For more media materials please visit: https://www.multivu.com/players/English/8221951-auto-insurance-bureau-newfoundland/
ST. JOHN'S, Nov. 15, 2017 /CNW/ - It has been 14 years since a review of the auto insurance system was held in Newfoundland and Labrador. It is long overdue. Other provinces have found a balance for claims payouts, sustainable premium amounts and the ability to help accident victims better quickly. It's about time Newfoundland and Labrador joined them.
We need to fix the current system. It now costs drivers in this province more in premiums than their counterparts pay elsewhere in Atlantic Canada. In fact, on average, premiums are 40% higher here. Drivers in this province are unhappy with their high premiums, their limited choice and the presence of uninsured drivers on the road.
The provincial government is listening. By undertaking a review of the auto system, the government will consider how to encourage more insurers to compete in the marketplace and offer more choice and lower prices to Newfoundlanders and Labradorians.
NL's Public Utility Board (PUB) is also listening. They will be seeking public input. If you have an opinion on what is wrong with the auto insurance system, or if you have ideas on how to fix it, we would like to hear from you: firstname.lastname@example.org.
If you require more information, IBC spokespeople are available to discuss the details in this media release.
SOURCE Insurance Bureau of Canada
For further information: please contact: Andrew McGrath, Manager, Media Relations, 416-362-2031 ext. 4312 (office), 416-550-9062 (cell), email@example.com
Insurance Bureau of Canada is the national industry association representing Canada's private home, car and business insurers. Its member companies represent 90% of the property and casualty (P&C) insurance market in Canada. The P&C insurance industry employs over 114,000 Canadians, pays more than $7 billion in taxes to the federal, provincial and municipal governments, and has a total...