2022-23 SGI CANADA Annual Report
23. Commitments and Contingencies
The Corporation's systems and facilities contractual commitments are as follows:
2023-24
2024-25
(thousands of $)
2025-26
2026-27
2027-28
Commitments
Systems contracts $
Facilities contracts
49,334 $
793
21,510 $
15,451 $
11,517 $
4,314
$
50,127 $
21,510
$
15,451 $
11,517 $
4,314
In common with the insurance industry in general, the Corporation is subject to litigation arising in the normal course
of conducting its insurance business. The Corporation is of the opinion that litigation will not have a significant effect
on the financial position or results of operations of the Corporation.
In addition, the effects of the COVID-19 pandemic related to emerging coverage issues and claims (class action
lawsuits related to business interruption coverage) could negatively impact the Corporation's provision for unpaid
claims liabilities. The Corporation's commercial insurance policies do not provide business interruption coverage
in the context of a closure due to COVID-19 as direct physical loss or damage is required to trigger this coverage. In
the event that these cases result in a significant judgment against the Corporation, the resulting liability could be
material. Based on information currently known, the Corporation does not believe that the outcome of these cases
will have a material impact on the consolidated financial statements.
24. Comparative Figures
Certain comparative figures have been reclassified to conform to current year's presentation.
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