Organization Insurance

Montréal – The Autorité des marchés financiers (AMF) today released the 2006 report on insurance. It notes that damage insurers with a licence to operate in Québec wrote premiums for a total of $7.1 billion in Québec in 2006, equalling the value of the premiums written in 2005.

The report, which was tabled today in the National Assembly by Minister of Finance Monique Jérôme-Forget, indicates that all categories were stable, with only slight variations noted. Automobile and property insurance premiums posted a combined growth of 0.5%, up just over $27 million from 2005. Respectively, total premiums in these categories for 2006 stood at $3.1 billion and $2.7 billion. With respect to liability and other categories of insurance, premiums amounted to $879 million and $453 million respectively in 2006, for a combined decline of 0.8%, or approximately $10 million.

Furthermore, with regard to claims, insurers licensed to operate in Québec paid policyholders a total of $4.4 billion in 2006, up 4.5% over 2005.

Based on their activities across Canada, net earnings of damage insurers licensed to operate in Québec rose from $3.9 billion in 2005 to $5.4 billion in 2006, for an increase of 38.6%. This growth in net earnings was in part due to an increase of $1.3 billion in insurance activity and higher investment income, which was up $378 million.

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PREMIUMS WRITTEN AND CLAIMS RECEIVED BY DAMAGE INSURERS IN QUÉBEC IN 2005 AND 2006
(in millions of dollars)
CATEGORIESPREMIUMS WRITTEN - 2005PREMIUMS WRITTEN - 2006PREMIUMS  WRITTEN - VARIATIONCLAIMS - 2005CLAIMS - 2006CLAIMS - VARIATION
Property2,6367,0672.4%1,8381,9164.2%
Automobile3,0883,051-1.2%1,7711,7971.5%
Liability910879-3.3%45354720.7%
Other4334534.6%165158-4.4%
Total7,0677,0840.2%4,2274,4174.5%

The 2006 report on insurance is available (in French only) on the AMF website.

The Autorité des marchés financiers (AMF) is the regulatory and oversight body for Québec's financial sector.

Information :

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Frédéric Alberro (514) 940-2176

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