control of their risks and cultivate safer communities. This collaboration laid the groundwork for the strong organisation we are today.
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Over three decades ago, commercial insurers withdrew coverage that they could no longer provide economically, leaving universities exposed to their unique risks. In response to the growing uncertainty and rising costs in a challenging market, the higher education sector took the initiative in 1989 to regain control over its own destiny.
Unimutual was established to offer tailored coverage for Australian universities, higher education providers, and associated entities against a range of specific risks, providing a more comprehensive and efficient alternative to traditional commercial insurance. Driven by a desire for greater control over the unique costs and risks faced by higher education institutions, Unimutual continues to deliver a combination of robust coverage, valuable advice, and in-depth sector knowledge that our Members find indispensable. This commitment remains as vital today as it was in 1989.
Unimutual is regulated by the Australian Securities and Investments Commission (ASIC) as a financial services provider of miscellaneous mutual risk products and holds an Australian Financial Services Licence. A condition of the licence is that the mutual must have adjusted assets that are greater than its adjusted liabilities at all times.
In simplest terms, a mutual is owned and run by its members. It exists for the benefit of members who share a common interest. Unlike corporations whose shareholders expect dividends, mutuals use financial profits to reinvest in offers such as competitive pricing and/ or new products and services that cannot be found elsewhere in the market.
In the case of Unimutual, Members are all from the high education and research institutions enabling Unimutual to tailor products and services unique to the sector and to use profits to ensure its protection costs are competitive.
Join us today and discover the benefits – we're here to help and look forward to hearing from you.
Evolution of the mutual
Taking control of your destiny
Over three decades ago, commercial insurers withdrew coverage that they could no longer provide economically, leaving universities exposed to their unique risks. In response to the growing uncertainty and rising costs in a challenging market, the higher education sector took the initiative in 1989 to regain control over its own destiny.
Unimutual was established to offer tailored coverage for Australian universities, higher education providers, and associated entities against a range of specific risks, providing a more comprehensive and efficient alternative to traditional commercial insurance. Driven by a desire for greater control over the unique costs and risks faced by higher education institutions, Unimutual continues to deliver a combination of robust coverage, valuable advice, and in-depth sector knowledge that our Members find indispensable. This commitment remains as vital today as it was in 1989.
Regulated and well supported
Unimutual is regulated by the Australian Securities and Investments Commission (ASIC) as a financial services provider of miscellaneous mutual risk products and holds an Australian Financial Services Licence. A condition of the licence is that the mutual must have adjusted assets that are greater than its adjusted liabilities at all times.
What is a mutual and why it works
In simplest terms, a mutual is owned and run by its members. It exists for the benefit of members who share a common interest. Unlike corporations whose shareholders expect dividends, mutuals use financial profits to reinvest in offers such as competitive pricing and/ or new products and services that cannot be found elsewhere in the market.
In the case of Unimutual, Members are all from the high education and research institutions enabling Unimutual to tailor products and services unique to the sector and to use profits to ensure its protection costs are competitive.
