SGI continues to benefit from out-of-province expansion

SGI achieved one goal and closed in on another during the 2018-19 fiscal year.

In its annual report tabled Tuesday, the Crown corporation revealed it had written $371.4 million in premiums outside of Saskatchewan last year.

That represented 40.4 per cent of the $919.4 million in premiums written during the year by SGI. The corporation had hoped to reach the 40-per-cent mark by 2020.

The total number of premiums written last year was an increase from $810.9 million in the previous year. SGI’s goal is to reach $1 billion by 2020.

The insurance company’s 13.4-per-cent premium growth during the fiscal year was twice the industry average of 6.7 per cent.

SGI had more than 940,000 customers across the country in 2018-19, up from 890,000 the year before.

The company also reported a profit of $48 million and paid a $12.5-million dividend to the Crown Investments Corporation last year.

The company’s Auto Fund had a solid fiscal year. It wrote $956.5 million in gross premiums, with nearly $895 million in claims.

It paid $149 million in discounts to customers through its Safe Driver Recognition and Business Recognition programs.

“Saskatchewan residents now enjoy, on average, the lowest overall personal vehicle insurance rates in Canada,” Minister Responsible for SGI Joe Hargrave said in a media release.

“Our government and the Auto Fund remain committed to a continued focus on traffic safety, and a number of initiatives implemented over the past year will make Saskatchewan’s roads safer for everyone who uses them.”

That included new mandatory training standards for commercial semi-trailer drivers and new impaired driving legislation.

As well, the province announced during the year that photo radar would be permanent, with the proceeds going toward safety programs in communities in the province.