Alberta insurance companies pack in more than a billion in profits in 2020
CTV
While many Albertans were out and about enjoying the Easter long weekend, the Kenney government released new insurance data that reported more than a billion dollars in profit for the industry.
The Alberta NDP says the announcement was made during the holiday period in an attempt to suppress the data that said profits for insurance companies were $1.3 billion in 2020, more than $150 million higher than 2019's statistics.
Kathleen Ganley, the NDP's energy critic, says the UCP government's removal of the cap on premiums is why there was such an increase, even when Albertans were stuck at home and not driving anywhere due to the COVID-19 pandemic.
"These are highly profitable companies," she said at a weekend news conference. "They are fleecing Alberta drivers with the help of the UCP. Many Albertans parked their cars and barely drove in 2020, but they still watched their bills get bigger, thanks to the UCP."
The new data, announced in the Superintendent of Insurance 2020 Annual report, suggests an increase of $385 million in premiums for Albertans in 2020, the NDP says.
