Alberta incorporated insurers showed signs of recovery in 2009

Alberta incorporated property and casualty companies reported a collective net income of $40.7 million in 2009, marking an improvement from 2008’s consolidated net income of $29 million, according to postings by Alberta’s Superintendent of Insurance.
The figures include:
• Alberta Motor Insurance Company;
• Canadian Farm Insurance Corp;
• Fortress Insurance Company;
• Millenium Insurance Company;
• Peace Hills Insurance Company; and
• Trans Global Insurance Company.
Mennonite Insurance Company will post its results in April.
Last year one insurer, Canadian Farm Insurance Corp., posted a loss of $2.9 million. In 2008, two insurers posted net losses – Canadian Farm Insurance Corp. and Peace Hills posted losses of $916,000 and $1.5 million, respectively.
The group of insurers posted a collective underwriting income of $137 million in 2009, marking an improvement from 2008’s underwriting income of $30 million.
Notably, Peace Hills’ improved from an underwriting loss of $3 million in 2008 to an underwriting income of 2.6 million last year.
Canadian Farm Insurance Corp. was the only insurer to post an underwriting loss in 2009 ($3.3 million), marking a deterioration from the underwriting loss of $946, 000 reported in 2008.
Investment income for the group of insurers saw major gains in 2009. The group reported a collective investment income of $22.9 million last year, marking an improvement from 2008’s collective investment income of $12.59 million.
In 2009, none of the insurers posted investment losses. In 2008, Fortress, Millenium and Peace Hills posted investment losses of $56,000, $154,000 and $3.4 million, respectively.