March 22, 2017 by Canadian Underwriter
The Canadian property and casualty insurance industry saw solid results for both direct premiums written (DPW) and net premiums written (NPW) in 2016, but that was countered by big decreases in both net income and underwriting income, note new figures released this week by MSA Research Inc.
The figures reflect year-end 2016 financial data on almost every insurer in Canada, reports MSA Research, a Canadian-owned analytical research firm focused on the Canadian insurance industry.
Net income for 2016 amounted to approximately $2.4 billion, a 54% decrease from 2015, notes the latest industry report, which contains the chart, Summarized Year-End 2016 Canadian P&C Results.
The net income for 2015 was listed in a March 2016 comparable chart at about $5.8 billion.
Also lower in 2016 was underwriting income. This came in at about $484.2 million for the year, down 81% from the total in 2015, MSA Research reports. The 2016 chart for 2015 figures notes underwriting income amounted to approximately $1.8 billion.
In terms of premiums, MSA Research reports that DPW for 2016 amounted to about $53.2 billion, and NPW was approximately $48.3 billion in 2016.
With regard to combined ratio, the latest year-end figures show there was some worsening, with 99.0% in 2016 compared to 94.4% in 2015.