SGI Seeks 10% Rate Increase

Saskatchewan Government Insurance (SGI), is asking for a 10% increase on its auto rates, effective January 1, 2005.

In a submission to the province’s Rate Review Panel, SGI says the increase is need to keep pace with claims. “SGI is requesting the increase primarily because we’re not taking in enough premiums to cover the cost of claims,” says new president Jon Schubert. “This would be the first rate increase in Saskatchewan since 2000.”

While 4% of the increase will go to SGI, 6% will go to increase discounts for safe drivers.

On the flipside, the Insurance Corp. of B.C. has filed for no rate increase on its basic auto package for 2005, and says it may even drop rates on optional coverages, where it competes with private insurers. While basic rates are filed with the B.C. Utilities Commission, no such filing is needed on optional rates.