Alberta Finance Minister Nate Horner told Postmedia the insurance rate freeze is keeping rates down for now but isn\u0027t a long\u002Dterm solution.
Officials with Alberta’s finance ministry confirmed the company, which has a market share of less than 0.5 per cent of Alberta’s auto insurance policies, had provided the superintendent of insurance with notice it was withdrawing from the province effective November 2023. The ministry said the company can’t be named due to insurer confidentiality rules.The withdrawal is set to affect as many as 16,000 of Alberta’s 3.32 million licensed drivers, who will need to obtain new policies.
“We know the pause is doing, what caps and pauses do. It’s preventing an uptick in rates,” Horner said. The withdrawal is a negative for both Albertans and insurance companies, said Aaron Sutherland, a vice-president with the Insurance Bureau of Canada, the industry’s national association.This advertisement has not loaded yet, but your article continues below.“The insurance industry certainly isn’t immune to the inflationary impacts that we’re seeing right across the economy. We’ve seen double-digit increases to the costs of repairing and replacing vehicles after collisions.
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