Insurance Bureau of Canada. d assurance du Canada FACTS 2003 OF THE GENERAL INSURANCE INDUSTRY IN CANADA

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1 Insurance Bureau of Canada Bureau d assurance du Canada FACTS 2003 OF THE GENERAL INSURANCE INDUSTRY IN CANADA

2 Stanley I. Griffin President and CEO of Insurance Bureau of Canada I am pleased to present the 2003 edition of Insurance Bureau of Canada s Facts of the general insurance industry in Canada. In it you will find details on home, automobile and business insurance; current issues the industry is facing; and general information about how the property and casualty insurance industry works. Of particular interest this year are the financial results. A combination of factors, including a slump in the investment market and increases in claims and reinsurance costs has resulted in the lowest P&C insurance industry earnings on record. The industry, with I as its champion, has set out to improve that. Working with our members, we are moving forward efforts to reform provincial auto insurance laws, we are actively engaged in the ongoing national debate about health care policy, and we continue to work with governments across Canada to achieve a better level of regulatory balance and fairer tax systems. The cooperative efforts of the property and casualty insurance companies which are members of Insurance Bureau of Canada have resulted in positive changes for the industry as a whole, and for all Canadians. Our road safety campaigns have influenced governments and drivers as we ve campaigned for mandatory seatbelt use, graduated licensing systems and tough anti-drinking and driving measures, to name a few. In the past year, we have turned our attention to reducing injuries through the proper use of vehicle headrests and we are piloting a program to improve treatment of whiplash-related injuries. The industry s disaster prevention programs are influencing the behaviour of governments and citizens in how they prepare for earthquakes, floods and storms. With the support of our members, we expect to see changes and improvements in many of these areas in the coming year. CORPORATE DIRECTORY 151 Yonge Street, Suite 1900, Toronto, Ontario M5C 2W7 Tel: (416) ; Fax (416) Office of the President Stan Griffin, President and Chief Executive Officer Policy Development Jane Voll, Vice-President, Policy Development and Chief Economist (acting) Public Affairs and Marketing Mary Lou O Reilly, Vice-President, Public Affairs and Marketing Legal Randy Bundus, Vice-President, General Counsel and Corporate Secretary Human Resources and Administration Gilles Calmels, Director, Human Resources and Administration 2235 Sheppard Avenue East Atria II, Suite 1100 Toronto, Ontario M2J 5B5 Tel: (416) ; Fax: (416) Information and Investigative Services Terri MacLean, Executive Vice-President, Information and Investigations Finance George Berneshawi, Vice-President, Finance Contact information for I s regional operations can be found in Appendix I on page 35. Visit I at Cette brochure est aussi disponible en français

3 Contents Facts about property and casualty insurance in Canada... 2 Insurance Bureau of Canada... 2 Issues Management... 2 Information Services... 3 Vehicle Information... 3 Investigative Services... 3 Why insure?... 3 Federal and provincial supervision... 4 Insurance prices... 4 Insurance for insurers... 5 Extra protection for policyholders... 5 Premiums and claims... 5 Net premiums and claims... 5 Some notes about insurance... 6 Premiums by type/class/line... 6 Investment gains offset underwriting losses... 6 Underwriting and investment income... 6 Net premiums, by line of business... 6 Automobile insurance... 7 Automobile insurance net premiums and claims... 7 Insurance claims comparisons by car make, model, body style... 7 Compulsory minimum insurance coverage for private passenger vehicles... 8 Provincial government and private auto insurance and minimum standards Road safety Auto theft Export of stolen vehicles Personal and commercial property insurance Premiums and claims Liability insurance (excluding auto) Other types of P&C insurance Financial results Assets for Financial results and ratios, Key industry issues Health care issues Road safety Natural disasters major multiple-payment occurrences Regulatory balance Taxation Financial services sector reform Insurance crime prevention Appendices A Number and amount of claims for private and commercial motor vehicles paid by non-government insurers B Loss costs for insured private passenger vehicles C U.S. financial responsibility and compulsory auto insurance laws D Industry claims agreements E P&C insurance industry taxes F Insurance education G Superintendents of Insurance H Selected insurance-related organizations in Canada I Insurance Bureau of Canada and its members J Employment in Canada s P&C insurance industry General Insurance OmbudService The hidden power of insurance With appropriate acknowledgment, this publication may be reproduced, reprinted, stored and transmitted freely, and may be used in whole or in part, provided that such reproduction or storage is intended only for personal or educational use and not for monetary gain of any kind. In any other application, or for financial gain, express prior written permission of the publisher is required. Printed in Canada Facts 1

4 Facts about property and casualty insurance in Canada Property and casualty insurance in Canada The private property and casualty (P&C or general ) insurance industry in Canada provides insurance protection for most homes, motor vehicles and commercial enterprises throughout the country. About 230 private P&C insurance companies actively compete in Canada. In addition, the compulsory component of auto insurance is provided exclusively by government-owned auto insurers in British Columbia, Manitoba and Saskatchewan. The bodily-injury portion of automobile insurance in Quebec is provided by a government-owned insurer. General insurance underpins much of the country s economy by assuming part of the financial risk inherent in running a business, driving a car or owning a home. While the basic theory is simple the premiums of many fortunate policyholders pay a proportion of the losses of the unfortunate few who suffer insured losses some of the practicalities of measuring risk fairly and paying claims promptly are quite complicated. It is surprising to many, for example, that payouts by P&C insurers can often exceed the premiums they take in. The Canadian property and casualty or general insurance industry includes the people and resources involved in providing all types of insurance other than life and health insurance. Automobile insurance, insurance for homeowners and tenants, as well as a variety of commercial or businessoriented lines of insurance, such as liability or business interruption, account for most of the P&C insurance sold in Canada. Automobile insurance continues to be the largest single class of property and casualty insurance in Canada. Total premiums for automobile insurance are more than those for all other classes combined. Property insurance ranks second. The third category, liability insurance, provides protection in the event that the insured causes bodily injury or property damage to others and becomes legally obligated to pay damages. Liability insurance includes product liability, which protects the public for injury suffered due to defective goods and services. General insurance companies operating in Canada are supervised by the federal or provincial governments. About 100 of these companies, both Canadian and foreignowned, provide most of the general insurance purchased in this country. Some of the companies belong to international financial conglomerates. There are mutual and stock companies operating alone or as part of a large group. Canada s private P&C insurers directly or indirectly employ about 100,000 people, including independent brokers, adjusters and actuaries. Of course, many others derive income from the payment of insurance claims, including many thousands of people working in a wide range of trades and professions, such as car repair, construction, medicine, law and accounting. With registered sales of over $27.5 billion in 2002, and controlling assets of about $77.6 billion, the industry is a major part of the social and economic fabric of Canada. P&C insurers in Canada invest mainly in domestic government and corporate bonds and in preferred and common stocks. These investments are in secure financial instruments that produce a steady flow of income. Government regulations require these investments to be prudent. Some enterprises participate in various forms of self-insurance arrangements. Some risks are so difficult to insure that governments decree, in effect, that all taxpayers must share in such risks. The Nuclear Liability Act, for example, was passed in 1976 to limit the liability of operators of Canadian nuclear installations (including universities and hospitals using radioactive material and equipment) to $75 million. The federal parliament may, however, provide additional funding if losses exceed that figure. Insurance Bureau of Canada Established in 1964, Insurance Bureau of Canada (I) is the voice of companies that insure the homes, cars and businesses of Canadians. I member companies provide about 90% of the non-government P&C insurance sold in Canada. In addition, a large number of I associate members provide services to the industry. Government auto insurers also participate with private insurers in I s vehicle information programs. Issues Management I s Issues Management works to improve communication with the public, government, news media and other industry associations. The Association of Canadian Insurers (ACI) represents the special interests of Canadian-controlled P&C insurers. 2 Facts 2003

5 Facts about property and casualty insurance in Canada I commissions public opinion research to assess consumer attitudes on insurance-related matters and measure the effectiveness of communication programs. The Bureau campaigns on a range of issues to reduce losses and increase public understanding of P&C insurance. It promotes safety on the road, at work and at home. I works to secure changes in public policy and improvements in the business operating environment that will benefit P&C insurers and their customers. It also leads and administers the Canadian Coalition Against Insurance Fraud. I-led settlement conferences are reducing the load on Canada s overburdened legal system by facilitating out-of-court agreements. I s legal staff keeps member companies informed of developments in case law and relevant proposed federal, provincial and territorial legislation. Policy development analysts and economists at I formulate industry positions on a wide range of insurance-related issues, including health care funding, taxation, disaster mitigation and industry regulation. Other experts develop model policy wordings and help design fair and efficient claims-handling protocols. Five I regional consumer centres answer consumer questions and promote understanding of P&C insurance. Trained personnel, with many years of industry and government relations experience, answer tens of thousands of consumer inquiries each year. Information Services I s Information Services adds significant value to the P&C insurer membership through the provision of information products and services that enhance companies operations and profitability. On behalf of members, I collects, validates, stores, analyzes and distributes information. This comprehensive P&C insurance information helps support the industry in resolving key issues, such as auto insurance reforms. I provides members with flexible access to industrywide information. The information analysis function provides automobile insurance rating information, industry data analysis to detect fraud and industry-wide trends that could affect members profitability. I promotes collaborative working relations to generate efficiency in data management and synergy among industry stakeholders, while respecting security and privacy issues. I is the official agency for collecting and reporting auto insurance statistics to the governments of Alberta, Ontario, the Atlantic Provinces, Yukon, the Northwest Territories, and Nunavut. I is also the official statistical agency for commercial liability insurance in Ontario. Vehicle Information I s Vehicle Information Services is a recognized leader in providing automobile insurance rating information and creating vehicle theft-deterrent standards. It serves both public and private sector organizations, including insurers, insurance industry service providers and car manufacturers. Accurate information is essential for insurance companies to set fair rates and for government regulators to effectively monitor the industry on behalf of consumers. Vehicle Information Services analyzes insurance loss costs for individual models of cars, develops advisory auto insurance ratings and provides a forum for manufacturers, consumers and insurers. These services promote research into vehicle technology and collision repair that will mitigate insurance claims. Investigative Services Established in 1923 and evolving into the Insurance Crime Prevention Bureau (ICPB), I s Investigative Services is widely regarded as a pioneer in the difficult fight against the crime of insurance fraud. I is Canada s leading provider of investigative services to the insurance industry, detecting and preventing fraud, and recovering losses on behalf of its clients. I maintains relationships with public authorities and analyzes information to help insurers underwrite accurately and resolve claims fairly. Investigators examine insurance fraud trends and identify threats to the profitability of members. Other types of insurance A few member companies of I sell a limited amount of health or sickness and accident insurance (i.e., $910 million in net premiums written, or roughly 3.3% of private P&C insurers business in 2002). The Canadian Life and Health Insurance Association Inc. (CLHIA) represents, as its name implies, life and health insurers. The Surety Association of Canada represents insurers who guarantee that their clients will perform an expressed obligation, such as completing a construction project on time. While many I member companies do provide surety, they do not, however, underwrite a significant amount of aviation or ocean marine insurance, subjects that are not addressed in this publication. Why insure? Insurance is a mechanism for spreading risk, for sharing the losses of the few among the many. Property and casualty insurance premiums are unlike bank deposits or whole-life insurance premiums in that they do not produce a direct financial return to the policyholder. General insurance makes the life of an individual enterprise more stable by allowing people and businesses to engage in many ventures without having to set aside reserves to meet the financial requirements that may arise from certain types of losses. Insurance also facilitates the granting of credit by protecting the investments of both lenders and borrowers. Insurance can be considered as a large pool into which policyholders place their premiums. This pool has to provide for payment of the losses suffered by those who have claims and for the cost of running the business. Because total premiums are usually insufficient to pay claims and operating expenses, insurers also use investment earnings to pay claims and keep premiums lower than they might otherwise be. Insurance allows the policyholder to substitute a small, defined expenditure (the premium) for a large, but uncertain, future loss. Policyholders who escape losses help to compensate those who are directly and adversely affected by loss. The anxiety and worry about the unknown future are eased for all contributors, who can now more easily prepare personal, family or 2003 Facts 3

6 Facts about property and casualty insurance in Canada Insurance Bureau of Canada business budgets. Even though the possibility or probability of a loss does not change, the uncertainty connected with it is removed. The general insurance industry, in addition to paying for losses, works to prevent them. In this respect, the industry, government and consumers are natural loss-prevention allies. For decades, P&C insurers and their trade association, Insurance Bureau of Canada, have worked in partnership with communities and officials on road safety, fire prevention, anti-theft campaigns and many other projects, including a nation-wide campaign to fight insurance fraud. Federal and provincial supervision The conduct of the P&C insurance business in Canada is supervised and regulated by both the federal and provincial governments. The federal Office of the Superintendent of Financial Institutions is concerned primarily with the solvency and stability of insurance companies that are registered under federal statutes. The key statutes governing the activities of P&C insurers are the Office of the Superintendent of Financial Institutions Act and the Insurance Companies Act. Financial supervision by provincial Superintendents of Insurance is limited mainly to insurers operating under provincial charters. However, the provincial authorities predominate in the supervision of the terms and conditions of insurance contracts and the licensing of companies, agents, brokers and adjusters. Unlike home or business insurance, automobile insurance is compulsory; that s one reason why it s closely regulated, particularly in provinces where car insurance is sold by private companies. In 2002, insurers owned by provincial governments in B.C., Manitoba, Quebec, and Saskatchewan sold about 25.7% of the total automobile insurance sold in Canada. Private auto insurers provide a small amount of optional coverage in B.C., Saskatchewan and Manitoba, and property damage coverage in Quebec. Personal injury coverage in that province is provided by the government owned insurer. I member companies comply with privacy legislation that applies to the collection, possession, protection, use, disclosure, verification and correction of personal information. Laws and regulations ensure that insurance companies will be financially competent to discharge their obligations, that insurance contracts are fair and that business is being conducted for the general public good. Insurance prices To establish premiums, insurance actuaries (with mathematical training in the principle of large numbers and the theory of probability ) estimate the number and cost of current and future claims and the amount of investment income that the insurance company may earn between the receipt of premiums and payment of claims. Insurers must predict their adjustment expenses, overhead, commission payments or selling costs, industry taxes and reserve funds for coping with catastrophes. Prior years statistics are used to set prices for the current year. Of course, policies that are sold toward the end of the year will be in force through much of the year following; also, some claims may take years to settle (as in the case of a slow-to-stabilize injury). Rate setting will never be an exact science. In the highly competitive field of P&C insurance, prices are determined by the interplay of market forces, government regulations and taxes at many levels (see Appendix E). In a 1997 study for I, management consultants Ernst & Young found that Canadian P&C insurers and their customers pay more than three times the average taxes paid by banks, trusts, credit unions and their customers and almost two times more than life insurers and their clients. The gaps continue to widen. Another factor that affects premiums is the availability and cost of reinsurance (see Insurance for insurers in this section). P&C insurance prices can change, too, when new information becomes available about the types of risks to which consumers and insurance companies are exposed. Unlike the prices of other goods and services, P&C insurance premiums do not necessarily keep pace with the general rate of inflation. In theory, an insurance premium reflects the current value of the claims that a pool of policyholders can be expected to make in the future, as well as the costs of administering those potential claims. In most other businesses, the costs of producing and selling a product are known before the price is determined; but P&C insurance is priced before the costs are known. Companies do not know ahead of time how much it may cost to repair a house or a car; nor do they know definitely that they will be called upon to do so. While pricing is based on the latest available information, insurers sometimes still find that claims payouts exceed what they have collected in premiums. Most recently this premium shortfall has become evident for some types of commercial insurance, particularly for damage to the environment. Shortfalls have also been evident in the realm of liability insurance. In the late 1980s, notably in the United States, courts began to award judgments in liability cases differently and more generously than in the past. Suddenly, insurance companies were responsible for settling much larger claims on their liability policies than had been anticipated at the time of sale. 4 Facts 2003

7 Facts about property and casualty insurance in Canada Insurance for insurers Reinsurance is insurance for insurers. Reinsurers, which are generally international organizations, spread their risks by supporting primary insurers in several countries and in many regions around the world. Insurance companies pay premiums to reinsurers in exchange for an agreement to have a proportion of their claims paid for them, particularly in the event of a major loss or catastrophe. Reinsurance is one of many tools used by insurers to guarantee that they will meet every obligation to pay legitimate claims. In recent years, reinsurers have helped insurance companies pay the claims from several major events. Among these were the September 11, 2001 terrorist attacks on the United States and, in Canada, the ice storms in Eastern Ontario and Southern Quebec in January These and other disasters around the world have led to a decline in the amount of reinsurance available to insurers. As a result, Canadian insurance companies have had to pay higher prices for reinsurance. Extra protection for policyholders What would happen in the unlikely event of the failure of a property and casualty insurance company? The Property and Casualty Insurance Compensation Corporation (PACICC) was formed in 1988 to provide a reasonable level of recovery for policyholders and claimants under most policies issued by P&C insurance companies in Canada. The maximum recovery from PACICC is $250,000 in respect of all claims arising from each policy issued by the insolvent insurer, and arising from a single occurrence. Policyholders may also claim 70% of unused ( unearned ) premiums that have been paid in advance. Maximum recovery from PACICC for unearned premiums is $700. The deductible specified in the policy applies. Membership in PACICC is compulsory for most P&C insurers in Canada. Members have contributed approximately $30 million to a prefund so that funds to pay claims in the event of an insolvency can be immediately available. Additional funds will be provided by member insurers as required. For more information, contact PACICC at the address shown in Appendix H or visit the PACICC website: Premiums and claims Incurred losses are estimates of total outstanding claims and claims expenses at the end of a term, plus all claims paid during the period, minus the total of outstanding claims estimates at the beginning of the term. The accompanying chart of private sector P&C insurance shows that a large proportion of premium dollars is paid in claims. Rising claims costs tend to drive up premiums, but competition, investment income and more efficient company operation can help to restrain prices. Net premiums and claims 27,507 Net premiums written ($000,000) 21,242 Claims incurred ($000,000) 20,178 18,570 18,608 18,559 18,728 19,494 18,071 16,482 15,239 14,502 16,161 13,904 13,304 12,172 12,507 14,790 11,959 13,768 13,483 13,210 10,919 12,043 12,840 13,190 11,154 11,490 8,942 10,230 10,676 9,729 9,054 8,508 7,497 6, Source: I, based on data from Statistics Canada, OSFI, A.M. Best Canada s WinTRAC, and Canadian Insurance 2003 Facts 5

8 Premiums and claims Insurance Bureau of Canada Notes about insurance Number of claims In 2002, theft accounted for 22% of all homeowners claims. Other causes, including hail and wind, accounted for about 44% of all claims. Water damage to homes comprised 24% of claims, followed by fires, which accounted for 10%. Investment gains offset underwriting losses For each year after 1978, the property and casualty insurance industry in Canada has posted underwriting losses, which have been offset by investment gains. Premiums, by type/class/line More than half of the premiums paid by consumers in 2001 to non-government insurers were for automobile and commercial vehicle insurance. The next largest category is property insurance for homeowners, tenants and commercial enterprises. This is followed by liability insurance (product liability, directors liability, etc.). Other types of insurance include boiler and machinery insurance, marine and aircraft insurance, surety and fidelity, and other more specialized lines. Underwriting and investment income ($000,000) UNDERWRITING LOSS AS PROPORTION OF UNDERWRITING LOSS INVESTMENT GAIN INVESTMENT INCOME 1985 (1,131) 1, % 1986 (498) 1, % 1987 (486) 1, % 1988 (751) 1, % 1989 (1,364) 2, % 1990 (1,234) 2, % 1991 (1,421) 2, % 1992 (1,375) 2, % 1993 (1,351) 2, % 1994 (1,027) 2, % 1995 (631) 2, % 1996 (517) 3, % 1997 (421) 3, % 1998 (1,366) 2, % 1999 (1,027) 2, % 2000 (1,614) 3, % 2001 (2,155) 2, % 2002 (1,390) 2, % Source: I, based on data from Statistics Canada, OSFI, A.M. Best Canada s WinTRAC, and Canadian Insurance Net premiums, by line of business, 2002 ($000,000) 49.4% 3.3% 4.4% 12.2% 15.4% 13, ,198 3,368 4,224 Auto (including commercial vehicles) Accident, sickness 1 Other Liability Commercial property 15.3% 4,207 Personal property $27,507 TOTAL 1 A few general insurance companies sell a small Source: I, based upon data from A.M. Best Canada s WinTRAC, OSFI and Canadian Insurance amount of accident and sickness insurance; the majority of such insurance, however, is sold by life and health insurers. 6 Facts 2003

9 Automobile insurance Automobile liability insurance for private passenger and commercial vehicles is mandatory throughout Canada. This provides financial protection if policyholders are held liable for injury or loss sustained by others arising from the operation of their vehicles. Many provinces have implemented so-called no-fault schemes whereby accident victims, regardless of fault, may claim compensation from their own insurers for injuries. These plans range from pure no-fault in Quebec and Manitoba to threshold no-fault in Ontario, modified pure nofault with a tort option in Saskatchewan and more rudimentary plans elsewhere. Generally, the higher the no-fault threshold, the less the involvement of the courts. Thresholds can be monetary (e.g., above a specified dollar amount of insured medical expenses) or verbal (a description of severely debilitating injuries, loss or impairment of bodily functions, etc.); above these thresholds lawsuits may be permitted. In Ontario, for example, seriously injured claimants (and the personal representatives of persons killed in auto accidents) may sue for pain and suffering, provided that the threshold is met. All innocent victims may sue for lost income and other economic losses resulting from the injury in excess of their other sources of recovery for those losses. The Ontario no-fault system was introduced in 1990 and modified in 1994 and Modest changes to tort in Ontario are currently being considered to allow claimants to sue for excess health care costs. As with similar systems in many parts of the world, the intention is to reduce insurance costs and improve the settlement of claims. Outside of Manitoba and Saskatchewan, insurance against damage to a vehicle is available on a voluntary basis. If this insurance is not purchased and the vehicle driver is totally at fault in an accident, there will be no recovery at all for vehicle damage. Private-sector insurers in Canada wrote $13.6 billion in auto insurance net premiums in 2002, with government insurers accounting for an additional $4.7 billion in Quebec, Manitoba, Saskatchewan and British Columbia. Insurance claims comparisons by car make, model, body style I s Vehicle Information Services (founded in 1989 as Vehicle Information Centre of Canada) analyzes the costs associated with insuring different models of cars. In 1998, it introduced North America s first engineering standard specifying the minimum criteria for ensuring the effectiveness of vehicle theft deterrent systems. A wide range of products and services are available to its members, who represent almost 100% of the automobile insurance provided by both private and public sectors. To assist insurers in predicting future car insurance claim costs more accurately and fairly, Canadian Loss Experience Automobile Rating (CLEAR) was developed. By analyzing vehicle claim histories to predict future losses, CLEAR allows insurers to reward policyholders who own cars that are less likely to incur insurance losses. To help car buyers, I publishes Choosing Your Vehicle, which provides summaries of the latest comparative insurance ratings for the five most recent model years of vehicles, lists of safety features and anti-theft devices for all new models, and the insurance claims experience of the most popular new models. continued on page 11 Automobile insurance net premiums and claims ($000,000) Premiums Claims incurred Source: I, based on data from Statistics Canada, A.M. Best Canada s WinTRAC, OSFI and Canadian Insurance 2003 Facts 7

10 Compulsory minimum insurance coverage for private passenger vehicles Insurance Bureau of Canada Compulsory minimum insurance coverage for private passenger vehicles Accident benefits coverage is compulsory everywhere in Canada except in Newfoundland and Labrador and uninsured automobile protection is universal. Otherwise, automobile insurance coverage varies widely from province to province to territory. The chart on the following pages outlines what the compulsory minimum coverage is across Canada. A review quickly makes it evident that the product and range of benefits available to those injured in collisions varies widely. The notes below provide additional information on auto insurance. Accident benefits This coverage provides compensation, regardless of fault, if you, your passengers, or pedestrians suffer injury or death in an automobile collision. Accident benefits coverage is compulsory in all provinces except Newfoundland and Labrador. Bodily injury This coverage provides up to $200,000 if you are injured or killed through the fault of a motorist who has no insurance, or by an unidentified vehicle. You receive payment under this protection through the Uninsured Automobile coverage in your policy unless the Canadian province, territory or U.S. state where you were injured has a special fund from which to claim. You will be reimbursed for the money you would otherwise be entitled to receive from the uninsured/unidentified motorist. Direct compensation property damage In Quebec and Ontario, your own insurer compensates you for the loss of use of your vehicle and the share of the damage caused to your vehicle (including contents) for which another driver would be legally responsible. You deal with your own insurer, not the other person s; this speeds up the payment process. If an identified motorist is responsible for the collision, you can collect from your own insurer regardless of whether or not you have purchased optional physical damage coverage on your own car. There are rules, however, for Direct Compensation to apply. The collision must occur in your home province and there must be at least one other identified vehicle involved in the crash causing the loss. If these conditions can t be fulfilled, then you may have to rely on your collision insurance (if you have it). Quebec bodily injury The automobile insurance system in Quebec has two main parts: bodily injury, which is covered by a public plan administered by the Société de l assurance automobile du Quebec (SAAQ), and damage to property, which is covered by private insurers. SAAQ will compensate Quebec residents for bodily injury arising from an automobile accident anywhere in the world, regardless of fault, just as if the accident had happened in Quebec. Such an accident may involve any vehicle. After six months absence from Quebec, however, other coverage is required. The SAAQ plan also covers nonresidents to the extent they were not at fault. Private insurers in Quebec offer Endorsement 34 to supplement the SAAQ no-fault bodily injury compensation plan; it covers, to varying degrees, the named insured and his or her spouse and dependent children. Quebec unidentified motorist In Quebec, under certain conditions, SAAQ compensates victims for bodily injury or property damage caused by an unidentified third party. 8 Facts 2003

11 Compulsory minimum insurance coverage for private passenger vehicles NEWFOUNDLAND AND LABRADOR Compulsory minimum 3rd-party liability $200,000 is available for any one accident; however, if a claim involving both bodily injury and property damage reaches this figure, payment for property damage would be capped at $20,000 Medical payments $25,000/person, including rehabilitation, excluding health insurance plans; time limit 4 years Funeral expense benefits $1,000 Disability income benefits 104 weeks partial disability; lifetime if totally disabled; maximum $140/ week; 7-day wait; unpaid housekeeper $70/week, maximum 12 weeks Death benefits Death within 2 years; head of household $10,000 plus $1,000 each for all dependants beyond first; spouse $10,000; dependent child $2,000 Right to sue for pain and suffering? Yes Right to sue for economic loss in excess of no-fault benefits? Yes Administration Private insurers NOVA SCOTIA Changes are pending. The following coverage was in effect as of October 2003 Compulsory minimum 3rd-party liability $200,000 is available for any one accident; however, if a claim involving both bodily injury and property damage reaches this figure, payment for property damage would be capped at $10,000 Medical payments $25,000/person, including rehabilitation, excluding health insurance plans; time limit 4 years Funeral expense benefits $1,000 Disability income benefits 104 weeks partial disability; lifetime if totally disabled; maximum $140/ week; 7-day wait; unpaid housekeeper $70/week, maximum 12 weeks Death benefits Death within 2 years; head of household $10,000 plus $1,000 each for all dependants beyond first; spouse $10,000; dependent child $2,000 Right to sue for pain and suffering? Yes Right to sue for economic loss in excess of no-fault benefits? Yes Administration Private insurers NEW BRUNSWICK Compulsory minimum 3rd-party liability $200,000 is available for any one accident; however, if a claim involving both bodily injury and property damage reaches this figure, payment for property damage would be capped at $20,000 Medical payments $50,000/person, including rehabilitation, excluding health insurance plans; time limit 4 years Funeral expense benefits $2,500 Disability income benefits 104 weeks partial disability; lifetime if totally disabled; maximum $250/week; 7-day wait; unpaid housekeeper $100/week, maximum 52 weeks Death benefits Death within 2 years; head of household $50,000 plus $1,000 each for all dependants beyond first; spouse $25,000; dependent child $5,000 Right to sue for pain and suffering? Yes. Maximum amount recoverable as damages for the non-pecuniary loss for all minor personal injuries $2,500 Right to sue for economic loss in excess of no-fault benefits? Yes Administration Private insurers PRINCE EDWARD ISLAND Compulsory minimum 3rd-party liability $200,000 is available for any one accident; however, if a claim involving both bodily injury and property damage reaches this figure, payment for property damage would be capped at $10,000 Medical payments $25,000/person, including rehabilitation, excluding health insurance plans; time limit 4 years Funeral expense benefits $1,000 Disability income benefits 104 weeks partial disability; lifetime if totally disabled; maximum $140/week; 7-day wait; unpaid housekeeper $70/week, maximum 12 weeks Death benefits Death within 2 years; head of household $10,000 plus $1,000 each for all dependants beyond first; spouse $10,000; dependent child $2,000 Right to sue for pain and suffering? Yes Right to sue for economic loss in excess of no-fault benefits? Yes Administration Private insurers QUEBEC Lawsuits are not permitted with respect to injuries sustained in automobile accidents in Quebec.Victims and their dependants resident in Quebec are compensated by their government insurer for their injuries whether or not the accident occurs in Quebec. Accident victims who do not reside in Quebec are entitled to compensation only to the extent that they are not responsible for the accident, unless otherwise agreed between the Société de l assurance automobile du Québec and authorities of the victims place of residence; additional compensation may be available from their own insurers. Compulsory minimum 3rd-party liability $50,000; liability limits relate to property damage claims within Quebec and to personal injury and property damage claims outside Quebec Medical payments No time or amount limit; includes rehabilitation Funeral expense benefits $4,014 Disability income benefits 90% of net wages; maximum income gross $53,500/year; temporary 3 years; permanent lifetime; 7-day wait, indexed Death benefits Death anytime; depends on wage and age; minimum $53,333; maximum $267,500 plus $ 25,426 $46,842 to dependants according to age; plus $22,082 if disabled; if no surviving spouse or dependants $42,906 to parents Impairment benefits Scheduled up to $187,712 Right to sue for pain and suffering? No Right to sue for economic loss in excess of no-fault benefits? No Administration Bodily injury: government; property damage: private insurers ONTARIO The Ontario government is considering reforms to auto insurance coverage and it is possible that certain features could change. Ontario insureds involved in accidents in Quebec can choose to receive, from their own insurer, the Ontario benefits or the equivalent to the benefits available to Quebec residents from the Société de l assurance automobile du Québec. Policyholders may purchase coverage for economic loss greater than the standard accident benefits. Compulsory minimum 3rd-party liability $200,000 is available for any one accident; however, if a claim involving both bodily injury and property damage reaches this figure, payment for property damage would be capped at $10,000 continued on page Facts 9

12 Compulsory minimum insurance coverage for private passenger vehicles Insurance Bureau of Canada Ontario continued Medical payments $100,000/person ($1 million if injury catastrophic ), including rehabilitation, excluding health insurance plans; attendant care $72,000 ($1 million if injury catastrophic ) Funeral expense benefits $6,000 Disability income benefits Under review. 80% of net wages up to $400/week, $185/week for those not employed and completely unable to carry on a normal life (104 weeks maximum; longer if victim is unable to pursue any suitable occupation); 7-day wait for income replacement, otherwise 26 weeks for non-earner benefit Death benefits Death within 180 days, or 3 years if continuously disabled; $25,000 for spouse, $10,000 for surviving dependant or for loss of dependant Right to sue for pain and suffering? Yes, if injury meets verbal threshold; deductible applies. Lawsuit allowed only if injured person dies or sustains permanent serious disfigurement and/or impairment of important physical, mental or psychological function; the court is directed to assess damages and then, as of October 1, 2003, to deduct $30,000 ($15,000 if Family Law Act claim) Right to sue for economic loss in excess of no-fault benefits? Yes. Injured person may sue for 80% of net income loss before trial, 100% of gross after trial; also for medical, rehabilitation and related costs when injury is catastrophic. Legislation is pending to permit claimants with permanent serious injuries to sue for excess health care costs Administration Private insurers MANITOBA Residents of Manitoba involved in accidents in Quebec can receive from their own insurer the equivalent to the benefits available to Quebec residents from the Société de l assurance automobile du Quebec. First-party all perils * insurance is compulsory in Manitoba (deductibles vary according to type of vehicle). Policyholders may purchase coverage for economic loss greater than maximum accident benefits. Lawsuits are not permitted with respect to injuries sustained in automobile accidents in Manitoba. Victims and their dependants resident in Manitoba are compensated by the government insurer for their injuries whether or not the accident occurs in Manitoba. Compulsory minimum 3rd-party liability $200,000 is available for any one accident; however, if a claim involving both bodily injury and property damage reaches this figure, payment for property damage would be capped at $20,000 Medical payments No time or amount limit; includes rehabilitation * Collision and comprehensive insurance for the policyholder s vehicle Funeral expense benefits $6,545 Disability income benefits 90% of net wages; maximum income gross $64,000/year; 7-day wait; indexed Death benefits Death anytime; depends on wage and age; minimum $48,034; maximum $320,000 plus $22,815 $42,030 to dependants according to age Impairment benefits Scheduled up to $120,083 Right to sue for pain and suffering? No Right to sue for economic loss in excess of no-fault benefits? No Administration Government (government and private insurers compete for optional and excess coverage) SASKATCHEWAN As of January 1, 2003, Saskatchewan residents may opt out of the Personal Injury Protection Plan (PIPP) no-fault system and choose tort coverage. First-party all perils * insurance is compulsory in Saskatchewan (deductibles vary according to type of vehicle). Compulsory minimum 3rd-party liability $200,000 is available for any one accident; however, if a claim involving both bodily injury and property damage reaches this figure, payment for property damage would be capped at $10,000 PIPP/no-fault system Medical payments $5,115,000/person; includes rehabilitation Funeral expense benefits $7,673 Disability income benefits 90% of net wages; maximum income gross $57,825/year; 7-day wait; indexed Death benefits $52,768 if spouse/ dependents; otherwise $11,726 to a maximum of $22,000; educational benefit $35,179; other weekly benefits: $23 for one dependent; $43 for 2; $57 for 4 or more Impairment benefits Maximum $146,577 for non-catastrophic, $179,025 for catastrophic injury Right to sue for pain and suffering? No, if on PIPP no-fault system. As of January 1, 2003, yes, if optional tort system selected Right to sue for economic loss in excess of no-fault benefits? Yes; injured persons may sue for economic losses that exceed no-fault benefits. However, in regard to loss of income, they may recover only with respect to gross income losses that exceed $57,788/year; award is net of income tax, Canada Pension Plan & Employment Insurance Administration Government (government and private insurers compete for optional and excess coverage) Tort system Medical payments $20,000/person, unless catastrophically injured, then up to $150,000 Funeral expense benefits $5,000 Disability income benefits $15,600/year for total disability from employment; $7,800 for partial disability from employment for up to 104 weeks Death benefits 50% of income benefit to spouse, plus 5% per dependent child Impairment benefits Scheduled up to $10,000, unless catastrophic, then up to $130,000 Right to sue for pain and suffering? Yes, unless on PIPP no-fault system. Deductible of $5,000 Right to sue for economic loss in excess of no-fault benefits? Yes. Any benefit amounts received from other insurance plans to be deducted from the court award or settlement Administration Government (government and private insurers compete for optional and excess coverage) ALBERTA Changes are pending. The following coverage was in effect as of August 2003 Alberta insureds involved in accidents in Quebec can receive from their own insurer the equivalent to the benefits available to Quebec residents from the Société de l assurance automobile du Québec. In June 1998, similar arrangements were implemented for accidents involving Alberta insureds in Saskatchewan and Manitoba. Compulsory minimum 3rd-party liability $200,000 is available for any one accident; however, if a claim involving both bodily injury and property damage reaches this figure, payment for property damage would be capped at $10,000 Medical payments $10,000/person, rehabilitation included, amounts from medical and hospital plans excluded; chiropractors $500/person per occurrence; time limit 2 years Funeral expense benefits $2,000 Disability income benefits 80% gross wages; maximum $300/week; 104 weeks total disability; 7-day wait; unpaid housekeeper $100/week, maximum 26 weeks Death benefits Death anytime; head of household $10,000 plus $2,000 each dependant after first and 1% of total principal sum for 104 weeks, no limit; spouse $10,000; dependent child according to age, maximum $3,000 Right to sue for pain and suffering? Yes Right to sue for economic loss in excess of no-fault benefits? Yes Administration Private insurers 10 Facts 2003

13 Compulsory minimum insurance coverage for private passenger vehicles BRITISH COLUMBIA Compulsory minimum 3rd-party liability $200,000 is available for any one accident; however, if a claim involving both bodily injury and property damage reaches this figure, payment for property damage would be capped at $20,000 Medical payments $150,000/person, rehabilitation included; excludes amounts payable under surgical, dental, hospital plan or other insurer Funeral expense benefits $2,500 Disability income benefits 75% gross wages; maximum $300/week; 104 weeks temporary disability, lifetime total and permanent; 7-day wait; homemaker up to $145/week, maximum 104 weeks Death benefits Death anytime; head of household $5,000 and $145/week for 104 weeks to first survivor plus $1,000 and $35/week for 104 weeks for each survivor after first; spouse $2,500; dependent child according to age, maximum $1,500 Right to sue for pain and suffering? Yes Right to sue for economic loss in excess of no-fault benefits? Yes Administration Government (government and private insurers compete for optional and excess coverage) NORTHWEST TERRITORIES & NUNAVUT Compulsory minimum 3rd-party liability $200,000 is available for any one accident; however, if a claim involving both bodily injury and property damage reaches this figure, payment for property damage would be capped at $10,000 Medical payments $25,000/person, excluding medical and hospital plans; time limit 4 years Funeral expense benefits $1,000 Disability income benefits 80% gross wages; maximum $140/week; 104 weeks temporary disability; lifetime if totally disabled; 7-day wait; unpaid housekeeper $100/week, maximum 12 weeks Death benefits Death within 2 years; head of household $10,000; spouse $10,000; each survivor after first $2,500; one survivor, spouse or dependant, principal sum increased by $1,500 Right to sue for pain and suffering? Yes Right to sue for economic loss in excess of no-fault benefits? Yes Administration Private insurers YUKON Compulsory minimum 3rd-party liability $200,000 is available for any one accident; however, if a claim involving both bodily injury and property damage reaches this figure, payment for property damage would be capped at $10,000 Medical payments $10,000/person, rehabilitation included, amounts from medical and hospital plans excluded; time limit 2 years Funeral expense benefits $2,000 Disability income benefits 80% gross wages; maximum $300/week; 104 weeks temporary or total disability; 7-day wait; unpaid housekeeper $100/week, maximum 26 weeks Death benefits Death anytime; head of household $10,000 plus $2,000 each dependant after first and 1% of total principal sum for 104 weeks, no limit; spouse $10,000; dependent child according to age, maximum $3,000 Right to sue for pain and suffering? Yes Right to sue for economic loss in excess of no-fault benefits? Yes Administration Private insurers continued from page 7 Each year I also publishes How Cars Measure Up, which highlights the automobile insurance claim results of the most popular new vehicle models in Canada. The relative average costs per insured vehicle are shown for collision and comprehensive coverages, as are the relative average claim frequencies for accident benefits (personal injury) coverage. The relative frequency and cost of theft claims per insured vehicle are also presented for these models, including, wherever warranted, an indication of expected increases or decreases in theft frequency. Overall, the average cost per vehicle for collision claims for the most popular 2001 and 2002 models increased by 4% over the average cost for 2000 and 2001 models last year. Trucks and two-door models showed the highest average per vehicle claim costs. Passenger vans and station wagons had the lowest average per vehicle claim costs. The average cost per vehicle for comprehensive claims (for non-collision damage, such as hail) for the 2001 and 2002 models decreased by 7.9% when compared with the experience of the 2000 and 2001 models last year. Passenger vans and four-door models continued to have the lowest costs. Station wagons and trucks were the only body styles to evidence an increase (16.1% and 3.3% respectively). In fact, trucks now pose the greatest risk in terms of comprehensive coverage. Overall, the frequency of accident benefit (personal injury) claims for the 2001 and 2002 models increased by 2.8% over the frequency evidenced by the 2000 and 2001 models last year. Two-door and four-door models continued to have the highest average frequencies, at 3.4 and 2.9 claims per 100 vehicles, respectively. SUVs represented the only body style to evidence a decrease in claim frequency. Trucks evidenced an increase of 3.7%, but continued to have the lowest claim frequency of all body styles at 1.4 claims per 100 insured vehicles. Provincial government and private auto insurance and minimum standards In British Columbia, Saskatchewan and Manitoba, government insurers provide the basic/required minimum auto insurance policy and private and government insurers both sell enhancements or top-ups to the basic policy. In Quebec, injury claims are covered under a government compensation scheme; automobile and property damage claims both inside and outside Quebec, and bodily injury claims for Quebec residents arising from accidents outside Quebec are covered by the Société de l assurance automobile du Québec (SAAQ). In the provinces and territories served by private sector insurance companies, all automobile insurance policies contain standard terms and conditions. Each provincial or territorial government, however, sets its own 2003 Facts 11

14 Compulsory minimum insurance coverage for private passenger vehicles Insurance Bureau of Canada standards and its own minimum limits for the amount of liability coverage that owners must buy (see table on page 8 for limits). Insurance Bureau of Canada will continue to be an active participant in helping make this country s roads the safest in the world. Road safety Canada s road safety record has generally improved through the past 30 years with the number of traffic deaths and injuries dropping each year since However, there was a slight increase in both injuries and fatalities in In 2000 the number of fatalities went down, but the number of injuries slightly increased. The long-term improvement can be credited to many road safety initiatives. Road safety rests on three pillars: the vehicle, the road and the driver. Vehicle design Cars are safer than ever with the inclusion of new features, such as three-point seatbelts, air bags, energy absorbing car frames and ABS brakes. Tires are also better today due to improved traction and durability. Over the past 30 years, hundreds of improvements have made cars safer for the driving public. New designs and improved technology continue to protect drivers and increase their chances of survival in an accident. Road engineering The Canadian road network is used beyond capacity, particularly in major urban centres. The number of vehicles on our roads has increased by over 5 million in the past 20 years. Today, 14.5 million private passenger cars and 3.9 million commercial vehicles must figure into road safety considerations, including the design of new roads. While the high volume of vehicles increases the potential for collisions, several improvements can significantly reduce frequency and severity. For example, urban and highway lighting structures are designed to yield to impact to protect vehicle occupants. Roadside barriers are now better at absorbing shock and preventing cars from rolling in a collision. Intersections and highway exits are better lit, while snow removal and de-icing protocols ensure roads are as safe as possible in winter conditions. However, no matter how protective the car or well-maintained the road, the weakest link in road safety is usually the driver. Human behaviour on the road is typically the determining factor in collision and fatality rates. Driver initiatives Several driver initiatives have improved Canada s road safety record. Anti-drinking-and-driving campaigns can be credited for making impaired driving not only socially unacceptable, but also a criminal offence. Strict enforcement through police spot checks is an effective deterrent, but more efforts are needed to address the behaviour of repeat offenders. Many provincial jurisdictions have legislated vehicle impoundment and interlock programs, in which special equipment is installed to prevent the vehicle from starting if a breathalyzer test indicates that the driver has been drinking. The introduction of graduated licensing in most jurisdictions, advocated by Insurance Bureau of Canada, has significantly reduced the number of fatalities and serious injuries by as much as 30% for new drivers. As more research results become available, enhanced graduated licensing programs will be considered. In spite of these successes, many challenges still need to be addressed. These include driver distractions (such as cellular phones and other devices), medically-at-risk drivers (how medical conditions and medications can affect driving abilities), and the effectiveness of electronic enforcement (red light cameras and photo radar). Auto theft In Accident Year 2002, the frequency of theft claims across Canada decreased by 11% over the previous year and is now at one theft per 100 insured vehicles. The highest theft frequencies continued to be in British Columbia and Quebec. The average cost per vehicle theft was slightly lower in 2002 than it was in 2001, decreasing to just below $40 per insured vehicle. This resulted in total cost of theft claims for Canada for Accident Year 2002 decreasing slightly to just below $600 million. Some car models are more theft-prone than others because they are easier to steal, more desirable, or both. For vehicles manufactured in 2001 and 2002, I s publication How Cars Measure Up shows that, for the fourth consecutive year, the Hyundai Tiburon is the most frequently stolen vehicle. However, I expects the experience to improve in the coming years because Hyundai has installed an Iapproved theft deterrent system on this vehicle. Runners-up (in descending order) are: the 2-door Acura Integra, the 2-door Hyundai Accent, the 4-door 4-wheel drive Subaru Impreza WRX, the 4-wheel drive Ford F350 Super Duty, the 5-door Kia Rio, the 2-wheel drive Dodge RAM 1500, the 2-door Honda Prelude, the 2-door BMW 325Ci/330Ci and the BMW 325Ci/330Ci Cabriolet. The 4-door 4-wheel drive Subaru Impreza WRX suffered the highest average theft claim cost per vehicle, which was more than thirteen times the average cost 12 Facts 2003

15 Compulsory minimum insurance coverage for private passenger vehicles for 2001 and 2002 models. The nine runners-up for this dubious honour include the 2-door Acura Integra, the 4-wheel drive Ford F350 Super Duty, the 4-door BMW 525i/503i/540i, the 4-door all-wheel drive BMW X5, the 2-door Hyundai Tiburon, the 4-wheel drive Chevrolet/GMC Silverado/Sierra 3500, the 4-door 4-wheel drive Chevrolet/GMC Envoy/Trailblazer, the BMW 325Ci/330Ci Cabriolet and the 4-wheel drive Ford F250 Super Duty. I s Vehicle Information Services has worked with car makers, aftermarket manufacturers, consumer representatives, police, insurers and I s Investigative Services to develop a Canadian standard for automobile theft deterrent systems. Underwriters Laboratories of Canada standard S-338 now provides Canadian insurers with a standard to consistently measure the effectiveness of theft deterrent systems when considering premium discounts. Studies suggest that passive electronic immobilizers (which require no driver intervention) have reduced the cost of theft to insurers by at least 57%. Car makers incorporating approved anti-theft devices in their vehicles, after filing prescribed documentation with I, may self-certify that they meet the new standard. Aftermarket suppliers may submit their devices to a designated laboratory for testing in accordance with ULC standard S-338. Original equipment car-theft deterrent systems offered by Ford (including Jaguar), General Motors (including SAAB), Nissan, DaimlerChrysler (including Mercedes Benz), Honda, Toyota, Volvo, Hyundai and Volkswagen now meet the Canadian standard. A list of vehicle models with I approved theft deterrent systems is posted on the website at Additionally, four aftermarket theft deterrent systems, the PFK Autowatch 329Ti, the Magtec 6000, the Powerlock- Canada and the Theftbuster TB300V, meet the standard. Since the best security system can be seriously compromised by shoddy installations, I requires that aftermarket theft deterrent systems be installed in accordance to a second protocol, ULC ORD This document requires installers to solder all connections and vary the details of each installation from vehicle to vehicle. A list of Iregistered installation facilities is posted on the website at Support for the effectiveness of modern attempts to reduce vehicle theft was documented in the 2002 I report Theft Trend by Vehicle Age. Since 1996 (the year that I-approved immobilizing theft deterrent systems first began to enter the private passenger fleet), vehicle theft has been shifting toward older vehicles. Specifically, by accident year 2001, claims for vehicles older than six years were greater in terms of both frequency and number than claims for vehicles six years old or newer. The trend not only continued in accident year 2001, but was amplified further, with older vehicle theft claims being the principal cause of theft claim frequency having increased by 9.5%. The annual publication How Cars Measure Up compares the insurance claim records of the most popular models of cars, vans, SUVs and pickup trucks. This publication is a tool for consumers to use before buying a car. It indicates how theft, collision and other claims costs affect the cost of insurance. The current edition presents results for the 2001 and 2002 models, where at least 1,000 of each of the models were insured. Copies of How Cars Measure Up are available by calling (416) (toll-free at ) and on I s website at Export of stolen vehicles Insurance Bureau of Canada and the National Insurance Crime Bureau in the United States have spearheaded the North American Export Committee (NAEC) initiative. Representation from the police community, Customs and the private insurance industry are addressing the export of stolen vehicles on a North American basis. Each vehicle identified as being exported is recorded in a database available to all the stakeholders. This information is also available to foreign jurisdictions that use the Interpol network to confirm vehicle status. The goal is to identify stolen vehicles from among the large volume of legitimate exports before the stolen vehicles are exported. There are many successes. I has created a Mutual Legal Assistance Treaty (MLAT) with Mainland China in return for stolen Canadian vehicles. This is the first of its kind with any country in the Western world. It assisted I in January 2003 with the return of 17 Audi vehicles worth just less than $1 million Facts 13

16 Personal and commercial property insurance Personal and commercial property insurance Property insurance provides protection for losses to buildings and contents. A number of related types of protection are often purchased together with property insurance; these include personal liability for homeowners and tenants, business interruption insurance and temporary accommodation costs. 1 Liability insurance (excluding auto) Liability insurance protects the purchaser for legal liability to others for injury, death or damage to property that may arise in the course of carrying out occupational or personal activities. It includes product liability, which compensates consumers for injury suffered in the use of goods or services. Personal property insurance ($000,000) Commercial property insurance 1, ,529 1,868 2,045 2,056 2,103 2,272 2,492 2,642 2, ,885 2,015 1,993 1,895 1,849 1,793 1,866 2,062 3,042 3,163 3,246 3, ,337 2,553 2,658 2,711 3,383 3, ,469 2,434 3,429 3, ,591 2,768 4, ,224 Net written premiums Claims incurred 1 Note: Readers may wish to examine the Report of the Fire Commissioner for Canada. The fire loss statistics in the Report, however, refer to estimated losses for both insured and uninsured fire-damaged property and do not include the cost of temporary accommodation, business interruption and similar, less tangible, items. Those estimates are not necessarily a good indicator of the effect of fire on the property and casualty insurance industry. Source: I, based on data from Statistics Canada and A.M. Best Canada s WinTRAC 14 Facts 2003

17 Personal and commercial property insurance Insurance Bureau of Canada Other types of P&C insurance There are many specialty types of P&C insurance in addition to automobile, property and liability; some of these are boiler and machinery insurance, surety and fidelity, and marine and aircraft insurance. A number of P&C insurance companies also sell some accident and sickness insurance. Boiler and machinery insurance protects companies from losses resulting from faulty or malfunctioning machinery, including damage to the insured equipment, as well as surrounding buildings and equipment. Because of the high potential for serious loss, insurance companies generally provide high levels of inspection and loss prevention service to their customers. Surety insurance guarantees that an individual or company will complete work that it has promised to do. For example, a construction company may purchase a surety bond to guarantee to its customers that it will complete the work it was contracted to do. If the company then fails to complete the work, its customers would be indemnified by the insurance company. Fidelity insurance or fidelity bonds are purchased by organizations to protect themselves against dishonest or fraudulent acts of their employees. Marine and aircraft insurance includes protection for losses to vessels, cargo and liability to passengers. Liability insurance net premiums and claims ($000,000) 3,368 Premiums Claims 1,247 1,379 1,360 1,315 1,305 1,302 1,319 1,298 1,430 1,694 1,867 1,878 1,823 1,846 1,982 2, Source: I, based on data from Statistics Canada, A.M. Best Canada s WinTRAC, OSFI and CI Financial results 2002 was the industry s least profitable year on record with a return on equity of just 1.7 percent. In 2002, for every dollar invested in an insurance company, the return was only 1.7 cents. This is less than the rate of price inflation in Canada even less than depositors earn in their savings accounts. The reason for this poor performance is clear. There is a long-run trend of ever increasing costs in settling claims. Unfortunately, the price of insurance rose significantly for Canadians during the year and 2002 saw industry premiums rise faster than claims costs. Premiums grew by 29.4 percent and claims grew by 20.6 percent during the year. Addressing this trend allowed the industry s underwriting losses to improve by 35.5 percent. Underwriting losses fell from -$2.1 billion in 2001 to just -$1.4 billion in The improvements in underwriting were offset by a 19.6 percent fall in investment income. Traditionally, investment profits have been used to subsidize the cost of insurance. Persistently low interest rates have reduced the size of this subsidy and placed a greater importance on the underwriting side of the insurance business. While some individual insurers have reported underwriting profits, as a group, the industry makes money solely on their investment portfolio. This practice continued in 2002 as the insurance industry earned 5.4 percent on its invested assets. The primary problem facing the auto insurance market across Canada, with the exception of Quebec, has been claims costs growing faster than premium intake. In Canada, provincial governments mandate the specifications of the auto insurance product and insurers can do relatively little to control costs. Specifically cost of settling bodily injury claims resulting from motor vehicle accidents continues to increase. The increasing costs of settling these claims must be passed on to consumers. On a brighter note, property insurance posted improved results in The 2003 Facts 15

18 Financial results loss ratio for personal property coverage improved from 69.1 percent to 64.9 percent. The commercial property loss ratio also improved from 74.9 percent to 61.5 percent. Commercial liability coverage remains a significant concern. The net impact of the decline in auto profitability and investment income was a 26.9 percent fall from 2001, which previously was the worst year on record. Assets of property and casualty insurers in Canada fourth quarter 2002 ($000) Source: I, with data from A.M. Best Canada s WinTRAC, OSFI and CI Total assets invested by province/ territories, 2002 ($) Newfoundland and Labrador 635,994 Prince Edward Island 194,157 Nova Scotia 1,203,697 New Brunswick 1,150,806 Quebec 8,576,892 Ontario 14,763,050 Manitoba 1,682,844 Saskatchewan 1,391,688 Alberta 4,229,446 British Columbia 4,377,097 Yukon, Northwest Territories and Nunavut 185,354 Assets invested outside Canada 4,858,300 Grand Total 43,249,325 Miscellaneous assets Real and fixed assets Investments in affiliates Accounts receivable Term deposits (less than one year) Cash Total $17,435,627 (22.5%) $896,237 (1.2%) $1,162,498 (1.5%) $9,884,869 (12.7%) $3,710,469 (4.8%) $1,272,033 (1.6%) $34,361,733 (44.3%) $34,361,733 (44.3%) + $43,249,325 (55.7%) = Total assets $77,611,058 (100.0%) Source: Insurance Information Centre of Canada (IICC) Provincial Investment Allocation Program Invested assets Federal government bonds $14,826,916 (19.1%) Provincial government bonds $7,544,551 (9.7%) Municipal government bonds $1,159,072 (1.5%) Other government bonds $341,858 (0.4%) Corporate bonds $9,912,058 (12.8%) Mortgages $434,484 (0.6%) Preferred shares $3,301,552 (4.2%) Common shares $5,015,584 (6.5%) Real estate held for income $192,755 (0.2%) Other assets, including term deposits (more than one year) $520,495 (0.7%) Total invested assets $43,249,325 (55.7%) Financial results ($000,000) Net premiums written 14,502 15,239 16,482 18,071 18,570 18,608 18,559 18,728 20,178 21,242 27,507 Net premiums earned 1 [x] 14,353 14,906 15,904 17,510 18,182 18,464 18,382 18,561 19,480 20,192 25,334 Net claims incurred [y] 11,154 11,490 12,043 12,840 13,210 13,190 13,768 13,483 14,790 16,161 19,494 Total claims and expenses [z] 15,870 16,379 17,013 18,234 18,794 18,938 19,824 19,647 21,167 22,414 26,810 Underwriting profit (loss) (1,375) (1,351) (1,027) (631) (517) (421) (1,366) (1,027) (1,614) (2,155) (1,390) Net investment income 2,505 2,671 2,061 2,508 3,111 3,324 2,864 2,543 3,251 2,762 2,248 Net profit 922 1, ,462 1,876 2,000 1,101 1,094 1, Ratios Return on equity (ROE) 2 8.5% 9.5% 6.8% 11.7% 13.6% 13.1% 6.8% 6.5% 6.3% 2.6% 1.7% Earned loss ratio [y x] 77.7% 77.1% 75.7% 73.3% 72.7% 71.4% 74.9% 72.6% 75.9% 80.0% 76.9% Operating expense ratio [(z-y)/x] 32.9% 32.8% 31.3% 30.8% 30.7% 31.1% 33.0% 33.2% 32.8% 31.0% 28.9% Combined ratio [z/x] 110.6% 109.9% 107.0% 104.1% 103.4% 102.6% 107.8% 105.9% 108.7% 111.0% 105.8% 1 Excludes premiums collected in advance 2 Equity is calculated as the average of the equity figure for the fourth quarter of the current year and the equity figure for the fourth quarter of the previous year. Source: I, with data from A.M. Best Canada s WinTRAC and Statistics Canada 16 Facts 2003

19 Key industry issues Insurance Bureau of Canada Key industry issues Through the activities of Insurance Bureau of Canada (I), Canada s property and casualty (P&C) insurance industry works to improve the operating climate for businesses and consumers. I monitors trends and activities in insurance, government legislation, and consumer expectations and behaviour. Industry resources are made available to advocate and participate in discussions on key national issues of interest. In 2003 those national issues are: Health care issues Road safety Regulatory balance Natural disaster reduction Taxation Financial services sector reform Insurance crime prevention Automobile insurance reform up to date information is available at and to members on the extranet. HEALTH CARE ISSUES Health care costs continued to rise in 2002, heightening concerns among many groups in Canada, including the P&C insurance industry. While the number of motor vehicle accidents (MVAs) has decreased over the past ten years, the number of injured people receiving treatment and the cost of treating these people have risen dramatically. More intensive and costly rehabilitation treatment does not appear to have contributed to better outcomes for those injured in MVAs. Medical services funded by auto insurers are typically more costly per treatment, compared to services funded by workers compensation and provincial medical plans. As well, insurerfunded services frequently involve more treatments with longer timeframes to achieve the best possible health status for each patient. This evidence raises questions concerning the value of the current system for those injured in motor vehicle collisions. The P&C insurance industry is committed to working with other stakeholders to ensure that its medical and rehabilitation resources are used efficiently to help victims of automobile accidents achieve their best possible health outcomes. Promoting injury prevention In October 2002, I made a financial contribution to the lead agency in Canada addressing injury prevention and control. I is working with SmartRisk to develop a National Injury Prevention Program and it is taking steps to develop tools to improve data collection and surveillance on injuries in Canada. Securing value for claims dollars I is conducting a pilot project to demonstrate the value of using an evidence-based program of care in treating whiplash-related injuries in Ontario. In Alberta, collaborative work with the health ministry and the University of Alberta is nearing completion. The focus of the project is to evaluate the impact of MVAs on provincial health costs as a basis for recalculating the levy charged to insurers. In the Atlantic provinces, arguments are being advanced to change the annual adjustment calculation for health-care levies to better reflect actual year-to-year cost changes. Assisting claims staff to be knowledgeable and effective The industry is also seeking to improve information provided to claims adjusters through the publication of Reference Guides outlining appropriate treatment plans for costly injuries. ROAD SAFETY There have been tremendous decreases in the fatality rates on roads and highways over the past 30 years. Deaths on Canadian roads peaked in 1973 at 6,700; in 2000, there were 2,560 deaths. This reduction is even more significant given that the population has increased by 40% over the past 30 years (Canada now has more than 20 million licensed drivers) and the number of vehicles on our roads has grown by 80% to reach 18 million. While the number of fatalities has decreased, the number of car crashes has remained high, and the number of injuries resulting from motor vehicle collisions has remained stable at between 220,000 and 260,000 per year. Car accidents cost private automobile insurance policyholders $7.5 billion per year. Of that, more that $4 billion is spent helping collision victims recover. Eighty percent of claims involve soft tissue injuries, which are frequently associated with rear-end collisions. Often referred to as whiplash, these injuries are not completely preventable, but they do not need to be severe. The P&C insurance industry is working to reduce the incidence of soft tissue injuries. continued on page Facts 17

20 Key industry issues Insurance Bureau of Canada Natural disasters major multiple-payment occurrences PROPERTY AUTOMOBILE TOTAL DATE AND PLACE EVENT # OF LOSS AVERAGE # OF LOSS AVERAGE # OF LOSS ADJUSTED CLAIMS ($000) PAID ($) CLAIMS ($000) PAID ($) CLAIMS ($000) FOR INFLATION 2002 ($000) July 9, 1983/Saskatchewan Storm 6,658 16,385 2,461 not available 28,054 Aug. 3, 1983/Edmonton Storm 4,793 17,191 3,587 6,229 4, ,022 22,060 37,771 April 30, 1984/Bruce County, Ont. Wind 46,079 37, ,093 1, ,172 39,066 64,107 May 30, 1985/Leamington, Ont. Storm 2,091 13,001 6,218 2,530 3,389 1,340 4,621 16,390 25,874 May 31, 1985/Barrie, Ont. Tornado 11,762 71,320 6,064 9,537 12,602 1,321 21,299 83, ,481 May 29, 1986/Montreal Hail 5,284 10,045 1,901 33,264 35,428 1,065 38,548 45,473 68,909 May 29, 1987/Montreal Hail 2,323 2,337 1,006 28,888 22, ,211 24,891 36,142 July 14, 1987/Montreal Storm 9,424 38,057 4,038 5,004 6,621 1,323 14,428 44,678 64,872 July 31,1987/Edmonton Tornado 28, ,111 3,994 29,684 33,266 1,121 58, , ,443 June 7, 1988/Medicine Hat, Alta. Tornado 12,652 35,523 2,808 9,112 14,504 1,592 21,764 50,027 69,830 July 6, 1988/Slave Lake, Alta. Flooding 2,700 19,000 7, ,500 4,167 3,300 21,500 30,011 Aug. 16, 1988/Calgary Hail 9,852 30,583 3,104 4,109 6,544 1,593 13,961 37,127 51,824 July 20, 1989/Harrow, Ont. Flooding 1,930 13,326 6, ,374 2,280 13,807 18,356 July 9, 1990/Calgary Hail 5,209 13,391 2,571 2,438 2,888 1,185 7,647 16,279 20,658 March 27-28, 1991/Sarnia, Ont. Tornado 12,647 23,145 1,830 1,961 2,262 1,153 14,608 25,407 30,527 July 3, 1991/Red Deer, Alta. Storm 7,212 17,275 2,395 7,812 10,927 1,399 15,024 28,202 33,885 Aug. 27, 1991/Maskinongé, Que. Tornado 1,373 16,311 11, ,356 2,061 2,031 17,667 21,227 Sept. 7, 1991/Calgary Hail 61, ,339 3,828 54, ,406 1, , , ,812 Nov. 30, 1991/Ontario Wind 3,008 4,931 1, ,109 3,457 5,429 6,523 July 31, 1992/Calgary Hail 4,285 12,098 2,823 6,324 9,980 1,578 10,609 22,078 26,133 July 31, 1992/Toronto Flooding 993 4,596 4, ,334 4,898 5,798 Aug. 28, 1992/Alberta Hail 1,060 3,594 3, ,669 1,844 1,965 5,263 6,230 Aug. 28, 1992/Elmira, Aurora, Ont. Flooding 1,137 4,292 3, ,229 4,348 5,147 Sept. 1, 1992/Alberta Hail 1,457 4,611 3,165 1,628 2,810 1,726 3,085 7,421 8,784 Oct. 6-7, 1992/Avalon, Nfld. Wind 3,549 7,487 2, ,137 4,190 8,216 9,725 Nov , 1992/southern Ontario Wind 18,259 35,209 1,928 1,048 1,228 1,172 19,307 36,437 43,130 Nov , 1992/Quebec Wind 5,624 10,106 1,797 1,412 1,950 1,381 7,036 12,056 14,271 March 13-14, 1993/Quebec Storm 6,280 11,814 1,881 3,440 6,633 1,928 9,720 18,447 21,441 July 25-Aug /Winnipeg Flooding 21, ,837 8,692 not available 214,833 July 29-30, 1993/Alberta Hail 759 7,078 9, ,038 1,542 1,432 8,116 9,433 July 29, 1993/Saskatchewan Flooding 2,741 5,383 1,964 not available 6,257 July 29-30, 1993/Quebec Flooding 1,366 7,624 5,581 not available 8,861 Jan , 1994/southern Ontario Flooding 3,289 11,759 3,576 1,042 1,386 1,330 4,331 13,145 15,250 Jan. 28, 1994/southern Ontario Storms 1,781 5,470 3, ,346 2,360 6,250 7,251 May 18, 1994/southern Manitoba Storms 2,141 8,260 3,859 not available 9, Facts 2003

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