Canadian P&C insurers’ financial results rebounding after 2008, SCOR Report suggests

After the market crash that was 2008, financial results published in the SCOR Report 2009 suggests nine Canadian property and casualty insurers appear to be very much on the rebound in 2009.
The SCOR Report 2009 shows both the individual and collective performances of nine Canadian P&C insurers: Allstate Insurance Company of Canada, BCAA Insurance Corporation, CAA Insurance (Ontario), Desjardins Group, Industrial Alliance, P.E.I. Mutual Insurance, Pafco Insurance Company, Pembridge Insurance Company and Sovereign General.
Collectively, these insurers rebounded from a total net income of just $11.8 million in 2008 (down from $275.5 million in 2007), to a total collective net income of about $206 million in 2009.
Additionally, the companies saw their underwriting results recover from a $51.5-million loss in 2008 to a $60.1-million underwriting profit in 2009. (This compares to the companies’ collective $152.3-million profit in 2007.)
Investment income for these companies similarly rebounded — from $82.6 million in 2008, back up to $183.4 million in 2009. [This was not quite back up to the $248.8-million level of investment income for these companies in 2007.]
All of this happened while net premiums written for the nine companies continued to steadily climb year over year — from $2.53 billion in 2007 to $2.68 billion in 2009.
Loss ratios for these companies bounced from 67.3% in 2007 up to 72.6% in 2008, and back down to 68.7% in 2009.