Industry Putting Over $100 million Back in Albertans' Pockets
EDMONTON, May 8, 2020 /CNW/ - As Albertans face the health and economic issues stemming from COVID-19, Alberta's property and casualty (P&C) insurers are offering substantial consumer relief measures. For consumers whose driving habits have changed significantly, Insurance Bureau of Canada (IBC) member companies are offering reductions in auto insurance premiums to reflect this reduced risk. Insurers are also calling on all stakeholders to work with the government on its auto insurance review for the long-term affordability of auto insurance.
"There is a long list of things to worry about in Alberta right now and we believe auto insurance shouldn't be one of them," said Celyeste Power, Vice-President, Western, IBC. "That's why insurers are offering reductions that could result in over $100 million in savings for Albertans who have changed their driving habits as a result of the pandemic."
In addition to providing auto insurance premium adjustments, insurers are working on flexible payment options with their consumers including premium deferrals and waiving all Non-Sufficient Funds (NSF) fees.
IBC is also working with the government-appointed Advisory Committee on Auto Insurance and the Government of Alberta to fix Alberta's auto insurance system. IBC believes that insurance is more expensive than it needs to be and is hopeful that the government, working with consumers and stakeholders, will implement reforms that make auto insurance affordable over the long term.
"IBC calls on all stakeholders involved in the auto insurance system, regardless of their personal interest, to focus on what matters most to Alberta's 3 million drivers, and that is affordability," said Power. "IBC believes consumers deserve affordable auto insurance with more choice and more care for those who need it. Anyone calling for the status quo is simply not putting the interests of drivers ahead of their own."
For more information, please visit www.albertaautoinsurancefacts.ca/.
About Insurance Bureau of Canada
Insurance Bureau of Canada (IBC) is the national industry association representing Canada's private home, auto and business insurers. Its member companies make up 90% of the property and casualty (P&C) insurance market in Canada. For more than 50 years, IBC has worked with governments across the country to help make affordable home, auto and business insurance available for all Canadians. IBC supports the vision of consumers and governments trusting, valuing and supporting the private P&C insurance industry. It champions key issues and helps educate consumers on how best to protect their homes, cars, businesses and properties.
P&C insurance touches the lives of nearly every Canadian and plays a critical role in keeping businesses safe and the Canadian economy strong. It employs more than 128,000 Canadians, pays $9.4 billion in taxes and has a total premium base of $59.6 billion.
For media releases and more information, visit IBC's Media Centre at www.ibc.ca. Follow us on Twitter @InsuranceBureau or like us on Facebook. If you have a question about home, auto or business insurance, contact IBC's Consumer Information Centre at 1-844-2ask-IBC.
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: To schedule an interview, please contact: Vanessa Barrasa, Manager, Media Relations, 416-550-9062, [email protected]