Alberta’s car insurance regulator approved changes to the rates for five insurance companies in the third quarter of the year (July to September).
The Automobile Insurance Rate Board (AIRB) differentiates between rate changes to basic coverage (which includes mandatory third-party liability and accident benefits) and additional coverages (such as optional collision, comprehensive, and underinsured motorist coverage). The combined rate represents increases or decreases for both basic and additional coverages.
For basic coverage, most insurance providers did not change their rates. However, belairdirect lowered rates by almost 6%. The cost of additional coverage with belairdirect increased by the same amount.
Tokio Marine, a specialty property and casual insurance provider, raised its price for optional auto insurance. The remaining companies reduced their rates by a marginal amount.
Combined, the rate approvals did not affect the weighted average of approved rate changes for private passenger vehicles. Last quarter, the weighted average rose by 2.79%.
Here are the approved rate changes for basic and additional coverages for private-passenger vehicles in Alberta for the third quarter of 2021:
|Insurance Provider||Basic||Additional||Combined||New Business Date||Renewal Date||Market Share|
|Tokio Marine & Nichido Fire Insurance co., Ltd.||0.00%||2.88%||1.81%||Sep. 26, 2021||Nov. 11, 2021||0.00%|
|Northbridge General Insurance Corporation||0.00%||-0.01%||0.00%||Sep. 26, 2021||Nov. 11, 2021||0.51%|
|Federated Insurance Company of Canada||0.00%||-0.10%||0.00%||Sep. 26, 2021||Nov. 11, 2021||N/A|
|Intact Insurance Company||0.06%||-0.10%||0.00%||Sep. 01, 2021||Oct. 1, 2021||17.65%|
|Belair Insurance Company||-5.79%||6.92%||-2.00%||Jul. 11, 2021||Sep. 5, 2021||N/A|
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