WINNIPEG, MB. – Manitoba Public Insurance is in the positive with $61.3 million in net revenues, a huge increase, $60.6 million, over last year at this time.

The net income is for the nine months of its fiscal year ending November 30, 2017 and it includes net income from the Basic insurance line of business of $11.1 million in the first nine months of the 2017/18 fiscal year.

“Historically, the first nine months of the Corporation’s fiscal year generate positive financial results, which are then offset by an increase in claims costs during the winter months,” said Mark Giesbrecht, vice-president of Finance and Chief Financial Officer, Manitoba Public Insurance.

Third Quarter Highlights

• Total earned revenues for the first nine months rose by $53.1 million from the same period last year, driven mainly by increases in motor vehicle premium revenue from more motor vehicles insured and the value of these vehicles.
• Revenues were also bolstered by an overall Basic insurance rate increase of 3.7 per cent approved by the Public Utilities Board (PUB) effective March 1, 2017.
• Total claims costs were $40.1 million higher than in the same nine-month period last year.

Recently, the PUB approved an overall increase of 2.6 per cent in Basic insurance premiums for the 2018/19 insurance year.

In a news release, MPI said, the PUB approved changes to premiums charged under the Driver Safety Rating program to better align the premiums high-risk drivers pay to their actual claims costs, and to provide even greater incentive for dangerous drivers to improve their driving habits. This change is expected to increase driver premium revenue by $17.5 million.

David Marshal, Manitoba Post

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