A bill introduced by the provincial government is aimed at diversifying Alberta’s insurance sector.
Finance Minister Travis Toews says the Insurance Amendment Act would increase the supply and capacity of insurance in the province.
“I think we know that insurance premium rates are high really across the board for properties, automobiles and other types of insurance. We see an opportunity here to increase capacity and that’s certainly a component of this bill. The other piece of it is expanding the financial services sector in the province.”
Toews says the legislation also includes some amendments to the Captive Insurance Companies Act which the government passed back in December.
He adds that the act aims to make Alberta’s insurance industry “more competitive to the benefit of consumers.”
“Many insurance companies that sell products to Alberta small businesses and Alberta consumers lay off additional risk to reinsurers. By having a reinsurer right here in the province, we believe that added capacity will create additional competition and will likely result in more appropriate risk calibration around premiums.”
We talked to the Minister about the Bill, you can hear that full discussion below.
– Kyle Moore, Trending 55 Newsroom
