Today Alberta’s Official Opposition stated that the Automobile Insurance Rate Board (AIRB) approved rate changes for two companies “on March 1, 2023”. This is incorrect. The rate filings were approved months prior to the government’s announced rate pause on January 26, 2023. The AIRB is in full compliance with the Ministerial Order.
The AIRB publishes approved rate changes when they are implemented, not when they are approved by the Board.
The rate pause means that insurers cannot apply for new increases to Albertans’ auto insurance premiums until 2024. Albertans may still experience a premium increase when they renew based on previously approved rate increases.