The numbers show insurance companies are doing more than fine in Alberta. In the past two years, insurance companies have made almost a BILLION dollars here in the province. That sounds like a pretty good return. And records show more private insurers have entered the Alberta market, while none have left.
Multinational insurance companies are lobbying for major concessions from the Alberta government that would bolster their profits but a new analysis shows that insurers are already expected to experience a pre-tax profit of almost $1 billion in 2019-2020.
Experiences in other provinces such as Ontario, show that Insurance-run no fault programs only result in higher profits for insurance companies, not in savings for consumers – a WLU Study shows.
Industry claims don’t pass muster and everyone would benefit from more openness
No fault means no way to make insurance companies keep their word. No fault means no accountability. No fault? No thanks.
You’ve heard the promises – reduced premiums! We’ll work with you! Payment plans and options! Talk to us, we understand! – but what’s really happening out there?
Craig A. Allen, FCIA, FCAS, March 12, 2020 The above blog post “Honesty in Insurance – the Facts that Drivers Deserve,” posted in February 2020
New data released by the Alberta government shows that, in major areas, auto insurance claim costs are decreasing, dealing a significant blow to the credibility
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