Alberta rate board approves rate increases in 2008 Q4

The Alberta Automobile Insurance Rate Board (AIRB) has released its 2008 Q4 decisions report, with the majority of insurers applying for rate increases.
Four insurers applied for increases in base premiums, which on average would result in an estimated 5% increase on premium level for additional coverage.
These insurers include:
–    Alberta Motor Association Insurance Company (3.4%);
–    Aviva Insurance Company of Canada (7.7%);
–    AXA Canada (5.4%); and
–    Traders General Insurance Company (3.5%)
Seven insurers applied for increases in premium level for additional coverage. On average the estimated increase amounted to 7.5%.
The seven insurers include:
–    Canadian Direct Insurance Inc. (13.7%);
–    Primmum Insurance Company (5.0%);
–    RBC General Insurance Company (5.5%);
–    RBC Insurance Company of Canada (5.5%);
–    SGI Canada Insurance Services Ltd. (12.9%);
–    Security National Insurance Company (5.0%); and
–    TD Home and Auto Insurance Company (5.0%).
Also, Allstate Insurance Company of Canada applied for revisions to its additional coverage that would result in an estimated increase of 10.2% in premiums.
Three insurers received approval to increase premium level on commercial vehicles for third party liability and accident benefits coverage.
These include:
–    Federated Insurance Company of Canada (10.7%);
–    Markel Insurance Company of Canada (8.7%); and
–    Royal & SunAlliance Insurance Company of Canada (1.4%).