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Fixing the problem



What can be done to fix the problem?

  • Review the auto insurance system – it's been 13 years since the last one. Establish a process to continuously review it to make sure it works well.
  • Address the cost of providing auto insurance. In NL, auto insurance has become too expensive for consumers to buy and for insurance companies to provide. Finding the root cause of the increase in claims and solving it is the only way to control costs for drivers.
  • Make it easier and less costly for insurance companies to do business in the province. Opening the door for other insurance companies to enter the market will better serve the needs of NL drivers. At the moment, there are more barriers to entry in NL for auto insurance companies than anywhere else in Canada. That contributes toward less competition which means less choice for consumers.

What can I do?

Newfoundlanders and Labradorians are known for their resilience. But in these challenging economic times, they deserve better. Together with our members, Insurance Bureau of Canada is committed to doing its part to provide you with stable and affordable auto insurance.