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RSA finds profitability in Canada

by

Hubert Roy

30 July 2018 07:00

Martin Thompson

RSA Group indicates in its annual report 2017 that its canadian subsidiary RSA Canada has returned to profitability in all its divisions in the country.

Its CEO Stephen Hester noted that the performance of the insurer is improved in Canada, in a demanding market. RSA presents Canada with a combined ratio of 93.9% and a client retention of 86 %. Other statistics which RSA says it is proud of : in a proportion of 96 %, the insurer said respond the same day to the demands of its customers in the insurance of small and medium-sized enterprises (SMES).

Sixth insurer in Canada, RSA is subscribed premiums totaling a little more than 2.8 billion dollars (G$) of premiums. Of this figure, 70 % are underwritten individual insurance, compared with 30% in insurance enterprises.

RSA has posted a profit technique of nearly$ 159 Million in Canada in 2017. In its annual report, the insurer indicates that 7.7% of the benefits paid are related to major losses. This proportion has increased over the past few years. It amounted to 6.4% in 2016. Its five-year average of 5.1 %.

Improve the customer experience

For 2018, the main objective of RSA Canada will be to enhance the customer experience, » said the president of the canadian operations, Martin Thompson, in the message he wrote in the annual report of the head office of the uk. «We need to improve our processes, and our technological tools. By investing in technology, we’ll reduce our cost of delivery to customers. We will also need to invest in our key functions, such as underwriting, pricing and claims processing. «

As a financial goal, Mr. Thompson points out that its purpose is to maintain the combined ratio of RSA Canada under the bar of the 94 %.

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