Manitoba Public Insurance says it is requesting no overall rate change for its basic insurance program in the upcoming 2024/25 insurance year.
Despite the request for no overall rate change, the crown corporation began its annual Public Utilities Board hearing on Tuesday, adding that individual insurance rates would continue to vary based on vehicle type, use, rating territory, and driving record.
In a news release, MPI says the Public Utilities Board relies on several factors when setting rates, including Accepted Actuarial Practice.
In October, the provisional overall revenue requirement calculated in accordance with AAP was minus 1.48 per cent, an improvement of minus 0.13 from June.
MPI says that improvement was driven by positive investment yields, adding it demonstrates the overall positive financial position of the crown corporation.
MPI expects the PUB to issue its order in December, with approved rates becoming effective April 1, 2024
