Question 738-20(1): Home Insurance Supports

Thank you, Mr. Speaker. Mr. Speaker, the Minister of Finance knows that I love data. So can the Minister tell us when an annual report for 2024, which is required by the Insurance Act, will be made public. Thank you, Mr. Speaker.
Thank you, Member from Great Slave. Minister of Finance.

Thank you, Mr. Speaker. The insurance license year ends June 30th, so the June 30th, 2024, would be the end of that year. The annual report is then prepared thereafter. We could expect the 2024 Annual Report that gets prepared through the year will then be released in October, so the fall of this year. So roughly fall 2025. Thank you, Mr. Speaker.

Thank you, Mr. Speaker. And thank you to the Minister for that. Can the Minister say whether the 2023 Annual Report, which is already out, takes increases resulting from claims made during the 2023 wildfires and evacuations into its calculations for gross receivable insurance premiums? Thank you, Mr. Speaker.

Thank you, Mr. Speaker. That is correct, it does. The insurance premium tax that gets paid to the GNWT does take into account any increases in total gross premiums for the calendar year. So the premium tax is three percent on general insurance, one percent on fire insurance, and that is, indeed, based on the previous calendar years' insurance premiums. Thank you, Mr. Speaker.
Thank you, Minister of Finance. Final supplementary. Member from Great Slave.

Thank you, Mr. Speaker. The superintendent reports on four previous years in each annual report. Can the Minister speak to what percentage increases to insurance premiums that the superintendent is tracking for 2024 or for even into 2025. Thank you, Mr. Speaker.

Thank you, Mr. Speaker. Obviously, the March 2023 -- or March 2025 year has not yet been completed, Mr. Speaker, but the 2024 amounts are still being finalized, and I can give you an estimate that we're sitting around $6.9 million. That would be 3.6 percent decrease from the 2023 reported premium tax. As I'd said earlier, we are now tabulating 2024. 2025 will be reported in a year -- just over -- just under a year from now. Thank you, Mr. Speaker.
Thank you, Minister of Finance. Oral questions. Member from Frame Lake.