While 2019 is coming to a close, there’s no end in sight for the issue of rising auto insurance rates. Earlier this month, CTV News reported that auto insurance premiums in Alberta are expected to increase next year, with multiple insurers planning increases after a rate cap expired back in August. Several companies indeed confirmed that rate hikes of 12.1% and 15% were coming (Wawanesa Insurance and Aviva Canada respectively).
The rising costs of auto insurance put many brokers in a tough spot, and not just in Alberta. During the summer, Myles Kuharski, personal insurance sales manager and branch manager at Gillons Insurance Brokers in Thunder Bay, told Insurance Business that brokers were seeing “a really big displacement of what companies are taking, and the rules and underwriting guidelines for what they’ll take has changed the landscape as far as placing customers with proper companies for auto insurance.”
You've reached your limit - Register for free now for unlimited access
To read the full story, and get unlimited access to Insurance Business website content, just register for free now. GET STARTED HERE
Already a website member? Log in below.