Secura (insurance)
| Secura | |
|---|---|
| legal form | Corporation |
| founding | July 22, 1959 |
| resolution | December 31, 1999 |
| Reason for dissolution | takeover |
| Seat | Zurich |
| Branch | Insurance |
The Secura was a Swiss insurance company headquartered in Zurich . It was founded in 1959 by the Federation of Migros Cooperatives (MGB) and taken over by Generali in 1999 .
history
In 1959, the MGB asked its members in a strike vote whether “Migros should intervene in the insurance business to regulate prices”. Of the voting participants, 151,980 answered yes and 15,459 no. A subsidiary was then founded on July 22nd of the same year with share capital of ten million francs. After receiving the license from the Federal Council on September 8, 1959 , it began its business activities.
The insurance cartel that existed in Switzerland at the time and the Federal Insurance Office (from 1978 Federal Office for Private Insurance ) severely restricted Secura's room for maneuver in the early years. On the other hand, in accordance with the Migros principles, she was required to stay away from any industry association that could make price-fixing decisions. The main business area of Secura was initially automobile liability insurance . In this area, it succeeded in breaking the price cartel with low premiums and reimbursements for damage-free driving. In 1977 it was the first Swiss company to introduce the software-based Audatex method for the precise calculation of damage.
In addition, Secura offered “multirisk” policies from the start. These were insurance combinations that previously combined individually insured risks. Due to the weakening cartel, other insurance lines were gradually added (1977 life insurance , 1979 health insurance and 1982 accident insurance ). In the mid-1980s, the sales network comprised 20 business outlets, two dozen advisory offices and nine reporting points for damage. At the beginning of 1999 the Italian group Generali took over 55% of the share capital of Secura, and in mid-1999 the rest as well. On January 1, 2000, Secura was incorporated into the newly founded Generali (Schweiz) Holding AG. MGB held a 10.2% stake in this until it also sold this block of shares to Generali in April 2006 and thus finally withdrew from the insurance business.
Individual evidence
- ^ Alfred A. Häsler : The Migros Adventure. The 60 year old idea . Ed .: Federation of Migros Cooperatives. Migros Presse, Zurich 1985, p. 328 .
- ^ Häsler: The Swiss Adventure. Pp. 223-224.
- ^ Häsler: The Swiss Adventure. P. 224.
- ↑ Secura integration is going well - Generali (Switzerland) gains market share. Finanz und Wirtschaft , September 18, 1999, accessed November 9, 2019 .
- ↑ Migros will accept the Generali offer. presseportal.ch, April 7, 2006, accessed on November 9, 2019 .