Folksam
Encyclopedia
Folksam is one of the largest insurance
companies in Sweden
. The company headquarters are located in Stockholm
. Folksam consists of the two mutual insurance
companies Folksam sak and Folksam liv. Folksam is today a Swedish insurance company only, after the sale in 2001 of the English subsidiary Folksam International.
Folksam is closely connected to the cooperative
and trade union organizations in Sweden and it was started in 1908 as an insurance branch of Kooperativa Förbundet, KF, the main cooperative retail organisation. The original company (Samarbete, Swedish for cooperation) was a mutual fire insurance company. In 1914, the second branch, a mutual life insurance company, was opened under the name of Folket (the people). The two names were used together in marketing and in 1946 they were contracted into one name: Folksam.
Insurance
In law and economics, insurance is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for payment. An insurer is a company selling the...
companies in Sweden
Sweden
Sweden , officially the Kingdom of Sweden , is a Nordic country on the Scandinavian Peninsula in Northern Europe. Sweden borders with Norway and Finland and is connected to Denmark by a bridge-tunnel across the Öresund....
. The company headquarters are located in Stockholm
Stockholm
Stockholm is the capital and the largest city of Sweden and constitutes the most populated urban area in Scandinavia. Stockholm is the most populous city in Sweden, with a population of 851,155 in the municipality , 1.37 million in the urban area , and around 2.1 million in the metropolitan area...
. Folksam consists of the two mutual insurance
Mutual insurance
A mutual insurance company is an insurance company which has no shareholders but instead is owned entirely by its policyholders. The primary form of financial business set up as a mutual company in the United States has been mutual insurance. Under this idea, what would have been profits are...
companies Folksam sak and Folksam liv. Folksam is today a Swedish insurance company only, after the sale in 2001 of the English subsidiary Folksam International.
Folksam is closely connected to the cooperative
Cooperative
A cooperative is a business organization owned and operated by a group of individuals for their mutual benefit...
and trade union organizations in Sweden and it was started in 1908 as an insurance branch of Kooperativa Förbundet, KF, the main cooperative retail organisation. The original company (Samarbete, Swedish for cooperation) was a mutual fire insurance company. In 1914, the second branch, a mutual life insurance company, was opened under the name of Folket (the people). The two names were used together in marketing and in 1946 they were contracted into one name: Folksam.