Hailstorm Hardships: IBC reports that recent Calgary hailstorm will continue to put pressure on Alberta’s insurance system
Calgary, Alberta — The Insurance Bureau of Canada (IBC) is warning that more automotive insurers could be pushed out of the province following an August hailstorm that resulted in $900 million in unexpected claims costs pressures. Specifically, Aaron Sutherland, IBC’s vice president for the Pacific and Western area explained in a media release that costs […]
THE STATE OF ALBERTA AUTO INSURANCE
HOW WILL IT IMPACT THE COLLISION MARKET Story by MICHAEL VAVAROUTSOS There will now be two more companies following in Zenith Insurance’s footsteps to end their auto insurance coverage in Alberta. Aviva Direct and Sonnet Insurance have separately announced each will withdraw its auto insurance services from Alberta, effective early January 2025 for Aviva and […]
Policy Problems: Profitability issues challenge Alberta insurers; authorities seek solutions
Edmonton, Alberta — The Alberta insurance market is facing significant challenges, leading to the withdrawal of several major auto insurance providers from the province. Earlier this month, Aviva Direct and Sonnet Insurance announced the groups will be ending available auto insurance services in Alberta by late 2024, following in the footsteps of Zenith Insurance’s exit […]
Sayonara, Sonnet: Sonnet Insurance Company to end auto insurance business in Alberta, effective Dec. 13, 2024
Edmonton, Alberta — Sonnet Insurance Company will phase out auto insurance operations by Dec. 13, 2024, the company announced last Friday. The company cited December 13 as its intended date of withdrawal from the Alberta market. Following that date, Sonnet will no longer issue new policies, nor will it renew any new auto insurance policies […]
Blame Game: Alberta survey reveals that majority of Albertans support at-fault insurance system
Edmonton, Alberta — Fair Alberta Insurance Regulations (FAIR Alberta) recently surveyed Albertan drivers and revealed that the majority of drivers support the province’s current at-fault insurance system. Specifically, the survey, which was conducted between January 8 and 15, and consulted approximately 900 drivers aged 18 and older, found that 63 percent of respondents prefer the […]
Calm Compensation: Changes to Alberta insurance claims process ‘fairer and more customer-focused,’ says IBC
Edmonton, Alberta — The Direct Compensation for Property Damage (DCPD) system for Alberta’s auto insurance industry came into effect on Jan. 1, moving the province toward a model that incorporates more fault-free policy options. As of the beginning of this year, Albertan drivers are able to claim vehicle damage that they are not responsible for […]
