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Auto insurers request that the province eliminate taxes
The government of Alberta is being urged by two business associations to do away with some taxes on auto insurance premiums in order to bring down costs for drivers.
Prior to the 2024 budget, the pitch is described as a stopgap measure until more extensive reforms are implemented as a result of a spring report that the province commissioned.
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The taxes are a four percent insurance premium tax, which is the same in many Canadian provinces, plus an additional fee that covers medical expenses for injuries sustained in auto accidents.
The Insurance Bureau of Canada (IBC) and the Canadian Federation of Independent Business (CFIB) estimate that the average consumer would save $100 a year if the taxes were removed.
The two groups also mentioned how insurance companies’ financial difficultiesred by inflation, including a 31% increase in legal fees and a 15% increase in repair costs.
According to Aaron Sutherland, vice-president of IBC’s Western and Pacific Regions, these costs now account for 20% of insurance premiums.
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Companies are finding it more difficult to recover cost increases when combined with a 3.7% price increase cap, which was imposed by the government in November and corresponds to Alberta’s inflation rate for September.
IBC’s president and CEO, Celyeste Power, stated in a recent opinion piece that the rate cap might cause insurance companies to leave the state, citing California as an example, and that “meaningful reform” was needed.
The government “is exploring all options to make auto insurance available,” according to a statement from the Ministry of the Treasury Board and Finance.
more reasonably priced in Alberta and is taking into account every suggestion made by residents and insurance professionals.”
The statement said, “We have hired an outside consultant to carry out a thorough analysis to guide long-term reforms.”
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