Business News

Record Insurance Profits

Ray Turner - Feb 19, 2005 / 9:09 am | Story: 7224

The companies that sell auto, home and business insurance to Canadians have reported record profits of $4.2 billion in 2004 – a figure the Consumers Association of Canada called "obscene."

The industry's 206 companies also reported record return on equity of 20.6 per cent last year.

"These financial results confirm that the P&C [property and casualty] insurance industry has returned to financial health following a period of the weakest earnings in its history," said Stan Griffin, president of the Insurance Bureau of Canada (IBC).Full story

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