Canadian Underwriter

ICN CEO attacks "false statements" suggesting that Newfoundland/Labrador insurance costs are lowest in Canada

December 11, 2001   by Canadian Underwriter

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Insurance Corporation of Newfoundland (ICN) CEO Dave Anthony has "denounced" what he calls "false claims" recently made by personal injury lawyers that insurance rates in Newfoundland and Labrador are the lowest in Canada.
Anthony spoke at a St. John Northwest Rotary Club gathering. He charges that the statistical calculation used by the lawyers in question to make their determination was based on "premium per person" rather than "premium per vehicle". This, he adds, suggests that every man, woman and child living in Newfoundland and Labrador buy auto insurance and presumably own a vehicle.
Drivers within Newfoundland and Labrador are fully aware that auto insurance rates rose significantly last year, Anthony comments. He quoted statistical data from the provincial insurance superintendent’s office indicating that New Brunswick drivers were the only other Atlantic coast residents to pay higher premiums than Newfoundland/Labrador. New Brunswick premium rates per vehicle in 2000 amounted to $746 compared with Newfoundland/Labrador’s $720 per vehicle. "Every opinion poll we’ve seen in the last year, together with what we’ve heard from consumers during our provincial tour during November, supports the view that auto insurance rates are a problem for consumers and something has to be done to contain costs."

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