Alberta government’s decision to freeze auto insurance rates
EDMONTON, AB, Jan. 26, 2023 /CNW/ - Today's announcement of the government's decision to freeze insurance rate filings for private passenger vehicles is disappointing for insurers and, most importantly, for consumers. A rate freeze does nothing to improve the affordability of auto insurance in the near term and only pushes today's challenges down the road.Insurance Bureau of Canada (CNW Group/Insurance Bureau of Canada)Rate caps have resulted in significant negative consequences for consumers when undertaken previously in Alberta and elsewhere. During Alberta's last provincial rate cap from 2017 to 2019, consumers faced challenges securing the coverage they needed, as insurers were forced to take action to remain viable and continue paying customers' claims. Premiums still increased by 12% when the rate cap was in place.in Californian, drivers are also living through…
