As rate hike looms, MPI posts $3.6M net loss

Manitoba Public Insurance has reported a $3.6-million net loss for the first nine months of its fiscal year.

The Crown corporation's balance sheet until the end of November was affected by an increase in total claim costs of $158 million, said Heather Reichert, chief financial officer of MPI.

The losses were greatly offset by an increase in investment income of $101.8 million.Total revenue was up $896.3 million over the same period.

• Overall MPI rate hike of 3.7 per cent coming in 2017

Both injury and damage claims were up compared to the first nine months of the previous fiscalyear.

MPI announced in December it will raise insurance rates by 3.7 per cent starting in March.

It's the third time in the last decade that MPI has increased rates.

• A Porsche clunker, a perjuring pedestrian among MPI's top 5 frauds of 2016