Damage insurance business in Quebec stable in 2005
Insurance
Québec City – In 2005, private damage insurers collected $7.1 billion in premiums in Québec, almost the same level as the $7.0 billion in the previous year. The damage insurance business in Québec was therefore stable in 2005.
These figures are taken from the annual report of the Autorité des marchés financiers (AMF) on insurance in Québec in 2005, which was tabled recently in the National Assembly by Finance Minister Michel Audet.
Each category of damage insurance posted only slight variations. Premium income in the “Automobile” and “Property” insurance categories rose a combined 1.2%, or almost $68 million over 2004, to $3.1 billion and $2.6 billion respectively in 2005. With respect to liability and other categories of insurance, premiums fell a combined 1.3%, or $18 million from 2004, to $910 million and $433 million respectively in 2005.
The report also states that in terms of losses, insurers paid $4.2 billion in 2005 to Québec policyholders, up 10.7% from 2004.
Based on overall activities, damage insurers also posted stable results in terms of net earnings, which stood at $3.9 billion in 2005, compared with $4.0 billion in 2004. Net earnings remained fairly level despite a decline of $693 million in operating results. The decline was largely offset by a $580-million increase in investment income.
The 2005 report on insurance is available free of charge (in French only) on the AMF website.
The AMF is the regulatory and oversight body for Québec’s financial sector.
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Information:
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Frédéric Alberro (514) 940-2176
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Consumers and investors: (877) 525-0337, choose option 9 for English, then 8 for consumers