Manitoba Public Insurance will seek more from the pockets of ratepayers for the 2019-20 insurance year.
The Crown corporation has applied to the Public Utilities Board for a 2.2 percent rate increase.
If approved, that will cost the average passenger vehicle owner about $27 more in premiums per year, or $2.25 per month.
“The overall rate increase is required to maintain the corporation’s rate stabilization reserve which is used to absorb adverse financial results,” said Ben Graham, president and CEO of Manitoba Public Insurance in a statement.
Graham also says MPI is continuing to experience higher physical damage costs directly related to newer-model vehicles. Over the past five years, collision claim costs have been growing about five percent annually, compared to the prior long-term average of about two to three percent annually.
