Insurers decry Alberta’s auto insurance rate freeze decision
But this rate stamp has been received poorly by the industry. “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,” a statement from the Insurance Bureau of Canada (IBC) said. IBC's statement, which was alberta-governments-decision-to-freeze-auto-insurance-rates">released on the same day Alberta put a hold on rate increases, also explained that rate caps have resulted in “significant negative consequences” for consumers, pointing to previous instances in Alberta's history. “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.” The Insurance Brokers Association…