Summer storm claims cost Saskatchewan Government Insurance $61.5 million last year.
However, the corporation still turned a net profit of $48.4 million, according to SGI Canada’s annual report released yesterday.
SGI Canada is the competitive arm of SGI. It sells property and casualty insurance in seven provinces.
Tim McMillan, the minister responsible the crown corporation, said the company benefitted by buying reinsurance, which covered half of the storm claims.
SGI president Andrew Cartmell told reporters that the corporation’s profit would have been reduced by $30 million without the reinsurance.
SGI provided a dividend of $43.5 million to the Crown Investments Corp., which in turn provides money to the province’s general revenue fund.
