REGINA – Frigid temperatures and wicked hail storms didn’t only hammer your property over the last year – they were also tough on Saskatchewan’s insurance company.
A hail storm on July 19, 2013, resulted in nearly $43 million in claims to SGI’s Auto Fund division, according to SGI’s annual report presented in the legislature on Tuesday.
The report shows SGI Canada, the competitive division that sells property and casualty insurance in other provinces, made only half the profit it did in 2012, at $39 million.
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Property damage claims from storms totaled more than $28 million across the country – plus an astonishing $23 million in ice dam claims.
READ MORE: SGI cautions homeowners following major increase in ice dam claims
“In any given year, the normal number would be about $200,000 in ice daming claims,” said Andrew Cartmell, SGI president and CEO. “It was quite unusual.”
“The reality is, people buy insurance for events such as that happening. Last year it was ice daming claims, this year it’ll be something else.”
The government says it has applied to expand SGI Canada operations in Alberta and Manitoba, as well as to open a new branch in British Columbia.
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