Oct. 30, 2007
FREDERICTON (CNB) - Early indications show that average rates for automobile insurance will continue to drop for 2008, the New Brunswick Insurance Board (NBIB) announced today.
"After receiving the auto rate filings from insurance companies doing business in New Brunswick, we believe the board will continue to see a reduction in average rates," NBIB chairman Paul D'Astous said.
The board began reviewing 2008 rate filings last week. Upon review, the board expects to have final indicated and proposed rates decided upon by the end of November. These rates will become effective Feb. 15, 2008 for new business and March 1, 2008 for renewals.
"It's important to note that average rates have been going down for the past four years, saving New Brunswick rate payers over $493 million," D'Astous said. "This puts New Brunswick at the top of the list when it comes to savings to rate payers in Atlantic Canada."
The NBIB was established in 2004 as the regulatory agency that approves rates for automobile insurance products. Its mission is to ensure that New Brunswick rates are just and reasonable; based on New Brunswick driver experience; based on New Brunswick company experience; and comparable to other provinces in Atlantic Canada. It also fulfils a stewardship role by educating New Brunswick ratepayers of their roles and responsibilities with regard to auto insurance.
MEDIA CONTACT: Lisa Ferguson, New Brunswick Insurance Board, 506-643-7710.