WINNIPEG — Manitoba Public Insurance is holding the line on premiums for the 2024-25 insurance year.
MPI says it won’t request an overall revenue or rate change for the basic insurance program as annual hearings begin Tuesday with the Public Utilities Board.
“MPI’s application, including the updated overall AAP (Accepted Actuarial Practice) indication of minus 1.48 percent, demonstrates the positive overall financial position of the corporation,” said Marnie Kacher, MPI’s interim president and CEO.
“MPI continues to focus on fiscal prudence for the year ahead, while providing Manitobans with affordable products and services to meet their needs.”
Despite no overall rate change requested, individual insurance rates would continue to vary based on vehicle type, vehicle use, rating territory, and driving record.
As part of its application, MPI is also proposing to expand the driver safety rating (DSR) scale, which provides premium discounts for the safest drivers. If approved, MPI will add an additional discount level to the top of the DSR scale, resulting in a 48 percent vehicle premium discount for drivers at the newly established DSR Level +18.
The PUB is expected to issue its order in December. If approved, rates would become effective April 1, 2024, however, because renewal dates are staggered, some vehicle owners will not pay their new rates until March 31, 2025.