Province Puts Brakes on Insurance Hikes

The Alberta Government is putting the brakes on increases to auto insurance premiums.

The province is announcing a pause on any auto insurance rate hikes for the remainder of 2023.

In a release, the government said it heard the concerns of many Albertans who have become worried about insurance affordability.

“We share Albertans’ concerns about the rising cost of living during the current inflation crisis”, said Travis Toews, President of the Treasury Board and Minister of Finance

The move is not enough, according to the opposition.

The Alberta NDP say Premier Smith and Minister Toews blocked a similar bill from their party which sought to freeze rates. The NDP also notes it was the UCP who first lifted the rate cap on auto insurance, causing some Albertans to experience premium increases as high as 30 per cent.

The Insurance Bureau of Canada (IBC) is also weighing in on the move.

In a media release, the IBC says they are disappointed in the freeze, and cautions that pausing rate increases this year only postpones the challenges until next year.

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