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Majority of Canadian P&C market reports 2008 underwriting loss: MSA Research


March 17, 2009   by Canadian Underwriter


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More than half (55%) of the 141 insurance companies reporting 2008 year-end data to MSA Research posted an underwriting income loss for the year.
Sixty-eight of the 141 companies reported a combined ratio of 100% or more.
MSA Research has posted a summary of the 2008 year-end results on its Web site. The summary represents 93% of the Canadian property and casualty industry.
A sampling of the 2008 year-end results of individual companies that reported more than Cdn$1 billion in net premiums written include (in alphabetical order):

1) Aviva Insurance Company of Canada
Net Premium Written:  Cdn$1.4 billion
Underwriting Income:  Cdn$25.6 million loss
Net Income:  Cdn$99.3 million
Combined Ratio:  101.96%

2) Co-operators General Insurance Company
Net Premium Written:  Cdn$1.4 billion
Underwriting Income:  Cdn$74.5 million loss
Net Income:  Cdn$62 million
Combined Ratio: 105.5%

3) Dominion of Canada
Net Premium Written:  Cdn$1.04 billion
Underwriting Income:  Cdn$50.7 million loss
Net Income:  Cdn$4 million loss
Combined Ratio:  104.95%

3) Economical Mutual
Net Premium Written:  Cdn$1.44 billion
Underwriting Income:  Cdn$163.5 million loss
Net Income:  Cdn$102 million loss
Combined Ratio:  111.41%

4) ING Insurance Company of Canada (now Intact Insurance)
Net Premium Written:  Cdn$1.6 billion
Underwriting Income:  Cdn$26.8 million profit
Net Income:  Cdn$46.8 million
Combined Ratio:  98.34%

5) Nordic Insurance Company (ING Canada)
Net Premium Written: Cdn$1.4 billion
Underwriting Income:  Cdn$22.8 million profit
Net Income: Cdn$6.8 million
Combined Ratio:  98.34%

6) TD Security National Insurance Company
Net Premium Written:  Cdn$1.1 billion
Underwriting Income:  Cdn$5.6 million profit
Net Income:  Cdn$121 million
Combined Ratio: 99.48%

7) State Farm Mutual Auto
Net Premium Written:  Cdn$1.26 billion
Underwriting Income:  Cdn$280.8 million loss
Net Income:  Cdn$65.7 million loss
Combined Ratio:  122.82%

8) Wawanesa Mutual Insurance Company
Net Premium Written:  Cdn$1.6 billion
Underwriting Income:  Cdn$79.8 million loss
Net Income:  Cdn$19 million
Combined Ratio:  105.09%


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