IBAA: Wheels coming off alberta’s auto insurance market

Alberta’s auto insurance system is reaching a breaking point — and it’s innocent drivers who are paying the price. According to the Insurance Brokers Association of Alberta (IBAA), major insurance companies are quietly pulling coverage, hiking restrictions, and leaving everyday Albertans with fewer options and higher risks — all while blaming a government-imposed rate cap they don’t like.

Rather than accepting reasonable limits on how much they can charge, insurers are retaliating by slashing coverage — especially for things like collision and comprehensive insurance — effectively cornering drivers into riskier, bare-bones policies. High-risk drivers, young people, and even responsible long-time policyholders are finding themselves unable to get full coverage at any price.

The IBAA admits that these industry tactics are squeezing the market, creating a crisis where people can’t find fair coverage even if they’re willing to pay. But make no mistake: this isn’t just about regulation — it’s about insurance companies protecting their profits, even if it means putting Albertans at risk.

THE BOTTOM LINE: with Care First looming on the horizon, the warning signs are clear. The insurance industry is already cutting corners and dodging accountability — and they haven’t even been handed total control yet. If this is how they act under the current system, imagine what they'll do once your right to sue is gone.

Read the full article at Cantech Letter here: https://www.cantechletter.com/newswires/wheels-coming-off-albertas-auto-insurance-market/