Albertans pay some of the highest auto insurance premiums in the country — and despite increasing fees, some insurers say the business isn’t profitable here.Three auto insurance companies have decided to leave the province. They say they cannot turn a profit under Alberta's market conditions. Albertans pay some of the highest auto insurance premiums in the country — but some insurers say the business isn't profitable here.
According to a statement from the province, combined the companies make up about one per cent of insured vehicles in Alberta. It is unaware of any other insurers leaving.that these exits are "warning signs. Aaron Sutherland, the Insurance Bureau of Canada's vice-president of Pacific and Western regions, shared those concerns.
Sommerfeld said that while caps make consumers happy in the interim, they're not a real fix because the cost of repairing vehicles continues to soar with the impacts of the pandemic, inflation, and higher rates of fraud and theft. Sutherland said Alberta is seeing more and more of those lawsuits, and while sometimes they're appropriate, too often they're seeing "frivolous claims" — which create higher premiums for everyone.Alberta Premier Danielle Smith, centre, announces short- and long-term plans to reform auto insurance in Alberta at the legislature on Nov. 1, 2023. She is flanked on the left by Affordability and Utilities Minister Nathan Neudorf and Finance Minister Nate Horner, right.
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