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 […]
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 […]
Premier Pumps Brakes: Alberta Premier says ‘no appetite’ for government-run auto insurance system despite potential consumer savings
Edmonton, Alberta — Alberta Premier Danielle Smith recently announced that the province will not be considering government-run public auto insurance despite a recent report suggesting hundreds in savings for drivers. The report by Oliver Wyman and Nous Group was originally commissioned by the Alberta Treasury and Finance Board. In the report, “Olive Wyman’s calculations (predicted) […]
Have Your Say: Alberta gov’t seeks feedback on auto insurance reforms
Edmonton, Alberta — The Alberta government is currently considering auto insurance reforms and is seeking public feedback in order to implement a decision that is broadly accessible. Notably, Alberta’s government recently asked independent experts to look at systems that could help reduce the costs of auto insurance and “improve the sustainability of the insurance industry.” […]
