Consumers should remain the focus of the review and eventual reforms
EDMONTON, Dec. 18, 2019 /CNW/ - Today, the Alberta government announced the creation of an advisory committee that will review options to fix the auto insurance system. The advisory committee will report back to the government in the spring 2020.
"IBC and the insurance industry have heard loud and clear from consumers that Alberta's auto insurance system isn't working," said Celyeste Power, Vice-President, Western, IBC. "Alberta's 3 million drivers have said they want more affordable premiums, more choice and care they can count on when they need it. We encourage all stakeholders that participate in the government's review to focus on what consumers want and, frankly, deserve."
IBC, on behalf of Alberta's auto insurers will participate in the consultation process. In these discussions, IBC will focus on what they have heard from consumers, which show*:
69% of Albertans agree that insurers should be more innovative, offer more products and do more electronically
87% of Albertans agree that drivers should have more control over their rates based on how they drive
86% of Albertans support improving care and treatment options for people to recover from motor vehicle collisions
The industry is hopeful that the government and stakeholders will come together quickly to find solutions to the issues facing the auto insurance system so that consumers can count on stable premiums in the short-term. IBC will also participate in the review, by providing a submission and offering assistance to the committee.
"Alberta's auto insurance system used to be the envy of other provinces, working well for over a decade. Unfortunately, increases in payouts for minor injuries has led the average claim size to increase by nearly 10% per year. We want to work with stakeholders to help focus the system on what consumers want and are encouraged that the government is undertaking this important review," added Power.
*Polling conducted by Maple Leaf Strategies
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]
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...