SGI Reports Strong Financials Through the COVID-19 Pandemic in its Annual Report

Saskatchewan Government Insurance (SGI) tabled its annual report for fiscal year 2020-21 in the provincial Legislature today (Mon).
“The past year demonstrated that SGI can adapt quickly to serve its customers,” Minister Responsible for SGI Don Morgan said in a news release. “Like most businesses, the COVID-19 pandemic tested SGI in new ways, and I’m proud of how the company worked to put the safety of customers and staff first, while still managing to be fiscally stable and responsible.”
Highlights from the province’s Auto Fund included $285-million in rebates given to registered vehicle owners as a result of strong investment earnings and lower-than-anticipated collision claims, and $785.5-million in claims were paid out.
Other highlights include:
  • $988.7 million in gross premiums written; 
  • $156.9 million in discounts to customers through the Safe Driver Recognition (SDR) and Business Recognition programs; 
  • $18.9 million in net storm claims;
  • Saskatchewan became the first jurisdiction in Canada to offer Mandatory Entry-Level Training (MELT) online for Class 1 (commercial) drivers;
  • $1.3 million was provided to 116 communities across the province, through the Provincial Traffic Safety Fund Grant, to fund traffic safety projects like speed display signs, crosswalk and intersection improvements, speed bumps and more;
  • Saskatchewan was the first province to resume driver’s licence road tests, keeping applicants and examiners safe by using an innovative trail vehicle method; and
  • Continued progress on traffic safety, with 2020 recording the second-lowest number of auto collision fatalities in Saskatchewan in the last six decades.
Morgan says SGI Canada also had a strong financial performance, as it reported $172.1-million in net income and $128.7-million in investment earnings.
SGI Canada also provided a record $87-million dividend to the Saskatchewan Government.
Other highlights from SGI Canada included:
  • Record underwriting results led by operations outside of Saskatchewan;
  • $128.7 million in investment earnings;
  • $1.1 billion in direct premiums written, including $445.6 million (42 per cent) written outside Saskatchewan;
  • $78.4 million in catastrophe claims (all provinces);
  • More than 980,000 customers across Canada; and,
  • In 2020, SGI CANADA launched a new commercial portal for brokers across Canada, improving the customer experience. 

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