Canadian Market (January 01, 2009)

MSA UPDATE: INDUSTRY’S UNDERWRITING INCOME FALLS 32.7%

Canada’s property and casualty industry (excluding most AMF-regulated companies) has seen its 2008 ninemonth underwriting net income fall 32.7% over the same period last year, according to MSA Research Inc.

MSA’s numbers show the industry reporting an overall net income of Cdn$2.3 billion in the first nine months of 2008, compared to Cdn$3.6 billion over the same period last year.

Part of the decline is due to the fact that 2008 ninemonth underwriting income results plunged 82.9% over the same period last year.

According to MSA, the industry reported an underwriting income of only Cdn$271.1 million during the first nine months of 2008, as opposed to Cdn$1.59 billion during the first nine months of 2007.