Personal insurance business in Québec UP in 2003
Organization
Québec City – The premiums collected by personal insurance companies in Québec were up 7.8% to $8.8 billion in 2003, compared with $8.2 billion in 2002.
The figures are taken from the annual report of the Agence nationale d’encadrement financier (also known as the “Autorité des marchés financiers” or “AMF”) on insurance in Québec in 2003, which was tabled in the National Assembly by Finance Minister Yves Séguin.
Premiums collected for accident and health insurance increased by 10.5% and those for annuity products by 10.4% to reach $3.8 billion and $1.5 billion respectively in 2003. Life insurance premiums rose 3.7% to $3.4 billion in 2003.
Benefits and dividends paid by insurers to Québec insureds increased by 5% in 2003 overall. This variation in benefits was reflected differently from one category to another, increasing by 12.7% in accident and health insurance and 2.1% in life insurance, and decreasing by 2.5% in annuity products.
Based on all their activities, net earnings posted by personal insurance companies totalled $5.7 billion during the past year, up 25.1% compared with the 2002 results. In addition, assets in segregated funds held by insurers increased by 15.9% during 2003 to reach $103.9 billion.
Finally, the volume of life insurance in effect in Québec reached $560 billion in 2003, consisting of $320 billion for individual insurance contracts and $240 billion for group insurance contracts. The average amount of coverage per individual insurance contract purchased in Québec totalled $71,912 in 2003, compared with $68,435 in 2002.
The 2003 report on insurance is available in French only free of charge on the AMF website.
| Categories | Premiums collected / 2002 | Premiums collected / 2003 | Premiums collected / variation | Benefits paid / 2002 | Benefits paid / 2003 | Benefits paid / variation |
|---|---|---|---|---|---|---|
| Life insurance | 3,286 | 3,408 | 3.7% | 1,745 | 1,781 | 2.1% |
| Annuities | 1,390 | 1,535 | 10.4% | 1,801 | 1,755 | -2.5% |
| Accident and health insurance | 3,483 | 3,849 | 10.5% | 2,416 | 2,724 | 12.7% |
| TOTAL | 8,159 | 8,792 | 7.8% | 5,962 | 6,260 | 5.0% |
Established on February 1, 2004, the Autorité des marchés financiers (AMF) is the regulatory and oversight body for Québec's financial sector. The AMF consists of the Commission des valeurs mobilières du Québec, the Bureau des services financiers, the Régie de l'assurance-dépôts du Québec, the Fonds d'indemnisation des services financiers and the Inspector General of Financial Institutions.
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Information:
Journalists only:
Barbara Timmins (514) 940-2176
Issuers, dealers, advisers and representatives: (877) 525-0337, dial 9 for English, then dial 1 for industry
Investors: (877) 525-0337, dial 9 for English,then dial 2 for consumers