27 July 2017 07:00
Sonnet, the insurer exclusively Web ofEconomical Insurance, has ended 2016 with a volume of premiums net of 12 million of dollars (M$). Of this volume, with $ 800,000 from Quebec.
This is according to figures compiled by MSA Research for the account of the insurance Journal. MSA Research compiles all of the financial results of canadian insurers from the data that they need to disclose to the Office of the superintendent of financial institutions (OSFI).
Economical does not disclose these figures in its annual report. The Journal of insurance has also probed the insurer to know in the past, but this one preferred to keep them confidential.
These figures cover one or more of the first seven months of the existence of Sonnet, Economical launched in may 2016. The figures provided by the MSA reveal that Sonnet has ended 2016 with a net loss of 262 000 $, and the combined ratio 108,4 %, an underwriting loss of 11 947 $ and income from investments 10-434 $.
Particular, Sonnet has a volume of gross premiums significantly higher than its volume of net premiums. It was 146 M$. MSA explained in the Journal of insurance that this figure includes an amount of reinsurance assumed of$ 145 Million, explaining the volume of gross written premiums.
In Quebec, Sonnet derives more volume in motor insurance than in home insurance. Its volume car is 444 000 $. It is 348 000 $ for home insurance.
Even if there is no record of the results of Sonnet in the annual report of the Company, its CEO Rowan Saunders gave an update on his situation in his message to the president. To Mr. Saunders, this launch is a «game changer» in the industry. It reminds us that a Sonnet was created in less than two years, but also that it is an entity separate and independent of the business by brokerage Economical. The pricing is also different, and is established on various data, and advanced analytics that enables the customer to have a premium custom.