Double whammy of hailstorm and UCP’s rate cap driving auto insurers out of Alberta: IBC

The Insurance Bureau of Canada blames the 3.7 per cent rate cap for adding to the challenges facing auto insurers

The Insurance Bureau of Canada says a severe hailstorm that battered Calgary in August could add to the pressures potentially pushing auto insurers out of the province.

Double whammy of hailstorm and UCP’s rate cap driving auto insurers out of Alberta: IBC Back to video

The storm — the second-costliest insurance event in Canada’s history — rained golf ball-sized hail on the city, pummelled rooftops, shattered the windshields of cars and caused flooding at the airport, costing $2.8 billion in losses. Of that amount, $900 million was filed as unexpected claims to auto insurers, according to the IBC.