Alberta’s auto insurance “crisis” and the simple fixes needed

Alberta | August 28, 2019

The auto insurance market in Alberta is in a state of “crisis”. Insurers operating in the province have essentially had their hands tied since 2017, when the NDP government issued an order limiting cumulative auto rate hikes to 5%. This cap has prevented auto insurers in Alberta from adjusting premiums to reflect the cost of claims, which have shot up substantially in recent years due to factors like distracted driving and the increasing costs associated with fixing modern, tech-heavy cars. The NDP’s cap on premium increases was intended to protect Albertan consumers from hefty rate increases. However, many in the insurance industry argue the cap has had the opposite effect. Celyeste Power, vice-president of the western region for the Insurance Bureau of Canada, said the cap “has taken away availability for consumers” rather than protecting them. This is because insurers are pulling out of the province or limiting their capacity because their loss ratios are way too high.

Spotlight

Insurance companies looking to deliver more relevant and personalized services to their customers must connect their back-end business operations and data with mobile app interfaces through integration capabilities.

Spotlight

Insurance companies looking to deliver more relevant and personalized services to their customers must connect their back-end business operations and data with mobile app interfaces through integration capabilities.

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