Provide one\u002Dtime grants or tax relief to cash\u002Dstrapped consumers instead of price controls, writes Jack Mintz. Read more.
. It was a shock for property insurance companies that the United Conservative Party government would re-introduce a failed NDP policy that in 2017 froze insurance premiums for two years.Sign up to receive daily headline news from the Calgary Herald, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.
So why did insurance premiums become an issue for the UCP government? One likely reason is an EY report commissioned by the state-owned Insurance Corporation of British Columbia that compared insurance rates for 27 driver profiles in two to five cities in each province as of September 1, 2022. Not surprisingly, it concluded that B.C. generally had the lowest insurance premiums with Alberta near the highest — a widely-noted result that sparked Minister Jones’ January decision to freeze.
The EY report had three fundamental flaws in my view. First, it excluded discounts from the analysis. This is potentially quite important since private property insurance companies offer a host of discounts, including for buying multiple insurance plans for home, car and other property. ICBC, by contrast, offers only auto insurance. Second, EY obtained five quotes for each case but used the average of the second and fourth quotes rather than an average of all five quotes.
That picture is little changed from five years ago. The key shift is in B.C.’s relative position. In 2018, ICBC had theaverage premiums among all provinces. It fell to fourth highest only after B.C. capped payments for minor injuries in 2020 and then in 2021 adopted no-fault insurance for personal injury, with limited compensation and a ban on liability claims.Article content
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Jack Mintz: Freezing insurance premiums won’t workProvide one\u002Dtime grants or tax relief to cash\u002Dstrapped consumers instead of price controls, writes Jack Mintz. Read more.
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