Manitoba Public Insurance (MPI) has announced that they have filed its provisional 2023/24 General Rate Application with the Public Utilities Board today, July 12th.
The request from MPI is reported to be an average rate decrease of 0.9 per cent.
Mark Giesbrecht, Vice President and Chief Financial Officer for MPI, talks about the decrease.
"During this time of widespread volatility in financial markets as well as increasing inflation, we are pleased to be in a position to request a rate decrease for Manitobans as a result of the Corporation's ongoing prudent fiscal management."
MPI notes that this fourth consecutive annual rate decrease request is primarily the result of emerging claims trends and the continued strength of the rate stabilization reserve.
This reserve has been crucial in 2022 as MPI has seen claims volumes increase substantially from the origin of the COVID-19 pandemic as Manitobans returned to more predictable driving habits through a challenging winter season and continued inflationary pressures.
While the pandemic wasn't ideal for anyone, MPI says that over the last two years, COVID-19 has resulted in fewer claims which means the company has handed out nearly $500 million to policyholders in rebates, according to Giesbrecht.
"However, as many Manitobans have returned to previous driving behaviours, so have our overall claims and subsequently our financial forecasting, as reflected in this year's application," concludes Giesbrecht.
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