Alberta p&c insurers see strong growth in 2010 H1 income

Alberta-incorporated property and casualty insurers nearly doubled their consolidated net income from $18.3 million in 2009 H1 to $31.9 million in 2010 H1.The figures reflect results reported by:• Alberta Motor Insurance Company;• Canadian Farm Insurance Company; • Fortress Insurance Company;• Mennonite Mutual Insurance Company;• Millennium Insurance Company; • Peace Hills Insurance Company; and• Trans Globe Insurance Company.Peace Hills Insurance Company showed the greatest year-over-year turnaround. The insurer reported a net loss of $503,000 in 2009 H1. That figure surged to a profit of $6.9 million in 2010 H1.Underwriting income also improved for this group of insurers. In 2009 H1, the group reported a consolidated underwriting income of $9.35 million. That figure grew to $14.5 million in 2010 H1.Both Peace Hills and Alberta Motor Insurance Company reported significant increases in underwriting income during this period. Alberta Motor Insurance saw its underwriting income roughly triple from $5.4 million in 2009 H1 to $15.9 million in 2010 H1.Peace Hills turned its 2009 H1 underwriting loss of $2 million in 2009 H1 to an underwriting income of $6.6 million in the first half of 2010.