Manitoba Public Insurance reports lower net income, lower Basic rates coming
Manitoba Public Insurance has reported net income of $36.9 million for the nine months ended November 30, 2011 compared to net income of $89.4 million for the same period last year. This includes net income of $11.3 million (2010 – net income of $72.5 million) from the Basic insurance line of business.
“After three quarters of the year our revenue, claims costs and investment income are within expectations,” said Marilyn McLaren, President and CEO, Manitoba Public Insurance.
“Mild weather has not resulted in a decrease in claims frequency,” McLaren added. “Motorists must continue to drive responsibly and avoiding collisions during the final quarter which is usually a difficult period of time for driving.”
McLaren says Manitobans continue to benefit from the public automobile insurance system. On December 2, 2011, the Public Utilities Board released its ruling on the Corporation’s rate application for the 2012/13 fiscal year. Effective March 1, 2012, overall average Basic insurance rates will decrease by 8.0 per cent from the previous year.
