​Superintendent's Report on Insurance 2017

​Summary of Year Ending December 31, 2017

TABLE OF CONTENTS

 

LETTER TO MINISTER OF FINANCE

The Honourable Vic Fedeli

Minister of Finance

7 Queen’s Park Crescent

Toronto ON  M7A 1Y7

 

 

Dear Minister:

 

I am pleased to present the 139th annual report under section 36 of the Insurance Act for the year ended December 31, 2017. Prior to the creation of the Financial Services Commission of Ontario, this report was issued by the Superintendent of Insurance.

 

In addition to the information contained in this report, a listing of all licensed insurers is published each July in The Ontario Gazette. This list contains the names of the insurers, their addresses, telephone numbers, chief agents, and the classes for which they are licensed. During the year, information concerning newly licensed insurers and changes to existing licences is also published in Bulletins issued by the Financial Services Commission of Ontario. Any broker or member of the public can verify whether a particular insurer is licensed by calling our offices at 416-250-7250 or checking our website at www.fsco.gov.on.ca.

 

News releases and warning notices containing other information of public interest are made throughout the year. These announcements effectively reach a large number of Ontario residents. Information is also supplied to industry trade associations for inclusion in their publications to reach more specialized audiences. The Financial Services Commission of Ontario issues Bulletins as required to provide information to Insurers and other individuals interested in the insurance industry.

 

Yours sincerely,

Signature of Brian Mills, Chief Executive Officer and superintendent of Financial Services 

Brian Mills

Chief Executive Officer and
Superintendent of Financial Services

 

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SUMMARY FINANCIAL INFORMATION

Summary of Companies Licensed by Type of Business Activity

As of December 31, 2017

 

ANALYSIS OF 2017 TOTAL
Business TypeTotal 2016AdditionsWithdrawalsTotal
2017
OntarioExtra ProvincialFederal
Property and Casualty Companies194001944715132
Life Insurance Companies66006601452
Reinsurance Companies3310341132
Reciprocal Exchanges100010730
Fraternal Societies1400141013
Totals 317              1               0 318 56 33 229

Notes:

1. Companies writing both property & casualty and life business are listed under Life in the above summary. Their financial performance is shown separately by business type in the following report.

2. Branch operations are included in the Federal totals.

3. The Superintendent’s Report 2017 records figures as of the end of the calendar year (December 31, 2017), based on the companies’ annual filings. The Financial Services Commission of Ontario Annual Report 2017-2018 records figures as of the end of the fiscal year (March 31, 2018).

 

PREMIUM STATISTICS

Insurance is a $49 billion business in Ontario. In 2017, of the total premium dollar volume, 50.3 per cent went to the property and casualty (including automobile) insurance industry and 49.0 per cent went to the life insurance industry.

 

Of the $24.3 billion spent on premiums to the life insurers, 42.1 per cent went to the purchase of accident & sickness coverage, 42.1 per cent also to the purchase of individual and group life coverages and 15.8 per cent went to annuities.

 

2017  Direct Written Premium Volume in Ontario

Total $49,491 (in millions)

 

2017 Direct Written Premium Volume in Ontario  

Description of 2017 Direct Written Premium Volume in Ontario image [New Window]

 

 

2017 Life Companies - Direct Written Premiums in Ontario

Total Premiums Written $24,259 (million)

 

 

 

2017 Life Companies – Direct Written Premiums in Ontario 

 

Description of 2017 Life Companies – Direct Written Premiums in Ontario image [New Window]

 

 

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Property and Casualty Companies [New Window]

 

Life Insurance Companies [New Window]

 

Reinsurance Companies [New Window]

 

Fraternal Societies [New Window]

 

Reciprocal or Interinsurance Exchanges [New Window]

 

FINANCIAL SUMMARY NOTES

 

  1. The former name of MAX Insurance was MAX Canada Insurance Company.
  2. The company's licence is limited to automobile risks of Toronto Transit Commission.
  3. No financial information was received from Canadian Farm Insurance Corporation in 2017.
  4. No financial information was reported for Alta Surety Company in 2017. The company has cancelled their licence.
  5. The former name of Atradious Credito Y Caucion S.A. De Seguros Y Reassiguros was Atradious Credito Y Caucion, S.A. De Seguros Y Reassiguros.
  6. The former name of Petline Insurance Company was Western Financial Insurance Company.
  7. The former name of Veressure Insurance Company was Northbridge Personal Insurance Corporation.
  8. Condition in licence that Reliance Insurance Company shall not undertake or renew insurance contracts in Ontario from August 2001.
  9. No financial information was reported for State Farm Fire and Casualty Company in 2017. The company has cancelled their licence.
  10. No financial information was reported for State Farm Mutual Automobile Insurance Company in 2017. The company has cancelled their licence.
  11. The Shipowners' Mutual Protection and Indemnity Association (Luxembourg)'s licence is limited to the servicing of existing policies.
  12. No financial information was reported for XL Insurance Company SE in 2017. The company has cancelled their licence.
  13. No financial information was reported for The Union Life Mutual Assurance Company in 2017.
  14. No financial information was reported for La Capitale Financial Security Insurance Company in 2017.
  15. No financial information was reported for Phoenix Life Insurance Company in 2017.
  16. No financial information was reported for Principal Life Insurance Company in 2017. The company has cancelled their licence.
  17. No financial information was reported for State Farm International Life Insurance Company Ltd. in 2017. The company has cancelled their licence.
  18. The former name of Partnerre Life Reinsurance Company Of Canada was Aurigen Reinsurance Company.
  19. No financial information was reported for Caisse Cetrale De Reassurance in 2017. The company has cancelled their licence.
  20. No financial information was received from Wilton Re (Canada) Limited in 2017. 

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