Officials with Alberta’s finance ministry confirmed the company, which has a market share of less than 0.5 per cent of Alberta’s auto insurance policies, had provided the superintendent of insurance with notice it was withdrawing from the province effective November 2023. The ministry said the company can’t be named due to insurer confidentiality rules.The withdrawal is set to affect as many as 16,000 of Alberta’s 3.32 million licensed drivers, who will need to obtain new policies.
Alberta Finance Minister Nate Horner told Postmedia that freeze is keeping rates down for now but isn’t a long-term solution for insurance companies. “But I would say that it’s something that we can’t leave on forever. It was meant to be a short-term affordability measure, right at the peak of the affordability crisis.”Article content‘Unfortunate development’: Executive concerned about withdrawal
It’s possible other insurers will also opt to withdraw from offering vehicle coverage in Alberta, Sutherland said, voicing concern this could turn into a trend moving forward.
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