Manitoba Public Insurance (MPI) remains in a strong financial position to provide stable and affordable insurance rates to customers as reflected in the Corporation’s 2022/23 annual report, released today.
“MPI is pleased to have ended its 2022/23 fiscal year with a positive overall net income of $4.2 million as at March 31, 2023,” said MPI’s Board Chair Ward Keith. “The positive financial results were achieved despite inflationary pressures that impacted both claim costs and corporate expenses; and reflect the strength and effective management of the Corporation’s lines of business, including an overall Basic insurance rate decrease of nearly 6.6 per cent for the 2022/23 insurance year, made up of a 1.6 per cent overall rate reduction in addition to another five per cent premium discount.”
The total number of Autopac claims in 2022/23 rose by 2.1 per cent compared to the previous year. The Corporation’s total claims costs for the year were $1.2 billion, an increase of $164.6 million compared to the previous year. The ongoing impact of rising inflation on the cost of claims was a major contributor to the increase.
The Corporation’s Capital Management Plan continues to protect Manitobans by ensuring MPI is properly capitalized at or above legislated targets for each line of business. The Manitoba Public Insurance Corporation Act sets out the Corporation’s capital targets expressed as a Minimum Capital Test (MCT) percentage; Basic at 100 per cent, Extension at 200 per cent and Special Risk Extension at 300 per cent. As of March 31, 2023, MPI’s Basic MCT was 111 per cent, Extension MCT was 202 per cent, and SRE MCT was 386 per cent.
“The Corporation’s focus remains on fiscal prudence to maintain and control costs, which ultimately contributes to lower vehicle insurance rates for Manitobans,” said Keith. “I also want to recognize the commitment of MPI’s current executive team, and the hard work and dedication of all MPI employees who strive to provide exceptional service and value to Manitobans through the public insurance program.”
2022/23 Key MPI Numbers
- Average number of Autopac claims reported per working day – 1,065
- Total Autopac claims reported – 264,102
- Third party liability bodily injury and Personal Injury Protection Plan injury claims reported – 12,185
- Property damage claims reported – 251,917
- Average Number of Autopac policies in force – 1,252,465