Saskatchewan Government Insurance says thanks to a mild storm season last year as well as healthy investment returns, the SGI Auto Fund was able to deliver stable financials for 2023-24.  The Auto Fund operates on a break-even basis over time.

SGI’s investment portfolio performed better than expected, with earnings of $183.5 million.  The Rate Stabilization Reserve experienced loss of $70.3 million which SGI’s annual report indicates was mostly because of inflation with the global market continuing to experience supply chain issues which meant higher costs for auto replacement parts.

There was $173.1 million in discounts to customers through the Safe Driver Recognition and Business Recognition programs but the annual report which was released Monday does say the Auto Fund does face challenges with claim costs being the majority of the Auto Fund’s costs. Over the last 10 years, auto damage claim costs have increased at an average annual rate of 6.5 per cent, while personal injury costs have increased at 2.7 per cent annually on average.

The Provincial Traffic Safety Fund Grant program also awarded $2.8 million in grants to 161 Saskatchewan community projects for road safety improvements.  reduction in traffic collisions in 2023, along with fewer people hurt or killed.

Other highlights in the annual report include:

• $1.096 billion in total claims incurred.
• $1.078 billion in gross premium written.
• SGI achieved its highest Customer Experience Index score of 77 out of 100.
• SGI’s repair partners also gave SGI high marks with Collision Repair Magazine awarding SGI an “A” overall
• $924.9 million in the Rate Stabilization Reserve, which remains at adequate levels even with a $70.3 million reduction in 2023-24

SGI Canada, which is the competitive side of SGI, and offers property and casualty insurance in several provinces realized an overall net income of $78.1 million in 2023-24 due in part to investment earnings.

Other SGI CANADA highlights in 2023-24:

• $95.3 million insurance service result.
• $114.8 million in investment earnings.
• $53.6 million in net catastrophe claims loss.
• An overall premium growth rate of 8.2 per cent in 2023-24.
• SGI CANADA invested over $565,000 in sponsorships throughout the 2023-24 fiscal year focused on safety, security and diversity.
• SGI CANADA pledged $1.5 million over the next decade to the University of Regina to support undergraduate programming in data science with the goal of developing future skilled insurance professionals in the province.