{"id":400123,"date":"2026-01-10T08:19:09","date_gmt":"2026-01-10T08:19:09","guid":{"rendered":"https:\/\/www.newsbeep.com\/ca\/400123\/"},"modified":"2026-01-10T08:19:09","modified_gmt":"2026-01-10T08:19:09","slug":"alberta-auto-insurers-lost-1-2-billion-in-2024-report","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ca\/400123\/","title":{"rendered":"Alberta auto insurers lost $1.2 billion in 2024: Report"},"content":{"rendered":"

A new report finds auto insurers in Alberta are paying out more than they\u2019re collecting.<\/p>\n

\"\"<\/p>\n

This is concerning to the Insurance Bureau of Canada<\/a>, which wonders how it could affect drivers\u2019 premiums in the coming years.<\/p>\n

It comes after the Alberta Superintendent of Insurance released its 2024 annual report. It highlights that the majority of auto insurers in the province were unprofitable.<\/p>\n

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It notes insurers lost more than $1.2 billion on the sale of auto insurance in 2024, paying out more in claims and expenses than drivers paid in premiums.<\/p>\n

The superintendent is forecasting that escalating claim costs will exceed the province\u2019s Good Driver Rate Cap. The Insurance Bureau of Canada claims the cap is not sustainable.<\/p>\n

\n\t\tTrending Now\n\t<\/p>\n

The province says it\u2019s aware that numerous factors are putting pressure on the auto insurance market. It claims the new care-first model, which will be introduced in 2027, will lead to more stable and predictable rates.<\/p>\n

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Click the video above for more information and drivers\u2019 thoughts on the premiums.<\/p>\n

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