Record Year for Traffic Safety; Growth Targets Achieved Ahead of Schedule
SGI’s 2019-20 Annual Reports Tabled Today
SGI’s annual reports - tabled today in the provincial Legislature - tell the story of a company that remains financially stable. An important milestone was achieved in SGI’s mandate to improve traffic safety throughout the province.
“In 2019, there were historic lows in the number of deaths and injuries on Saskatchewan roads, and the number of people killed as a result of impaired driving deaths was 61 per cent lower than the average over the previous decade,” Minister Responsible for SGI Joe Hargrave said. “While the people of Saskatchewan deserve much of the credit, SGI’s work alongside partners in government, law enforcement, and community organizations has made a significant contribution toward changing driving habits and improving safety on our roads.”
The Saskatchewan Auto Fund is the self-sustaining, compulsory auto insurance plan administered by SGI on behalf of the province.
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.
In 2019-2020, SGI CANADA remained financially stable; a result of continued excellence and profitable growth - growth that allowed the company to achieve strategic goals ahead of schedule.
“SGI CANADA surpassed its target of $1 billion direct premiums written, and did so a year early,” Hargrave said. “The company also reached and exceeded its target of 40 per cent of premium written outside of Saskatchewan before its target of 2020-21. This Saskatchewan-based company has a significant presence throughout the country and is maintaining that profitable growth within a market of tough competitors.”
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;
- introducing a customer data tool that provides quality feedback from claims customers, that allows SGI CANADA to act and evaluate how customers are being served and provide them a better experience; and
- introducing technology to allow brokers to exchange data with us in real time using their broker management system to quote, submit and issue SGI CANADA policies.