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Spreading the Risks, Sharing Rewards OMEX is an insurance reciprocal. That means its members pool or exchange their insurance coverage and share in both the risks and rewards on a basis determined by the members. Reciprocals are a proven and popular insurance concept among organizations that share a common interest. Today, reciprocals insure Ontario hydro-electric commissions, the majority of the province's school boards, and many of the hospitals and universities across Canada. Municipal corporations in British Columbia and Nunavut are also experiencing great success with a reciprocal. As a reciprocal, we do everything you expect from an insurance company. We issue policies; charge premiums; purchase reinsurance; process claims and ensure adequate reserves are in place to pay future losses; and, provide risk management and loss control advice. All of this is done under the watchful scrutiny of the Financial Services Commission of Ontario and the Insurance Bureau of Canada. To help you understand OMEX's operations, we publish an Annual Report that includes information on our financial position and management initiatives. Not-for-Profit insurer
OMEX focuses on cost effective, stable pricing. We are a lean organization with a single-purpose focus. We have no need of, nor do we pay for, elaborate overhead or expensive head office space in a trophy building. As well, we do not have to pay out profits to shareholders or hefty commissions to sales staff. Tax-free, pro-active investment of funds
It can take as long as seven years to settle a major claim. We ensure that all funds reserved for claims are put to productive use by being invested in low-risk, high-yield securities. This provides a tax-free income stream to further reduce member expenses. Financial health
OMEX follows conservative reserving practices. Our financial stability is closely monitored by management, the Board of Directors, the Audit Committee, our independent auditor and actuary as well as the insurance regulators (FSCO). In that way, we ensure that we have adequate reserves in place to pay future claims liabilities and protect the financial health of the Reciprocal and its members. Why OMEX? OMEX has experience with all levels and sizes of municipalities from large regional governments to rural townships with populations ranging from under 1,000 to over 1,000,000. Leveraging this understanding of municipal risks, we deliver to municipalities: Municipal-focused Underwriting
Our underwriting principles are managed and monitored annually to ensure competitive and fair pricing. "Fair weather" insurers often exit the marketplace when risks are no longer profitable leaving their insureds to scramble for coverage alternatives. We, at OMEX, are here for the "long-haul" and are committed to continuing to serve Ontario municipalities. Competitive Pricing
Your OMEX premium does not include a profit margin and your insurances rates simply reflect the "true cost of claims". This allows us to provide more competitive pricing and stability over the long term. Breadth of Coverage for your Taxpayers
Your municipality will attain a broad insurance program with a structure quite different from competitors' programs with insurance policies tailored to municipalities' unique and complex needs. Over the years, we have identified the coverages essential to your operations and have included them in the program we offer. Some of these coverages are unique to OMEX. Risk Control
This is fundamental to the services we provide. All OMEX members have direct access to a risk management advisor on OMEX staff. Efforts are made at OMEX to help our members identify, measure and understand their risks. We assist in evaluating opportunities for improvement and implementing solutions for the benefit of the entire membership. This enhances your ability, and ours, to directly benefit your community by utilizing solutions at the lowest cost of risk possible. Because we are a direct writer of insurance we can evaluate the benefit of transferring the risk or managing it within the municipality. Service Philosophy
Service is a top priority, and we ensure that you have direct access to every member of your OMEX team. We are unlike other insurers in that our members have the ability to directly influence the insurance program and services we offer through member consultation at our Annual General Meeting, our Fall Member Workshop or by simply picking up the phone and expressing your ideas to a member of the OMEX team. We value your input.
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