Canadian Auto Losses Continue to Rise
Losses related to auto insurance continue to climb in the Atlantic region of Canada following a report released by The Insurance Bureau of Canada (IBC).
According to Don Forgeron, regional vice-president of the IBC, costs continue on the upswing, with the end result being increases for motorists in each province of the region.
For last year, losses taken on by the auto insurance industry in Atlantic Canada were around $190 million. A year earlier, the industry increased its first loss estimate to $150 million from $100 million. According to analysts, a continued rise in costs is expected unless changes are introduced to the present auto insurance products offered.
Forgeron added that for a number of years, the average cost per claim increased while the frequency of claims and accidents decreased.
Research points out that the forms of claims with the greatest jump in cost are soft tissue injuries, which can include neck strains and sprains. Most of the claims which are paid out in such cases fail to compensate the victim for what has been lost, but rather for the pain and suffering.
Presently, research is being done to help the industry to determine why costs continue on the rise, confirming the types of injuries that are aiding the most to the present high costs, and looking at the distribution of these costs.
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