Insurance Co. of PEI latest to lower New Brunswick rates

SGI-owned The Insurance Co. of PEI says it will defer a previously announced rate increase on New Brunswick auto insurance, which should result in premiums dropping 10%-18% for policies renewed after July 1.The company calls the move “an interim step” as it reviews New Brunswick’s changes to the Insurance Act over the next 60 days. “The Insurance Company of PEI believes the reforms announced in the last three months by the province of New Brunswick concerning underwriting guidelines and capping claims for pain and suffering in minor injuries represent a sincere attempt by government to respond to both consumer and industry needs,” says president Charlie Cooke. “Our company also look forward to receiving the recommendations of the Atlantic Provinces Task Force on insurance so we can better plan to meet the insurance needs of our customers in Atlantic Canada.”The Atlantic premiers are looking at several options for auto insurance, including the potential for a public auto system.