| |
Results of Operations
Current Year and Last Year
BASIC
Net income from annual operations of $69.0 million was more than 44 per cent higher than in 2006/07. Total earned revenues increased by $20.8 million to $682.7 million, as the number of policies in force at year-end increased to 887,234 from 854,736.
Total claims costs – including claims payouts and handling, loss prevention and road safety expenses – decreased $3.3 million to $623.0 million. The total number of claims filed increased by 11,184 to 280,319. PIPP claims costs decreased by $17.4 million compared to the previous year. The severity of these claims declined by $218 to $2,295.
Physical damage claims costs increased by $8.9 million to $353.3 million. There were 2,779 more crashes this year and the average cost per claim increased a percentage point to $1,647. The 146,568 collision claims boosted costs by $6.9 million. Comprehensive costs – which include primarily glass, weather-related, theft and attempted theft claims incurred – rose by $0.8 million. Glass claims incurred rose marginally by $0.3 million. Weather-related claims costs included approximately $51.2 million from a severe hailstorm that struck Dauphin and other Manitoba communities on August 9 and 10, 2007, which resulted in about 14,000 claims. The corporation holds reinsurance coverage against this loss that will limit its exposure to $10.0 million. Basic’s share of this severe hailstorm was $8.9 million.
The Immobilizer Incentive Program (IIP) and Winnipeg Auto Theft Suppression Strategy (WATSS) are having a significant positive effect on theft claims as total theft claims costs decreased by $7.5 million or 22.5 per cent, attempted theft claims costs fell by $2.1 million or 16.7 per cent, and partial theft claims costs decreased by 47.2 per cent or $2.2 million.
Years Ended February 28 / 29 |
 |
| |
|
2008 |
|
2007 |
|
2006 |
|
2005 |
|
2004 |
|
| TYPE OF CLAIM |
|
|
|
|
|
|
|
|
|
|
| Chronic pain |
39 |
59 |
61 |
46 |
66 |
| Fatal |
159 |
161 |
144 |
167 |
139 |
| Brain damage |
86 |
74 |
80 |
69 |
97 |
| Quadriplegic |
5 |
1 |
3 |
4 |
3 |
| Paraplegic |
6 |
14 |
9 |
5 |
8 |
| Broken bones |
785 |
837 |
728 |
703 |
811 |
| Whiplash |
15,173 |
14,508 |
12,725 |
12,490 |
12,249 |
| Bruising/lacerations |
707 |
610 |
539 |
692 |
871 |
| Other |
751 |
1,179 |
1,531 |
1,510 |
1,449 |
|
| Total |
|
17,711 |
|
17,443 |
|
15,820 |
|
15,676 |
|
15,693 |
|
Basic’s share of the corporate investment income increased by $4.7 million to $108.8 million. This increase refl ects higher gains realized from the corporation’s equity portfolio.
Years Ended February 28 / 29 |
|
| |
|
2008 |
|
2007 |
|
2006 |
|
2005 |
|
2004 |
|
| BASIC AUTOPAC FIVE YEAR STATISTICS ($000) |
|
|
|
|
|
|
|
|
|
|
| Premiums Written |
675,762 |
654,800 |
631,693 |
605,939 |
558,378 |
| Claims Incurred |
525,287 |
534,860 |
520,962 |
457,221 |
513,548 |
| Claims Expense |
73,146 |
68,965 |
67,169 |
65,270 |
67,043 |
| Other Expenses |
123,963 |
114,330 |
103,923 |
92,243 |
87,768 |
| Net Income (Loss) |
69,040 |
47,783 |
85,703 |
59,943 |
3,358 |
|
...Results of Operations > Current Year and Last Year > Extension
|
|
