First quarter net earnings for Manitoba Public Insurance came in at $14.2 million.
MPI faced increased claims being made during this past winter, resulting in an increase of $9.6 million — or 8.1 percent — in physical damage claims. The public insurer says the increase was offset by a drop in bodily injury claims from last year of $35.7 million.
“Bodily injury claims have appeared to return to normal levels from last year’s abnormally high levels,” said Heather Reichert, vice-president, finance and chief financial officer.
As a result, total claims costs for the first quarter of the fiscal year decreased $26.6 million compared to last year.
First quarter earnings were measured during the first three months of the year, ending May 31, 2014.