Federally regulated P&C insurers see increased profits as of 2010 Q3

Canada’s federally regulated property and casualty insurers have increased their net income by about $504.2 million up to the end of 2010 Q3, according to the Office of the Superintendent of Financial Institutions (OSFI).OSFI numbers show federally regulated insurers reported a $1.9-billion profit as of the end of 2010 Q3, up from the $1.4-billion profit it made over the same period in 2009.Canadian federally regulated P&C insurers led the way, almost doubling their profit from $976.5 million as of the end of 2009 Q3 up to $1.8 billion as of the end of 2010 Q3. Foreign federally regulated P&C insurers saw their profits shrink from  $452 million as of the end of 2009 Q3 down to $123.1 million as of the end of 2010 Q3.For Canadian P&C insurers, claims ratios were markedly reduced in the areas of personal property (from 84.3% in 2009 Q3 down to 66.04% in 2010 Q3) and commercial property (from 72.14% in 2009 Q3 to 63.89% in 2010 Q3).But auto claims ratios continued to rise, inching upwards from 75.39% as of 2009 Q3 to 77.67% in 2010 Q3. And while the claims ratio in auto liability saw only a marginal 0.96% increase from one year to the next, Canadian federally regulated P&C insurers reported a personal accident claims ratio of 125.40% as of 2010 Q3, as opposed to 120.48% in 2009 Q3For Canadian federally regulated insurers, the Minimum Capital Test (MCT) score was 236.88% as of 2010 Q3, as opposed to 229.7% as of the end of 2009 Q3.