New Brunswick Insurance Board

Proposed average automobile premium to be $851 (05/11/03)

NB 1485

Nov. 3, 2005

SAINT JOHN (CNB) - The New Brunswick Insurance Board today released 39 decisions on companies writing private passenger insurance in New Brunswick.

"The proposed average premium for those companies writing standard risk automobile insurance policies in New Brunswick is $851.00," board chairman Lewis Ayles said. "This proposed average premium represents 92 per cent of the premiums written for standard risk private passenger policies in New Brunswick."

This change represents a -11.3 per cent decrease from the rates filed for 2005. The average proposed premiums for 2006 will now be lower than they were in 2001.

Ayles also noted that New Brunswick consumers should continue to shop around to find the lowest rates available to them.

In reviewing the filings, the board found that the reforms the Government of New Brunswick brought into affect on July 1, 2003 had a greater impact than what was originally estimated.

"The government reforms were estimated to impact Bodily Injury claims by a decrease of -37.3 per cent," Ayles said. "However, after studying the data, we have found that the impact was actually -44.3 per cent."

05/11/03

MEDIA CONTACT: Paul D'Astous, New Brunswick Insurance Board, 506-643-7710.

05/11/03