MPI posts $91-M profit
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Hey there, time traveller!
This article was published 14/06/2018 (2814 days ago), so information in it may no longer be current.
Manitoba Public Insurance earned a $91-million profit last year, after losing money in three of the previous four years.
MPI faced fewer damage claims, earned more money on its investments, and lowered its total operating costs slightly as it experienced a substantial improvement on its bottom line. The Crown corporation lost $85.2 million in 2016-17.
According to the MPI annual report tabled in the legislature Thursday, the auto insurer saw overall claims costs drop by $72.5 million in 2017-18. Injury claims were down by $67.7 million, and hail-damage claims – worth $8.3 million – were the lowest in the past five years.
The corporation’s total investment income, a concern in recent years, increased to $134.8 million from $96.6 million the previous year.
Total corporate expenses of $239 million were down $400,000 from the previous year.
In December, the Public Utilities Board of Manitoba ordered a 2.6 per cent overall rate increase in vehicle premiums for the current fiscal year. As well, the PUB approved a 1.8 per cent increase from drivers with demerits.
The Crown corporation has yet to file its general rate application with the PUB for next year. It will do that Friday, an MPI spokesman said.
In 2017-18, MPI received 299,518 claims, compared with 303,878 the previous year. The average cost per claim fell to $2,951 from $3,229 in 2016-17.
Of the 299,518 claims made last year, 17,734 were for bodily injury and 281,784 related to property damage. There were 2,439 theft claims reported in Winnipeg, and 772 theft claims reported elsewhere in the province.
The last time MPI made money was in 2014-15, when it showed a profit of $57.6 million.
Benjamin Graham, MPI president and chief executive officer, said the corporation’s insurance rates remain among the lowest in the country.
In Winnipeg, insuring a 2016 Ford F150 XLT SuperCrew truck would cost $1,260, compared with $4,655 in Calgary and $5,164 in Toronto, he said in the annual report. That rate is for a 40-year-old couple and their 16-year-old son, and assumes all have clean driving records.
larry.kusch@freepress.mb.ca