How are auto insurance rates set?
The Superintendent of Insurance approves rating factors that insurers may use to set their rates,
How long does it take to get rates approved?
After making a rate change proposal, insurers must wait between 30- and 60-days before those
What is an insurer’s market share?
This represents how much premium an insurer writes relative to the total size of the
What can consumers do to lower their premiums?
Alberta’s insurers continue to work with the government and stakeholders to advocate for continued balanced
Do insurance companies just file for the highest rates possible?
No. Alberta has a competitive insurance market and insurers compete for Albertans’ hard-earned premium dollars.
How often do these rate filings happen?
Filings go to the AIRB on a regular basis. This could be to request a
Why aren’t the rate changes communicated earlier?
The AIRB does not disclose information about rate filing decisions prematurely for competitive reasons, as
What are some of the factors that go into calculating drivers’ premiums?
Auto insurance premiums are calculated using many different factors (e.g., number of years driving, claims
Can an insurance company charge whatever it wants for premiums?
No. Auto insurance in Alberta is heavily regulated. Premium changes are approved by the independent
Do consumers have to stay with the same insurance provider?
No. Consumers can choose among different insurers' pricing mechanisms and benefit options to find a