Saskatchewan Government Insurance drew on its reserve funds despite a mild storm season and strong investment returns, according to its annual report released Monday."In 2023-24, SGI continued to deliver stable and affordable auto insurance rates for Saskatchewan families and businesses," Minister Responsible for SGI Dustin Duncan said in a news release."SGI also enhanced its commitment to making roads safer through their expanding portfolio of impaired and distracted driving awareness campaigns."The Saskatchewan Auto Fund is the self-sustaining compulsory auto insurance plan administered by SGI on behalf of the province. The Auto Fund operates on a break-even basis over time. SGI's financial results benefited from a mild storm season, along with a better-than-expected performance by its investment portfolio. Overall, the Auto Fund's financial position continues to be stable. With the global market continuing to experience supply chain issues, there were higher costs for replacement vehicles and parts, which contributed to increased claim costs.Other Auto Fund highlights for 2023-24 include:$1.096 billion in total claims incurred;$1.078 billion in gross premium written;$173.1 million in discounts to customers through the Safe Driver Recognition and Business Recognition programs;$183.5 million in investment earnings;SGI achieved its highest Customer Experience Index score of 77 out of 100;SGI's repair partners also gave SGI high marks with Collision Repair Magazine awarding SGI an "A" overall for body shop relations, payment timeliness and dispute management;$924.9 million in the Rate Stabilization Reserve, which remains at adequate levels even with a $70.3 million reduction in 2023-24.The Provincial Traffic Safety Fund Grant program awarded $2.8 million in grants to 161 Saskatchewan community projects for road safety improvements. SGI CANADA is the competitive side of SGI, which offers property and casualty insurance in the provinces of Saskatchewan, Alberta, Manitoba, Ontario and British Columbia. SGI CANADA sells products through a network of over 320 brokers who operate in more than 1,800 locations.SGI CANADA delivered a strong and stable financial performance throughout 2023-24, resulting in an overall net income of $78.1 million. This is due to robust investment earnings totalling $114.8 million. Other SGI CANADA highlights in 2023-24:$78.1 million net income;$95.3 million insurance service result;$114.8 million in investment earnings;$53.6 million in net catastrophe claims loss;An overall premium growth rate of 8.2% in 2023-24; SGI CANADA invested over $565,000 in sponsorships throughout the 2023-24 fiscal year. Sponsored initiatives focused on safety, security and diversity.SGI CANADA pledged $1.5 million over the next decade to the University of Regina to support undergraduate programming in data science. The premise is to foster innovation and develop Saskatchewan's skilled insurance professionals of the future. To see SGI's full annual reports, visit:Auto Fund - www.sgi.sk.ca.SGI CANADA - www.sgicanada.ca.
Saskatchewan Government Insurance drew on its reserve funds despite a mild storm season and strong investment returns, according to its annual report released Monday."In 2023-24, SGI continued to deliver stable and affordable auto insurance rates for Saskatchewan families and businesses," Minister Responsible for SGI Dustin Duncan said in a news release."SGI also enhanced its commitment to making roads safer through their expanding portfolio of impaired and distracted driving awareness campaigns."The Saskatchewan Auto Fund is the self-sustaining compulsory auto insurance plan administered by SGI on behalf of the province. The Auto Fund operates on a break-even basis over time. SGI's financial results benefited from a mild storm season, along with a better-than-expected performance by its investment portfolio. Overall, the Auto Fund's financial position continues to be stable. With the global market continuing to experience supply chain issues, there were higher costs for replacement vehicles and parts, which contributed to increased claim costs.Other Auto Fund highlights for 2023-24 include:$1.096 billion in total claims incurred;$1.078 billion in gross premium written;$173.1 million in discounts to customers through the Safe Driver Recognition and Business Recognition programs;$183.5 million in investment earnings;SGI achieved its highest Customer Experience Index score of 77 out of 100;SGI's repair partners also gave SGI high marks with Collision Repair Magazine awarding SGI an "A" overall for body shop relations, payment timeliness and dispute management;$924.9 million in the Rate Stabilization Reserve, which remains at adequate levels even with a $70.3 million reduction in 2023-24.The Provincial Traffic Safety Fund Grant program awarded $2.8 million in grants to 161 Saskatchewan community projects for road safety improvements. SGI CANADA is the competitive side of SGI, which offers property and casualty insurance in the provinces of Saskatchewan, Alberta, Manitoba, Ontario and British Columbia. SGI CANADA sells products through a network of over 320 brokers who operate in more than 1,800 locations.SGI CANADA delivered a strong and stable financial performance throughout 2023-24, resulting in an overall net income of $78.1 million. This is due to robust investment earnings totalling $114.8 million. Other SGI CANADA highlights in 2023-24:$78.1 million net income;$95.3 million insurance service result;$114.8 million in investment earnings;$53.6 million in net catastrophe claims loss;An overall premium growth rate of 8.2% in 2023-24; SGI CANADA invested over $565,000 in sponsorships throughout the 2023-24 fiscal year. Sponsored initiatives focused on safety, security and diversity.SGI CANADA pledged $1.5 million over the next decade to the University of Regina to support undergraduate programming in data science. The premise is to foster innovation and develop Saskatchewan's skilled insurance professionals of the future. To see SGI's full annual reports, visit:Auto Fund - www.sgi.sk.ca.SGI CANADA - www.sgicanada.ca.
