Province to announce changes to Alberta auto insurance
Posted November 21, 2024 7:52 am.
Details will be released Thursday on the province’s plan for a new auto insurance system in Alberta.
Premier Danielle Smith, Minister of Finance Nate Horner, and Minister of Affordability and Utilities Nathan Neudorf, are scheduled to speak to the media at 3:30 p.m.
News first circulated of incoming changes earlier this week and while the province confirmed a shakeup is coming, it has been tight-lipped on the details.
Various media reports indicate Alberta will life the 3.7 per cent rate cap on premiums and introduce a no-fault system.
Horner hinted details released Thursday will include information on consultations and studies the province has undertaken on the subject.
Alberta has the highest car insurance premiums in the country. Despite this, some companies have chosen to pull out of the province entirely, saying they can’t make money under a rate cap.
Horner as said changes are aimed at making auto insurance more affordable.
NDP leader, Naheed Nenshi, is advocating for a public system, similar to what is in place in B.C., Saskatchewan, and Manitoba.
This is a developing story.
-With files from Sean Amato
