2022-23 SGI CANADA Annual Report
The loss ratio for British Columbia increased from 60.3% in 2022 to 62.4% in 2023 primarily due to an increase in the
personal lines losses. There were no catastrophe claims in the year, compared to $4.1 million last year.
Ontario's loss ratio of 77.4% is higher than last year's ratio of 61.2%, largely due to increased claims in all lines of
business with the largest contributor being personal auto. There were $2.9 million in catastrophe claims in current
year, compared to none in 2022.
Catastrophe claim costs
The following graph shows the significance of catastrophe (primarily storm) claims over the past 10 years,
demonstrating their unpredictability and the impact they can have on the Corporation's financial results.
Catastrophe Claims (Net)
millions of $
90
80
70
60
50
40
30
20
10
0
$28.6
$56.2
$53.3
$51.6
$50.2
$39.8
$32.5
$78.4
$54.3
$80.8
2013
2014 2016* 2017*
2018*
2019*
2020*
2021* 2022* 2023*
Saskatchewan
Alberta
Manitoba
10-year average - Saskatchewan
British Columbia Ontario
10-year average - SGI CANADA Consolidated
*Year ended March 31.
Catastrophic losses for the year were $80.8 million, compared to the 10-year average of $52.6 million. Costs are
highest in Saskatchewan, due to the Corporation's significant exposure in the province; however, as can be seen
over the past 10 years, the Corporation has been subject to more significant and catastrophic events in the other
provinces, as it continues to grow its book of business outside of Saskatchewan.
Expenses excluding claims incurred
Other expenses
Income tax (recovery) expense
(thousands of $)
2023
2022
Change
456,758
389,978
66,780
(6,406)
2,809
(9,215)
Other expenses
Expenses excluding claims incurred were $456.8 million (2022 - $390.0 million) for the year, an increase
of $66.8 million or 17.1%. This increase is mainly due to an increase in administrative expenses as the
Corporate Transformation project began to accumulate significant costs.
2022-23 SGI CANADA Annual Report 17View entire presentation