Insurance cooperatives are member-owned organizations that provide insurance coverage to their members. Unlike traditional insurance companies, which aim to make a profit, cooperatives focus on serving their members' needs. Members pool their resources to share risks and costs, making insurance more affordable and accessible. These cooperatives often emphasize community involvement and mutual support. Members typically have a say in decision-making processes, which fosters a sense of ownership and accountability. By working together, members can benefit from lower premiums and better services, while also promoting financial stability within their communities.