Session 1 Operation of the Auto Insurance System in Canada s Provinces

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1 Session 1 Operation of the Auto Insurance System in Canada s Provinces Marie-Hélène Malenfant, FCIA, FSA Director of actuarial liability valuation, SAAQ

2 Before % of injured were not compensated; 2 to 10 years of payment delay; High legal fees; and Rising premiums. Government adopted the no-fault system 1978 implementation of tort law for property damage and bodily injury 2

3 1978 implementation of no-fault system SAAQ No-fault bodily injuries Compulsory coverage Benefits defined by law Based on economic losses Private Insurers Tort system for collision and property damage Minimum compulsory coverage Direct compensation to the insured 3

4 No-Fault system in Québec Benefits defined by law to compensate the losses: Income replacement indemnity First 2 years after the accident, start after a 7-day waiting period, and paid every 14 days. Start on the 181 st day after the accident for the unemployed at the time of accident. From the 3 rd year on, the income replacement is adjusted with a determined employment compatible with their abilities. Benefits end at age 68. Relapse possible. Treatment expenses for care and rehabilitation Personal home assistance, job training and profession reintegration expenses, medication, etc. Lump-sum compensation for non-pecuniary damage Compensation for loss of enjoyment of life, mental suffering and pain Death benefits To a surviving spouse, for funeral expenses, etc. 4

5 Examples of benefits: Income replacement indemnity: 90% of the net income computed on the basis of a gross annual income not exceeding the maximum insured salary of $69,500 Lump sum to surviving spouse: $67,340 to $347,500 Funeral expenses: $5,046 Non-pecuniary damage: maximum of $236,131 Home care expenses: maximum of $843/week Lump sum indemnity for students: $5,046 at elementary, $9,260 at secondary, and term at postsecondary school level (up to $18,519/year) $55/ physiotherapy treatment (effective September 24) $36/occupational therapy $86.60/psychological treatment Medications: 100% on presentation of bills or receipts Review of the benefits will be completed in the near future 5

6 Subrogation right Abolition of lawsuit based on responsibility in a car accident All Québec residents are covered here and around the world Québec resident having an accident outside province of Québec Non-Québec resident having an accident here in Québec* * Québec has agreements with Manitoba, Alberta, and Ontario (limited to non-pecuniary damages). 6

7 Subrogation statistics Accidents in Canada (excl. Québec) 200 cases with possibility of subrogation 2/3 from Ontario, Alberta, and Manitoba (agreement) Accidents in U.S.A. 200 cases with possibility of subrogation 70% cases are accidents in FL, ME, NY, VT and NH SAAQ recovers 30-35% depending of the insurance coverage (1/3 lawyers) Accidents outside Canada and U.S.A. 100 cases with possibility of subrogation Vacation spots (Mexico, Cubs, etc.), France Usually those people from vacation spots have no insurance coverage 7

8 Subrogation calculation : 2 4 cases/year Past indemnities Accumulated with interest Future indemnities Best estimate of future payments Doctor s opinion on the deterioration of the victim s condition Subject to laws of the jurisdiction where the road accident occurred The assumptions and methods used by the actuary should take account of the circumstances of the work, including applicable law, regulation, court practice, and established legal principles relevant to the work. 8

9 A little history! Law modifications in 1990 and 2000 for benefits Creation of the insurance fund (trust) in 2004 First underfunding position in 2004: Action Plan Expenses related to the injured in a year are larger than the income ($500M) Premiums should be increased ($300M) Road accidents reduction ($130M) Costs reduction ($70M) 9

10 Premiums increased Increase in 2008 Very far from the risk because it was the same amount as 1985 Increase over a 3-year period to fill in 60% of the shortfall Annual indexation Spreading of payments was offered Annual driver s licences Now the premiums are revised every three years 10

11 Number of people with benefits Year of accident 11

12 Cost reductions Risk management of claim processing Process revisions Management of the invalidity period Services better adapted to the situation 12

13 We overachieved the goal The new pricing done last year will provide decrease in premiums starting in Capitalization and financing of the accident year: CHECK Decrease in number of deaths and injured persons Even though there is an increase in delivering driver s licenses and car registration Better services to those who claim compensation 13

14 Benchmarking* Comparing with similar Qc organizations and three other provinces (BC, Manitoba, and Saskatchewan) Capitalization rate: 3/5 Administration costs per $1 benefit: 1/5 Comparing with other Canadian provinces Lowest costs (bodily and material damages) of car insurance: 1/12 * SAAQ annual report 2014, pages 133 to

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