By: Luke Jones, Published on July 24, 2017 01:54 PM, Last Update on July 30, 2017 10:57 AM
Saskatchewan Government Insurance says it has a consolidated loss ratio of 60.4%for the year ending March 31, 2017. The company adds that customers have responded to the introduction of water protection last year. Since its arrival, 77% of homeowner policies have embraced the optional coverage.
SGI Canada, the crown corporation insurance provider for Saskatchewan, added the new water protection benefit in October, 2016.
“Flood insurance is still a fairly new product in the Canadian insurance market, but when offered to SGI Canada homeowners, the coverage was applied to 77% of eligible polies,” Cartmell wrote. “The efforts of SGI Canada’s broker partners ensured this important coverage will help preserve people’s homes and financial security in the event of a devastating flood loss.”
SGI responded to the introduction of overland flood protection from companies such as The Co-operators and Aviva Canada in 2015. SGI reacted to those private offerings to bring water protection to its public-model service.
“Storm claim losses totalled $51.6 million in 2016-17, with a substantial number of claims streaming in following powerful weather events,” Cartmell wrote in the annual report. “In Saskatchewan, these included a pounding hailstorm that hit Moose Jaw and heavy rains that caused flash flooding in Estevan; and in Alberta, two significant summer storms – all in July of 2016.”