Canadian P&C companies report profit of $4.53 billion in 2011: MSA Research

Canadian property and casualty (P&C) companies reported a profit of $4.53 billion in 2011, according to figures released by MSA Research Inc.

MSA Research’s aggregate industry totals are derived from the individual results of 220 Canadian property and casualty insurers.

Overall, the industry wrote $48.5-billion worth of premiums in 2011 (up 7% from 2010), according to MSA. It paid out $32.04 billion in net incurred claims (up 6% from 2010).

On the whole, the industry recorded an underwriting profit of $368.7 million in 2011. Its 2011 loss ratio of 71% remained the same as it was in 2010, and its combined ratio decreased to 99% in 2011 from 100% in 2010.

Net investment income for the industry dropped 5% in 2011, down to $4.5 billion.

The five companies with the highest underwriting profits included Genworth Financial Mortgage Insurance Canada ($289.1 million), Lloyd’s Underwriters ($206.9 million), AXA Assurances Inc. ($190.9 million), Zurich Insurance Company Ltd. ($90 million) and Intact Insurance Company ($81.9 million).

Intact acquired AXA Assurances Inc. in September 2011, and acquisition-related adjustments were not reflected in the data at year-end 2011.