Masked Bandit
04-01-2011, 08:08 AM
So those on the board who are also in the insurance industry will already know about it but the media has been kept in the dark, for now.
Ever since last summer's repeated hail storms the insurance companies have been trying to figure out how to recover their losses. Last summer the insurance companies in Alberta lost more money than any other year on record. As some of you may or may not know insurance companies can't just jack up the rates anytime they want, they must apply to the government (I think it's caled the Alberta Insurance Rate Board). Well in order to deal with the massive losses last year the government has agreed to approve a one time 30% surcharge for all policies renewing between May 1/11 & April 30/12. Those with policies already issued for May 1st forward will have an revision mailed out in the coming weeks. The AIRB is holding a presser later this afternoon.
Sorry guys but we all eat it this time.
Ever since last summer's repeated hail storms the insurance companies have been trying to figure out how to recover their losses. Last summer the insurance companies in Alberta lost more money than any other year on record. As some of you may or may not know insurance companies can't just jack up the rates anytime they want, they must apply to the government (I think it's caled the Alberta Insurance Rate Board). Well in order to deal with the massive losses last year the government has agreed to approve a one time 30% surcharge for all policies renewing between May 1/11 & April 30/12. Those with policies already issued for May 1st forward will have an revision mailed out in the coming weeks. The AIRB is holding a presser later this afternoon.
Sorry guys but we all eat it this time.