Co-op announces strong third quarter 2022 results

“Hurricane Fiona had a devastating impact on our clients, and we are working diligently to support them.As this gap widens, we will continue to focus on prevention as well as protection. is needed.”

Cooperative direct premiums written (DWP) increased by 6.8% or $75 million in Q3 2022 compared to Q3 2021. Average premiums for commercial, residential, and farm insurance. It was also noted that his travel DWP recovered during his three-month period ending 30 September 2022, thanks to the easing of pandemic restrictions around the world.

Insurers’ undiscounted net claims and adjustment expenses increased $70.5 million in the third quarter of 2022 compared to the same quarter of 2021. That pushed the company’s loss ratio, excluding market yield adjustments, down from 4.3 points to 64.8%. The increase in undiscounted net bills and adjustment charges was primarily due to the impact of Hurricane Fiona, which hit the Atlantic states on September 24, 2022.

The cooperative combined ratio (excluding market yield adjustments) rose to 97.9% in the quarter, up 4.2 points.

Wesseling added that the Co-operators are confident in their “strong capital position” even as insured losses continue to rise and higher premium rates negatively impact the company’s investment portfolio. rice field. The CEO believes the resilience of the insurance cooperative will enable it to work towards its long-term vision of “investing in resilient and sustainable communities and providing financial security to Canadians.”

read more: Cooperative CEO appointed chairman of ICMIF

In other news, Wesseling was named chairman of the International Cooperative and Mutual Insurance Federation (ICMIF) late last month. ICMIF is made up of 197 mutual insurers in 60 countries, collectively serving over 350 million members/policyholders and employing over 226,000 people.