The Reminder is making its archives back to 2003 available on our website. Please note that, due to technical limitations, archive articles are presented without the usual formatting.
Manitoba Public Insurance profits are on the rise. The public auto insurer reports net income of $91.4 million for the nine months ended Nov. 30, 2010, compared to net income of $24.9 million for the same period of 2009. Don Palmer, vice president of Finance and Chief Financial Officer, said physical damage claims increased by $23.9 million due in part to a severe hailstorm that swept through the province. That August storm resulted in more than 4,000 claims with an estimated value of $13.5 million. Additionally, several other hailstorms resulted in an increase in claims incurred of $8.9 million. On the positive side, claims costs for the nine months ended Nov. 30 decreased by $40 million to $570 million compared to the same period last year. "All of our customers benefit when our balance sheet is positive," said Palmer. "We can all contribute to that strength by driving responsibly and avoiding collisions during the final quarter, which is usually a difficult period of time for driving." Pay less When a new insurance year starts March 1, Palmer said 572,000 Manitobans will pay less for their Autopac in 2011. It will be the 12th year in the last 13 that MPI has held the line or reduced Autopac rates. Later this spring, MPI policy holders will share in their fifth rebate in 11 years as the corporation returns $71 million to Manitobans in the form of a one-time rebate equalling 10 per cent of the Basic Autopac premiums they paid for the previous insurance year. The average customer will receive a cheque worth about $89.
