Growth in Québec damage insurance in 2007
Organization Insurance
Montréal – The Autorité des marchés financiers (AMF) has released the 2007 report on insurance following its tabling today in the Québec National Assembly by Minister of Finance Monique Jérôme-Forget. The report notes that damage insurers with a licence to operate in Québec wrote premiums for a total of $7.336 billion in Québec in 2007, compared with $7.084 billion in 2006, reflecting a 3.6% increase in each class of insurance.
Automobile and property insurance premiums posted combined growth of 3%, up nearly $172 million from 2006. Respectively, total premiums in these classes stood at $3.084 billion and $2.840 billion. With regard to liability and other classes of insurance, premiums rose 6%, an increase of $80 million over 2006, to $908 million and $504 million respectively.
The report also states that in terms of claims, insurers licensed to operate in Québec paid policyholders a total of $3.956 billion in 2007, down 10.4% from 2006. Based on activities across Canada in 2007, net earnings of damage insurers licensed to operate in Québec fell from $5.413 billion in 2006 to $5.034 billion in 2007, or a decrease of 7%.
| CLASS OF INSURANCE | PREMIUMS WRITTEN / 2006 | CLASS OF INSURANCE / 2007 | CLASS OF INSURANCE / VARIATION | CLAIMS / 2006 | CLAIMS / 2007 | CLAIMS / VARIATION |
|---|---|---|---|---|---|---|
| Automobile | 3,051 | 3,084 | 1.1% | 1,797 | 1,857 | 3.3% |
| Property | 2,701 | 2,840 | 5.2% | 1,916 | 1,508 | -21.3% |
| Liability | 879 | 908 | 3.3% | 547 | 435 | -20.4% |
| Other | 453 | 504 | 11.3% | 158 | 156 | -1.2% |
| Total | 7,084 | 7,336 | 3.6% | 4,417 | 3,956 | -10.4% |
The 2007 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.
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