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  • Insurance Reps Trying to Piece Together What Happened to NL’s Skyrocketing Rates

    Insurance industry reps are in the province this week speaking with colleagues about what’s going on in their industry and how it can be fixed.

    Newfoundland and Labrador pays the highest rates for automobile insurance in Atlantic Canada, partly because of excessive claim activity.

    The provincial government and Public Utilities Board are doing a comprehensive review of the system to look for ways to reduce costs.

    Amanda Dean, VP of the Atlantic Insurance Bureau of Canada Atlantic branch, activated a special email to hear stories from people from Newfoundland/Labrador, and within a few days had about 70 responses.

    They now have over a hundred.

    Dean says one thing which people are concerned about is the high number of uninsured drivers on the road – people who owe thousands of dollars. If it is too costly for people to insure their vehicles, to the point where they have to drive uninsured, something has to be done to get those costs down.

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