The news was all good for SGI when they tabled their annual report in the provincial Legislature on Thursday.
Not only are things rosy from a financial perspective, the provincial auto insurance plan reported the lowest number of fatalities ever record in Saskatchewan.
The province has officially exceeded the five-year target of a 30 per cent reduction in injuries and fatalities on roads in Saskatchewan a full year ahead of schedule, with the original plan to see that level of improvement by 2020-21.
Compared to the baseline set in 2015, injuries dropped nearly half — 45 per cent — to a total of 3,850 while fatalities were down 56 per cent to 71. The number of deaths is the lowest ever recorded in Saskatchewan since data tracking started in 1951.
“In 2019, there were historic lows in the number of deaths and injuries on Saskatchewan roads, and the number of people killed as a result of impaired driving deaths was 61 per cent lower than the average over the previous decade,” Minister Responsible for SGI Joe Hargrave said. “While the people of Saskatchewan deserve much of the credit, SGI’s work alongside partners in government, law enforcement, and community organizations has made a significant contribution toward changing driving habits and improving safety on our roads.”
The Saskatchewan Auto Fund — the mandatory vehicle insurance program administered by SGI — also had a solid year.
Some of the highlights include:
- $889.3 million in claims;
- $962.7 million in gross premium written;
- $151.5 million in discounts to customers through the Safe Driver Recognition (SDR) and Business Recognition programs;
- $29.3 million net storm claims.
SGI Canada — which sells property and casualty insurance throughout western Canada — reached a target of $1 billion in direct premiums written, exceeding the plan to reach that level by next year.
“This Saskatchewan-based company has a significant presence throughout the country and is maintaining that profitable growth within a market of tough competitors,” Hargrave said.
Highlights for SGI Canada include.
- $49.9 million net income, with a return on equity of 11.4 per cent pre-tax;
- $54.3 million dividend to government;
- $22.7 million in investment earnings;
- $1 billion in direct premiums written, including $418.9 million (42 per cent) written outside Saskatchewan, achieving SGI Canada’s goal of 40 per cent one year ahead of target;
- $32.5 million in storm claims (all provinces).
SGI Canada now has 970,000 customers across the country.
For more information, visit www.sgi.sk.ca.