IBC Applauds Alberta's Red Tape Reduction Efforts

Industry looks forward to working together to make insurance even more consumer friendly

EDMONTON, Jan. 23, 2020 /CNW/ - During the Canadian Federation of Independent Business's Red Tape Awareness Week, Insurance Bureau of Canada (IBC) applauds the Government of Alberta on prioritizing red tape reduction. Thanks to their commitment, drivers in Alberta can now have a fully digital auto insurance experience, if they choose to do so.

Alberta's auto insurance industry is heavily regulated, having to abide by more than 525 regulatory provisions. While some of these provisions make sense, many are redundant, antiquated and are limiting consumers' choice and options.

While great progress has been made, more work needs to be done to cut down on red tape, cut unnecessary costs, and give consumers more choice. IBC looks forward to working with the Government of Alberta and their newly-struck Expert Committee on Auto Insurance to cut red tape that will benefit consumers. For example, cutting unnecessary costs created by red tape, offering consumers more choice through usage-based-insurance, such as pay-as-you-drive products, and changing the rate regulation framework that governs how insurers set premiums. While red tape reduction won't solve all the problems Alberta's auto insurance system is facing, it will certainly help.

"Alberta businesses and consumers are pleased with the steps this government has taken to cut red tape and allow more innovative solutions," said Celyeste Power, Vice-President, Western, IBC. "But, of course, more could be done to offer drivers more choice and remove unnecessary costs from Alberta's auto insurance system. By focusing on consumer outcomes, I believe government and all stakeholders can work together to deliver a more efficient auto insurance system that offers consumers more choice and convenience."

About Insurance Bureau of Canada
Insurance Bureau of Canada (IBC) is the national industry association representing Canada's private home, auto and business insurers. Its member companies make up 90% of the property and casualty (P&C) insurance market in Canada. For more than 50 years, IBC has worked with governments across the country to help make affordable home, auto and business insurance available for all Canadians. IBC supports the vision of consumers and governments trusting, valuing and supporting the private P&C insurance industry. It champions key issues and helps educate consumers on how best to protect their homes, cars, businesses and properties.

P&C insurance touches the lives of nearly every Canadian and plays a critical role in keeping businesses safe and the Canadian economy strong. It employs more than 128,000 Canadians, pays $9.4 billion in taxes and has a total premium base of $59.6 billion.

For media releases and more information, visit IBC's Media Centre at www.ibc.ca. Follow us on Twitter @IBC_West or like us on Facebook. If you have a question about home, auto or business insurance, contact IBC's Consumer Information Centre at 1-844-2ask-IBC.

SOURCE Insurance Bureau of Canada