WINNIPEG, Man. — Manitoba Public Insurance (MPI) will be hiking insurance rates next year, due to an increase in claims.
A 20 per cent increase in claim costs and a 17 per cent decline in investment income have left the insurer scrambling to make up for the losses. Although the firm has not increased insurance rates since 1998, 52 per cent of drivers will see their rates increase next year.
"The adjustment allows us to build that spike into our claim costs," says John Douglas, vice-president of public affairs for MPI.
Although rates for most drivers will rise, in most cases it will be no more than a $20 increase.
Exactly how the insurance rate will affect truckers remains to be seen.
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