Alberta incorporated P&C insurers show signs of growth in 2010

Alberta incorporated property and casualty insurers showed strong signs of growth in 2010, with an increase in collective net income growing from $40.7 million in 2009 to $63.1 million in 2010, according to postings by Alberta’s Superintendent of Insurance.The figures include:• Alberta Motor Insurance Company;• Canadian Farm Insurance Corp;• Fortress Insurance Company;• Millenium Insurance Company;• Peace Hills Insurance Company; and• Trans Global Insurance Company.Only one insurer posted a net loss in 2010, Canadian Farm Insurance Corp. But, the size of the net loss in 2010 reported by Canadian Farm Insurance Corp has decreased from 2009’s loss of $2.9 million to a loss of $893,000 in 2010.Canadian Farm was also one of two insurers to post an underwriting loss in 2010, Fortress Insurance Company was the other. While Canadian Farm’s underwriting loss shrank from a loss of $3.3 million in 2009 to a loss of $1.1 million in 2010, Fortress reported an increase in underwriting loss from 2009 to 2010 (loss of $821,000 and loss of $2 million, respectively.Collectively, the group of insurers posted an underwriting income of $48.2 million in 2010, marking an improvement from 2009’s underwriting income of $32.3 million.Investment income also showed signs of improvement for the group, growing from $21.65 million in 2009 to $36.8 million in 2010. Notably, Peace Hills Insurance showed the strongest signs of growth in 2010. Its net income ballooned form 2009’s $3.2 million to $12.4 million in 2010. The insurer saw significant gains in both its investment income and underwriting income. In 2010 it reported an investment income of $7.1 million (compared to $2 million in 2009) and an underwriting income of $10.5 million (compared to $2.6 million in 2009).