FREDERICTON, NB, May 9, 2013 /CNW/ - Insurance Bureau of Canada (IBC)
will work with the government and the insurance industry to ensure
smooth implementation of the changes to the minor injury damages cap
for New Brunswickers.
The Government of New Brunswick announced that it will increase the pain
and suffering damages cap for people suffering minor personal injuries
in automobile collisions to $7,500 from $2,500 on July 1, 2013, and
will increase that maximum amount annually beginning January 1, 2015 in
accordance with the Consumer Price Index for New Brunswick.
"A sustainable and stable auto insurance system must strike a balance
between providing adequate benefits for the few people who make claims
and affordable premiums for everyone who drives. The government's
decision to increase the minor injury cap changes that balance to
provide more benefits that we hope will serve to benefit New Brunswick
drivers," says Steve Olmstead, Manager of Government Relations, IBC.
"We know that caps can work, and that caps are a fair and reasonable way
to control claims costs and deliver affordable premiums for consumers.
We will work with the government and stakeholders to ensure that the
province's auto insurance system continues to serve the needs of New
Brunswickers," adds Olmstead.
About Insurance Bureau of Canada
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
115,000 Canadians, pays more than $7 billion in taxes to the federal,
provincial and municipal governments, and has a total premium base of
To view media releases and information, visit the media section of IBC's
website at www.ibc.ca and for IBC on Twitter follow @insurancebureau.
SOURCE: INSURANCE BUREAU OF CANADA
For further information:
If you require more information, IBC spokespeople are available to discuss the details in this media release.
To schedule an interview, please contact:
Director, Media Relations
Insurance Bureau of Canada