The Manitoba Public Insurance building in downtown Winnipeg. (CHRISD.CA FILE)
Manitoba Public Insurance is requesting approval for a rate increase of 2.38 percent increase to overall rates for the 2027-28 insurance year.
MPI filed its general rate application with the Public Utilities Board on Wednesday.
The Crown corporation cites three factors for wanting to increase rates: forecasted claims cost, the corporation’s operating costs, and investment income.
“Recent extreme weather events and the resulting increase in claims do not have an impact on the rate request for 2027/28,” MPI said in a brief statement.
“Insurance companies also have their own insurance — called reinsurance — which covers MPI for costs above a certain threshold. An isolated event like the June 9 storm would only impact the rate if those reserves fell below predetermined thresholds and MPI did not anticipate it could build them back up within a reasonable time.”
