March 17, 2009 by Canadian Underwriter
More than half (55%) of the 141 insurance companies reporting 2008 year-end data to MSA Research posted an underwriting income loss for the year.
Sixty-eight of the 141 companies reported a combined ratio of 100% or more.
MSA Research has posted a summary of the 2008 year-end results on its Web site. The summary represents 93% of the Canadian property and casualty industry.
A sampling of the 2008 year-end results of individual companies that reported more than Cdn$1 billion in net premiums written include (in alphabetical order):
1) Aviva Insurance Company of Canada
Net Premium Written: Cdn$1.4 billion
Underwriting Income: Cdn$25.6 million loss
Net Income: Cdn$99.3 million
Combined Ratio: 101.96%
2) Co-operators General Insurance Company
Net Premium Written: Cdn$1.4 billion
Underwriting Income: Cdn$74.5 million loss
Net Income: Cdn$62 million
Combined Ratio: 105.5%
3) Dominion of Canada
Net Premium Written: Cdn$1.04 billion
Underwriting Income: Cdn$50.7 million loss
Net Income: Cdn$4 million loss
Combined Ratio: 104.95%
3) Economical Mutual
Net Premium Written: Cdn$1.44 billion
Underwriting Income: Cdn$163.5 million loss
Net Income: Cdn$102 million loss
Combined Ratio: 111.41%
4) ING Insurance Company of Canada (now Intact Insurance)
Net Premium Written: Cdn$1.6 billion
Underwriting Income: Cdn$26.8 million profit
Net Income: Cdn$46.8 million
Combined Ratio: 98.34%
5) Nordic Insurance Company (ING Canada)
Net Premium Written: Cdn$1.4 billion
Underwriting Income: Cdn$22.8 million profit
Net Income: Cdn$6.8 million
Combined Ratio: 98.34%
6) TD Security National Insurance Company
Net Premium Written: Cdn$1.1 billion
Underwriting Income: Cdn$5.6 million profit
Net Income: Cdn$121 million
Combined Ratio: 99.48%
7) State Farm Mutual Auto
Net Premium Written: Cdn$1.26 billion
Underwriting Income: Cdn$280.8 million loss
Net Income: Cdn$65.7 million loss
Combined Ratio: 122.82%
8) Wawanesa Mutual Insurance Company
Net Premium Written: Cdn$1.6 billion
Underwriting Income: Cdn$79.8 million loss
Net Income: Cdn$19 million
Combined Ratio: 105.09%
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