Rate Cap Clapback: IBC says Alberta auto insurance rate cap ‘does nothing to improve affordability’

Rate Cap Clapback: IBC says Alberta auto insurance rate cap ‘does nothing to improve affordability’

INSURANCE
Edmonton, Alberta — If there are two things the insurance industry and the “Real Housewives” series have in common, it is a stupefening propensity for drama and scandal, as has unfolded Thursday when the Alberta government announced an immediate cap on auto insurance rates through to the end of the year. Announced in a joint release from the province's ministry of finance and affordability and utilities, the Alberta government says it will be “taking action on insurance” through this rate cap, as well as a mandate for insurance companies to allow customers to pay premiums through payment plans. "Affordability is a primary challenge facing many Albertans as rising inflation makes it challenging for many to afford necessities, including auto insurance," said minister of affordability and utilities, Matt Jones. "We are…
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