Alberta p&c insurers see strong growth in 2010 H1 income

Alberta-incorporated property and casualty insurers nearly doubled their consolidated net income from $18.3 million in 2009 H1 to $31.9 million in 2010 H1.
The figures reflect results reported by:
• Alberta Motor Insurance Company;
• Canadian Farm Insurance Company;
• Fortress Insurance Company;
• Mennonite Mutual Insurance Company;
• Millennium Insurance Company;
• Peace Hills Insurance Company; and
• Trans Globe Insurance Company.
Peace Hills Insurance Company showed the greatest year-over-year turnaround. The insurer reported a net loss of $503,000 in 2009 H1. That figure surged to a profit of $6.9 million in 2010 H1.
Underwriting income also improved for this group of insurers. In 2009 H1, the group reported a consolidated underwriting income of $9.35 million. That figure grew to $14.5 million in 2010 H1.
Both Peace Hills and Alberta Motor Insurance Company reported significant increases in underwriting income during this period. Alberta Motor Insurance saw its underwriting income roughly triple from $5.4 million in 2009 H1 to $15.9 million in 2010 H1.
Peace Hills turned its 2009 H1 underwriting loss of $2 million in 2009 H1 to an underwriting income of $6.6 million in the first half of 2010.