Rescuing Alberta’s Troubled Auto Insurance System
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Edmonton, AB (July 26, 2019) – On July 19, 2019, the Insurance Brokers Association of Alberta (IBAA) tabled a white paper with the Alberta government to deal with the current auto crisis in Alberta. The IBAA task force that put the paper together have honed in on the most critical issues of:
- Adjusting the automobile rating system to allow insurers to charge appropriate premiums for inferior drivers, so that they are no longer subsidized by good drivers;
- Allowing more flexibility in rating so that payment plans and physical damage coverage are widely available again;
- Clarifying the Minor Injury Regulation to ensure victims of true minor injuries are compensated under the Injury Cap. Legitimately severe and catastrophic injuries should be excluded from the regulation and compensated separately;
- Therapeutic treatments such as dental and psychological, are not included as allowable expenses in the current Diagnostic and Treatment Protocol. All injured parties deserve to receive the proper care needed to heal and recover;
- Unlike other jurisdictions, Albertans are not permitted to use electronic pink cards.
The IBAA’s aim is to help restore the Alberta property & casualty (home, auto, business) insurance system to good health, enabling consumers to have affordable protection, physical damage coverage and payment options once again. The P&C insurance industry contributes $3.2B to the Alberta economy, and employs over 23,000 Albertans.
The Insurance Brokers Association of Alberta is a voluntary trade association representing property & casualty insurance brokers in Alberta. Our mandate is to ensure our member insurance brokers provide consumers with expert advice in order to obtain the right insurance protection at a fair price. Our members are licensed insurance professionals living, working and contributing to Alberta communities.
If you would like more information on this topic, or further comment, please contact George Hodgson, CEO of IBAA, at 780-702-3719 or [email protected].
About Insurance Brokers Association of Alberta (IBAA)
IBAA is a not-for-profit trade association representing over 4200 members in about 250 individual brokerages, working in 600 offices throughout Alberta, the Yukon, the Northwest Territories, and Nunavut. Our members live and work in 152 communities and are closely connected with insurance consumers, their insurance issues, and the local issues, economics, and goals of their local communities.
SOURCE: Insurance Brokers Association of Alberta (IBAA)
Tags: Alberta, Insurance Brokers Association of Alberta (IBAA), whitepaper Read the original article at Insurance-Canada.ca