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MPI Requesting Insurance Rate Decrease for 2023-24

July 12, 2022 4:08 PM | News

Manitoba Public Insurance - MPI

The Manitoba Public Insurance building in downtown Winnipeg. (CHRISD.CA FILE)

WINNIPEG — Manitoba Public Insurance has filed for an average rate decrease of 0.9 percent for 2023-24.

The Crown corporation made the application to the Public Utilities Board on Tuesday, saying it’s in a position to offer a rate reduction due to its “ongoing prudent fiscal management.”

The application is the fourth consecutive annual rate decrease request MPI has made.

“Over the course of the last two years, the COVID-19 pandemic resulted in fewer claims, which meant MPI returned nearly $500 million to policyholders in rebates — $312 million in February 2022, $110 million in May 2020 and $69 million in December 2020,” said Mark Giesbrecht, MPI’s vice-president and CFO.

“However, as many Manitobans have returned to previous driving behaviours, so have our overall claims and subsequently our financial forecasting, as reflected in this year’s application.”

MPI is also requesting proposed changes to the driver safety rating system to expand from +16 to +17 in an effort to reward the safest drivers with discounts.

The PUB will consider the application in October and announce a decision by December.