Charting the course of a corporation can be a lot like driving a vehicle: You keep one eye on the immediate conditions and gauges, and the other on the road well ahead.

That was the challenge facing Manitoba Public Insurance in 2006. As we focused on the continued success of our core business, we also began to assemble a series of strategic building blocks that will meet corporate needs and expand customer value in years to come. It’s an exciting time for the corporation as these new ideas create opportunities for the future.

While this forward-looking activity was intense in 2006, our most important focal point was delivering the products and services that serve customers so well today. The strength and value of Manitoba Public Insurance lies in sound fiscal management, stable insurance rates, excellent service and comprehensive coverage – and by any measure, 2006 was another exemplary year:

• Of every dollar in Basic Autopac premium collected last year, 97 cents was returned to Manitobans in the form of claims benefits.
• The corporation handled more claims and customer inquiries than ever before yet met or exceeded corporate service standards 96 per cent of the time.
• Proactive measures to combat auto theft paid off with a five-fold increase in the number of after-market immobilizers installed in Manitoba vehicles.
• In addition, the purchase of $83 million in municipal and school bonds brought the total invested in Manitoba by the corporation since its inception to more than $1 billion.

Most of all, the corporation lived up to its promise of providing low and stable auto insurance rates in a way that no other insurance company in this country has done. For seven of the last eight years, Manitoba Public Insurance has held the line on insurance rates while providing $200 million in rebates to ratepayers. At the same time, it has maintained the most comprehensive basic insurance protection in Canada and the exceptional customer service Manitobans have come to expect.

All of our accomplishments – past and future – are built on a foundation of prudent management practices. The reliability of the corporation’s forecasting process provides customers with predictability, while sound investment policies provide new opportunities. Without a healthy and stable financial base, there would be no programs like the Immobilizer Incentive Fund, which has so far subsidized theft-protection for more than 60,000 vehicles. Nor would there be repeated premium rebates for our Basic Autopac customers.

We are dedicated to ensuring that this ongoing strength and stability is not compromised. This requires proper reserving practices that enable us to build value for the long term without being derailed by every risk that presents itself. We must also maintain a corporate governance structure that emphasizes accountability, organizational effectiveness and risk mitigation. And we must continue to invest in the leadership and renewal of our work force for the decades to come.

On behalf of my colleagues on the Board of Directors, I would like to thank the staff, management and business partners of Manitoba Public Insurance. Their dedication provides Manitobans with affordable, high-quality insurance protection, delivered in a compassionate and responsive way.

It is your commitment to excellence that enables Manitoba Public Insurance to continually expand its value to our customers and this province.

Shari Decter Hirst
Chairperson of the Board