Winnipeg, Manitoba — It’s the time of year when insurance companies come to the Public Utilities Board, hat in hand, pleading for its favour in the coming years—in this case, Manitoba Public Insurance is pleading for no rate changes for the 2024/25 fiscal year.
The general rate application was submitted Thursday alongside a press release from MPI that extolled the request as “good news for Manitobans” amid a turbulent past few months for the crown insurance company, that includes the ouster of CEO Eric Herbelin.
If approved, the only changes Manitobans can expect to see on their insurance premium will be related to their placement on the Driver Safety Rating (DSR) scale, type of vehicle and use.
MPI’s press release, however, points out that any potential changes, one way or another, would not take effect until April 1, 2024, in addition to the fact that some customers will experience no change until March 2025, due to staggered renewal schedules.
“While people across the province continue to manage the impacts of the rising cost of living, MPI is proud to provide Manitobans with affordable products and services that meet their needs,” said v-p and chief customer officer for MPI, Satvir Jatana.
“If MPI’s rate application is approved, 52 percent of private passenger class drivers—which make up two thirds of all policies—will see a decrease in 2024/25.”
This proposal to the PUB will also include a request to expand the top end of the DSR scale by one increment so it can offer a 48 percent vehicle premium discount to drivers at DSR Level 18 or higher.
The company says it will also provide discounts to all DSR levels greater than Level 8, if its request is approved.
Manitobans can expect to hear back from the PUB around December, which is typically when the board issues its final rulings on rate requests.
