The insurance industry is not being honest with Albertans. Premiums are skyrocketing across the province, yet insurers remain highly profitable.
Despite claims that they’re losing money, filings with the Alberta government show that Alberta’s insurers are still making tens of millions of dollars every year.
There is no crisis in Alberta’s insurance market. Insurers are looking to manufacture a crisis so that they can change insurance laws and increase their profits.
Insurance industry lobbyists want to change the legal definition of “minor injuries” to include chronic conditions and the government is listening.
These changes to Alberta’s insurance regulations are unfair to consumers and would result in injured patients carrying more of the financial burden to support their recovery.
The changes would let insurers off the hook of compensating Albertans who get injured in an accident so that they can further increase their profits. That’s their motive.
The industry is only looking out for its own profits and to protect bad drivers. Meanwhile, regular Albertans will pay more in premiums only to have fewer rights and consumer protections.
They’re blaming Albertans who have been victimized by impaired and negligent drivers in motor vehicle accidents for rising premiums.
The government shouldn’t listen to this, especially when the industry continues to make millions, and the frequency of injury claims are dropping.
Our government should stand up for Albertans against insurance industry dishonesty.
The Insurance Bureau of Canada (IBC) is a sophisticated national organization that is using experienced lobbyists to advocate for insurance companies interests – not yours.