Canadian Underwriter

IBC tries to educate consumers about hard market

April 23, 2002   by Canadian Underwriter

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In a press release submitted to newspapers in Atlantic Canada, the Insurance Bureau of Canada (IBC) is trying to educate consumers about the insurance cycle and rising rates.
“The increased cost of automobile insurance has been the focus of much attention lately,” the release, sent to papers in Nova Scotia, New Brunswick and PEI begins. It goes on to give suggestions for consumers who want to find lower rates, such as consulting a broker, raising deductibles or dropping some coverages, or taking advantage of multiple policy discounts.
The release also outlines some of the factors contributing to rising rates, focusing on rising claims costs, specifically in bodily injury claims. Refering to soft tissue damage claims, it says, “Court awards as a result of these minor injuries are increasing, and related legal expenses are contributing significantly to claims costs as well.”
Another aim of the public awareness campaign is to highlight discussions between the IBC and Atlantic governments. The release points out that ongoing discussions are taking place in Newfoundland, amongst other provinces. “Most importantly, consumers should contact their MLAs (Members of the Legislative Assembly) to find out how they can be heard by government on this important issue,” the release concludes.

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