The financial and operational highlights for both Saskatchewan Government Insurance (SGI) Canada and the Saskatchewan Auto Fund have been released, and the numbers are stable and secure from 2018-19.
Joe Hargrave, the minister responsible for SGI, noted that Saskatchewan residents are subject to the lowest personal vehicle insurance rates in the country, and the focus on traffic safety will continue to be an initiative for SGI in the future.
A number of new traffic-related legislations fell into place this year, including changes to the impaired driving restrictions, the addition of ride-sharing companies, and new training standards for semi drivers.
SGI is reporting 1.2 million vehicles and trailers registered in the province, with $849.9 million in claims recorded. Of that, $270.9 million in injury claims were filed, which is a decrease of 0.5 per cent from the previous year. Storm claims from last year total $26.2 million.
Safe Driver Recognition programs saw $149.1 million in discounts last year, and SGI saw $135.8 million in investment earnings.
The other side of SGI’s many insurance programs, SGI Canada, recorded more than 940,000 customers across Canada, and saw a consolidated profit of $48 million and a 9.8 per cent pre-tax return on equity.
There was $919.4 million in premiums written — 40.4 per cent of which were filed outside of Saskatchewan — and $39.8 million in storm claims were filed.
Investment earnings totaled $53.4 million and at 13.4 per cent, the premium growth more than doubled the industry average. The dividend paid to the Crown corporations was $12.5 million.
“I’m very proud of how this Saskatchewan-based company continues to earn profits and achieve growth in an industry where it competes with many national and international insurers,” Hargrave said in a press release.
You can read the full reports online at www.sgicanada.ca or www.sgi.sk.ca.
