Folksam is one of the largest
insurance
Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management, primarily used to hedge ...
companies in
Sweden
Sweden, formally the Kingdom of Sweden,The United Nations Group of Experts on Geographical Names states that the country's formal name is the Kingdom of SwedenUNGEGN World Geographical Names, Sweden./ref> is a Nordic country located on ...
. The company headquarters are located in
Stockholm
Stockholm () is the Capital city, capital and List of urban areas in Sweden by population, largest city of Sweden as well as the List of urban areas in the Nordic countries, largest urban area in Scandinavia. Approximately 980,000 people liv ...
. Folksam consists of the two
mutual insurance
A mutual insurance company is an insurance company owned entirely by its policyholders. Any profits earned by a mutual insurance company are either retained within the company or rebated to policyholders in the form of dividend distributions or re ...
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
A cooperative (also known as co-operative, co-op, or coop) is "an autonomous association of persons united voluntarily to meet their common economic, social and cultural needs and aspirations through a jointly owned and democratically-control ...
and trade union organizations in Sweden and it was started in 1908 as an insurance branch of
Kooperativa Förbundet
KF ( sv, Kooperativa Förbundet, "Co-operative Union") is a federation of consumer co-operatives in Sweden and a retail group, with groceries as its core business.
History
KF was founded in 1899 by 41 local consumer co-operatives in order to s ...
, 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.
External links
Folksam
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Insurance companies of Sweden
Cooperatives in Sweden
Companies based in Stockholm
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