Care-First Consideration: Alberta announces details for upcoming auto insurance reforms; outlines switch to no-fault system in 2027
Edmonton, Alberta — Alberta’s government has announced its plan for an updated insurance system, saying it will raise its auto insurance rate cap for good drivers to a combined 7.5 percent starting in January 2025, with a switch to a no-fault system set for 2027. Specifically, starting in 2027, the province plans to introduce a […]
Rate Relaxations: Alberta to lift auto insurance rate cap, make switch to no-fault system, says industry sources
Edmonton, Alberta — According to a recent report from CBC News, the United Conservative Party (UCP) in Alberta is set to announce that it’s going to let auto insurers in the province raise insurance premiums, while also removing personal injury lawsuits and legal claims. Specifically, as noted by the news source, the province’s government is […]
Claim Pain: New report indicates that automotive insurance costs in Alberta could increase 87.6 percent by 2033
Edmonton, Alberta — A new report from MNP prepared for the Insurance Bureau of Canada (IBC) indicates that the Alberta government’s automotive insurance cap is negatively impacting drivers in the province with automotive insurance costs projected to rise by 87.6 percent between 2023 and 2033. According to the report, factors influencing the province’s insurance system […]
Hunger Pains: Intact says its ‘appetite’ in Alberta auto insurance market reducing
Edmonton, Alberta — Intact Financial Corp says its appetite for Alberta auto insurance business is “reducing” in light of the provincial auto insurance rate cap. During a Q2 2024 earnings call, Intact CEO and Director Charles Brindamour said Alberta’s “artificial cap that is below inflation” makes it “very hard for the industry.” “As a result, […]
