Feb. 26, 2008
FREDERICTON (CNB) - The New Brunswick Insurance Board (NBIB) announced the overall proposed average rate reduction in 2008, for all companies writing private passenger automobile insurance in the province, including Facility Association, will be 2.04 per cent.
"This brings the average rate to $765," NBIB chairman Paul D'Astous said.
The board began reviewing rate filings for 2008 last October, and early indications then were pointing toward further reductions. "It's important to note that average rates have been going down for the past four years," D'Astous said. "Without even considering the cost of inflation, current rates are comparable to average rates from nine years ago in 2000."
The NBIB rendered 53 decisions on companies writing private passenger insurance in New Brunswick. These rates will generally become effective Feb. 15, 2008 for new business and March 1, 2008 for renewals.
The board's numbers are reviewed by two of the leading firms in Canada: PricewaterhouseCoopers, and Ernst & Young.
The NBIB is a quasi-judicial administrative tribunal established in 2004 as the agency that regulates automobile insurance rates.
Its mission is to ensure that New Brunswick rates are:
MEDIA CONTACT: Lisa Ferguson, New Brunswick Insurance Board, 506-643-7710.