By: Luke Jones, Published on July 24, 2017 03:52 PM, Last Update on July 24, 2017 12:53 PM
Saskatchewan’s Auto Fund has recently reported its 2016 year financials for the fiscal year ending March 31, 2017. The company says its loss ratio is 86.5%, up 6.1 points from 80.4% during the same period the year before.
SGI (Saskatchewan Government Insurance) says that an upcoming bill to legalize marijuana in Canada will increase funding for drug evaluators and field sobriety testing in Saskatchewan.
“As we look ahead to cannabis legalization in 2018, we are studying proposed federal impaired driving laws and preparing for the impact on traffic safety and impaired driving here in Saskatchewan,” SGI CEO Andrew Cartmell wrote in the Saskatchewan Auto Fund annual report released July 20.
“We are taking a proactive approach, funding increased training for drug recognition evaluators and standard field sobriety testing.”
The public insurance company says the current Auto Fund (which is administered by SGI) had net premiums written of $924.95 million during the year. This was compared to $920.5 million during the previous year.
“The slight increase is due to customers moving to vehicles with higher premiums,” SGI said of the Auto Fund. “The number of vehicles insured years decreased 0.2% during the year to 933,738 from 935,723.”
SGI issues the Auto Fund as a compulsory auto insurance program that protects vehicles for damage, liability, injury, and damage coverage. It also handles vehicle registration and driver licenses.
The Auto Fund saw net claims incurred of $798 million in the 2016/2017 terms, a $63 million increase year-on-year. So far this year, claims are at $835.9 million, while current damage claims are $527 million excluding storm claims.
“Storm claim losses totaled $26.7 million in 2016-17, primarily due to a July hailstorm in Moose Jaw and surrounding area,” SGI CEO Andrew Cartmell wrote in the annual report.