Desjardins Group see total income increase in 2010

The property and casualty insurance segment of Desjardins Group reported a total income of $1.6 billion in 2010, an increase of $97 million from 2009.The combined ratio for the segment stood at 94.7% at year-end 2010, marking a 0.3% increase from 2009’s COR.An increase in the number of policies written in 2010 resulted in a $147-million (9.8%) increase in gross premiums written compared to 2009. In group insurance, adding new partners and renewing existing agreements allowed the segment to post a 6.9% growth. In commercial lines, gross premiums written in Quebec grew 10.5% compared to 2009.”The winter of 2010 was characterized by particularly mild weather, which led to few claims in the first six months of 2010 in both property and auto insurance,” a Desjardins release says. “However, the auto claims experience in Ontario related to personal injuries (particularly in the Greater Toronto area) deteriorated in the second half of 2010, leading to a significant increase in provisions for claims.”In 2010 Q4, the P&C insurance segment contributed $10 million to Desjardins Group’s combined surplus earnings. This was $17 million less than its contribution for the same period of 2009, the release adds.