Saskatchewan-licensed insurers see 20% increase in loss ratios between 2009 and 2010

Saskatchewan property and casualty insurers saw a 20% increase in their loss ratios between 2009 and 2010, from 58.4% to 70.1%, reported the province’s Superintendent of Insurance in its 2010 Statistical Report.
Overall, Saskatchewan property and casualty insurers saw an 8% increase in premiums written between 2009 and 2010, from $2.07 billion to $2.23 billion.
The collective loss ratio in property lines spiked from 45.7% to 81.4% from 2009 to 2010. Insurers with the highest loss ratios in this line include St. Paul Fire and Marine (455%); Unifund Assurance Company (202.5%); and Asset Protection Insurance Exchange (170.8%).
Other lines experiencing significant increases in loss ratios include:
•hail insurance: the loss ratio increased from 13.9% in 2009 to 60.5% in 2010;
•guarantee insurance: the loss ratio increased from 9.7% to 55.4% year-over-year; and
•liability insurance: the collective loss ratio more than doubled from 30.1% to 62.6% between 2009 and 2010.
Automobile accident lines saw a decreased loss ratio, dropping from 90.9% in 2009 to 85.9% in 2010.
Marine lines also saw a significant drop, from 134.2% in 2009 to 40.8% in 2010.