Back in 2020, the Alberta government made a number of changes to our insurance system through Bill 41 for the benefit of multinational insurance companies. One of the changes was to pre-judgement interest – which is the rate of interest that insurers have to pay for delaying settlements with injured consumers. The changes to the interest rate were drastic and reduced the rate from 4% annually to just 0.2%. This change alone means insurance companies will save $200 million between 2020 and 2022 in reduced payments to Alberta consumers.
Use the calculator below to see just how much insurance companies are saving in reduced payments to injured consumers because of the changes in pre-judgement interest.
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