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By Jayson Taylor

Auto insurance company leaving Alberta, nearly 16,000 to be affected

Jul 21, 2023 | 2:53 PM

MEDICINE HAT, AB – An unnamed auto insurance agency was announced to be pulling out of Alberta on Thursday, the name of the organization has not been released. The decision will affect around 16,000 Albertans by the end of the year leaving them to search for other agencies to search for.

The Insurance Brokers Association of Alberta says that the decision came as a surprise, but the decision will not have a huge affect provincially.

“I think what we need to realize is that yes, they’re the first, they’re not offering insurance, it affects a lot of people. But there are significantly more drivers and insurers out there, and that especially with companies I know we represent, and work with here in Alberta, are more than willing to accept the task of helping out these people get insurance.And that’s really something to be considered is that relationships right now are very open and positive, and I expect them to continue that way and that way Albertans can find the coverage they need,” president-elect of IBAA Caleb Maksymchuk said.

Maksymchuk says that he believes the recent rate pause that was put in place was a big factor in the company’s decision to pull out of the Albertan market. However, he also notes that he doesn’t believe that this will cause other companies to pull out of Alberta, especially larger providers.

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Alberta has some of the highest auto insurance rates in the country with only residents in British Columbia and Ontario paying more than Albertans.

A statement by the IBAA on the unnamed company’s departure can be found online.