The Minister Responsible for SGI says despite the economic impact of COVID-19, the Crown Corporation’s investment portfolio is well managed and diversified which contributes to the Auto Fund’s rate stabilization reserve, and that means no rate increases this year.
Joe Hargrave says net income for SGI Canada was $49.9-million after a loss of just over $43-hundred in the 4th quarter of the fiscal year because of the pandemic.
He explains that as people began working from home, some decided to de-register their vehicles and keep just enough insurance for theft or damage, but with the economy opening up, more people are using their vehicles again.
The dividend to the province for the fiscal year was $54.3-million.

Auto Fund highlights include the lowest number of fatalities ever recorded on Saskatchewan roads in 2019 at 21.
Minister Hargrave commented on the efforts to keep people from driving impaired, with stricter penalties beginning back in 2016, and more recently education for Grades 4 to 6 with the SmartWheels bus.
He believes educating young children will instill the message for when they are older and beginning to drive.

Auto Fund highlights for 2019-2020 include:

– the lowest number of fatalities ever recorded on Saskatchewan roads;

– $889.3 million in claims;

– $962.7 million in gross premium written;

– $151.5 million in discounts to customers through the Safe Driver Recognition (SDR) and Business Recognition programs;

– $29.3 million net storm claims;

– harsher penalties for distracted driving legislation took effect; SGI CANADA sells property and casualty insurance in the competitive markets of Saskatchewan, Alberta, Manitoba, Ontario and British Columbia.

Highlights for SGI CANADA in 2019-2020 include:

– $49.9 million net income, with a return on equity of 11.4 per cent pre-tax;

– $54.3 million dividend to government;

– $22.7 million in investment earnings;

– $1 billion in direct premiums written, including $418.9 million (42 per cent) written outside Saskatchewan, achieving SGI CANADA s goal of 40 per cent one year ahead of target;

– $32.5 million in storm claims (all provinces);

more than 970,000 customers across Canada.