SGI finances 'stable' in 2018/19 fiscal year, province says
Published Tuesday, July 9, 2019 11:02AM CST
Last Updated Tuesday, July 9, 2019 6:35PM CST
Saskatchewan Government Insurance released its annual report on Tuesday, saying finances remained ‘stable’ over the last fiscal year.
The Saskatchewan Auto Fund, the compulsory auto insurance plan administered by SGI on behalf of the province, had $894.9 million in claims. There was $956.5 million in gross premium written, and $149.1 million in discounts to customers in the Safe Driver Recognition program and Business Recognition program through the fiscal year.
“Saskatchewan residents now enjoy, on average, the lowest overall personal vehicle insurance rates in Canada,” Minister Responsible for SGI Joe Hargrave said in a release. “Our government and the Auto Fund remain committed to a continued focus on traffic safety, and a number of initiatives implemented over the past year will make Saskatchewan’s roads safer for everyone who uses them.”
The report also highlights some changes to laws including new impaired driving legislation, the introduction of ridesharing to Saskatchewan, and permanent photo speed enforcement.
Meanwhile, SGI Canada, the competitive side of SGI’s operations that offers property and casualty insurance in Saskatchewan and other provinces, made $48 million in profits with a $12.5 million dividend to the Crown Investments Corporation.
The crown corporation also had $919.4 million in premiums written, with over a 40 per cent being written outside Saskatchewan.
SGI Canada now has over 940,000 customers across Saskatchewan, Manitoba, Alberta, Ontario, and British Columbia.