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 […]
Adiós Aviva: Aviva to discontinue its Aviva Direct insurance program in Alberta by January 2025 due to lack of profitability
Edmonton, Alberta — Aviva Canada has announced its intention to phase out its Aviva Direct home and auto business insurance program in Alberta in early January 2025, citing lack of profitability as the reason for the discontinuation. Aviva direct customers in the province will receive letters in the mail to inform them of the change. […]
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.” […]
Subsidy Scandal: Insurance Bureau of Canada claims Alberta’s ‘safe drivers’ charged auto insurance premiums to subsidize high-risk drivers
Edmonton, Alberta — The Insurance Bureau of Canada (IBC) reports that Alberta’s ‘good’ drivers are being forced to pay auto insurance premiums to subsidize high-risk drivers. Using data from a Deloitte LLP report, the IBC said on Wednesday that it discovered that the province’s worst drivers have been offered subsidized insurance rates for 20 years. […]
Lawsuit Highs and Lows: Legal costs impacting auto insurance premiums in Alberta
Edmonton, Alberta – According to a new report from consulting firm MNP, fees associated with post-collision lawsuits have emerged as a significant contributor to rising auto insurance premiums in Alberta. In its report, MNP found that legal fees accounted for approximately 20 percent of premiums in Alberta, translating to nearly $200 annually for each driver. […]
