Swiss Re: Auto Insurance in Ontario Once Again a Hot Topic in Canada

    NEW YORK--June 8, 2001--After a quiet past couple of years in Canada's auto insurance industry, the Ontario auto market is once again in the forefront.
    In Canadian Underwriter's 2001 Statistical Issue, Glenn McGillivray, assistant vice president for Swiss Reinsurance Company Canada, and author of the commentary article, concludes that after a few years absence, once again the hot button topic for the Canadian p&c market is Ontario auto.
    Last year, he notes, auto markets across Canada varied. In Atlantic Canada, the loss ratio rose by just over four points while in Quebec, an already improved loss ratio shed an additional point. The Prairies and British Columbia showed marked deterioration, with the loss ratio jumping almost six points and 25 points respectively. But once again, all eyes are on Ontario.
    In the province, the loss ratio for auto increased by more than eight points in 2000, coming in at 82.21 (from 74.20 in 1999). The metric is significant, as the Ontario auto product represents a quarter of all private direct written p&c premiums put on the books in the country last year -- about CAD$5.65 billion (personal and commercial) of the CAD$22.2 billion, slightly more than half of all private auto insurance written in the country.
    Canadian Underwriter's Annual Statistical Issue contains a comprehensive review of insurance companies' performance including: financial performance; market breakdown; individual company results; and, summary tables.

    Advisory: Mr. McGillivray is available for interviews with reporters and editors to elaborate on the commentary:
    Glenn McGillivray, Assistant Vice President, Swiss Reinsurance Company Canada, 416-408-5941

    Swiss Re is one of the world's leading reinsurers with over 70 offices in more than 30 countries. In the 2000 financial year, gross premium volume amounted to CHF 26.1 billion (USD 16.1 billion) and the net income after tax reached CHF 3 billion (USD 1.8 billion). Swiss Re is rated "AAA" by Standard & Poor's, "Aaa" by Moody's and "A++" (superior) by A.M. Best.