Majority of Canadian P&C market reports 2008 underwriting loss: MSA Research

More than half (55%) of the 141 insurance companies reporting 2008 year-end data to MSA Research posted an underwriting income loss for the year.Sixty-eight of the 141 companies reported a combined ratio of 100% or more.MSA Research has posted a summary of the 2008 year-end results on its Web site. The summary represents 93% of the Canadian property and casualty industry.A sampling of the 2008 year-end results of individual companies that reported more than Cdn$1 billion in net premiums written include (in alphabetical order):

1) Aviva Insurance Company of CanadaNet Premium Written:  Cdn$1.4 billionUnderwriting Income:  Cdn$25.6 million lossNet Income:  Cdn$99.3 million Combined Ratio:  101.96%

2) Co-operators General Insurance CompanyNet Premium Written:  Cdn$1.4 billionUnderwriting Income:  Cdn$74.5 million lossNet Income:  Cdn$62 millionCombined Ratio: 105.5%

3) Dominion of CanadaNet Premium Written:  Cdn$1.04 billionUnderwriting Income:  Cdn$50.7 million lossNet Income:  Cdn$4 million lossCombined Ratio:  104.95%

3) Economical Mutual Net Premium Written:  Cdn$1.44 billionUnderwriting Income:  Cdn$163.5 million lossNet Income:  Cdn$102 million lossCombined Ratio:  111.41%

4) ING Insurance Company of Canada (now Intact Insurance)Net Premium Written:  Cdn$1.6 billionUnderwriting Income:  Cdn$26.8 million profitNet Income:  Cdn$46.8 millionCombined Ratio:  98.34%

5) Nordic Insurance Company (ING Canada)Net Premium Written: Cdn$1.4 billionUnderwriting Income:  Cdn$22.8 million profitNet Income: Cdn$6.8 millionCombined Ratio:  98.34%

6) TD Security National Insurance CompanyNet Premium Written:  Cdn$1.1 billionUnderwriting Income:  Cdn$5.6 million profitNet Income:  Cdn$121 millionCombined Ratio: 99.48%

7) State Farm Mutual AutoNet Premium Written:  Cdn$1.26 billionUnderwriting Income:  Cdn$280.8 million lossNet Income:  Cdn$65.7 million lossCombined Ratio:  122.82%

8) Wawanesa Mutual Insurance CompanyNet Premium Written:  Cdn$1.6 billionUnderwriting Income:  Cdn$79.8 million lossNet Income:  Cdn$19 millionCombined Ratio:  105.09%