January 31, 2019
Independent Review of Automobile Insurance System Complete
As part of protecting consumers and addressing automobile insurance rates, the Public Utilities Board (PUB) has provided a comprehensive report to support government in making decisions. The report is available at www.servicenl.gov.nl.ca/insurance/pdf/auto_ins_review_01_29_2019.pdf .
The Honourable Sherry Gambin-Walsh, Minister of Service NL, is inviting representatives for both lawyers and insurance companies to come together to engage on the content of the report as soon as possible.
The Provincial Government provided the Terms of Reference to the PUB in August 2017 to conduct public consultations, as well as two independent closed claims studies; one focused on rising automobile insurance claims costs, and the other focused specifically on claims related to taxi operators.
Newfoundland and Labrador has the highest automobile insurance rates in Atlantic Canada, and the review focused on identifying opportunities to lower rates that will benefit consumers and help bring stability to the automobile insurance industry. The feedback from the review will help inform potential future changes to the Automobile Insurance Act and the Insurance Companies Act.
Minister Gambin-Walsh will be available today (Thursday, January 31) at 12:30 p.m. for a media availability outside of the House of Assembly, East Block, Confederation Building.
“The information provided in the report is comprehensive and covers everything from the value of caps to options for the taxi industry. I would like to thank the PUB for their work on this review, as well as all residents and stakeholders who provided feedback. We will meet with representatives from the insurance industry and legal community over the next while, as we review the findings in an effort to help stabilize insurance rates and provide the best product possible for Newfoundlanders and Labradorians.”
Honourable Sherry Gambin-Walsh
Minister of Service NL
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2019 01 31 11:05 a.m.