The Public Utilities Board of Newfoundland and Labrador has completed its study into the automobile insurance industry.
The information garnered from this study will be presented during a hearing slated for June 2018 according to a news release from the province’s Consumer Advocate Friday afternoon.
“The Public Utilities Board’s expert studies of the automobile insurance system in Newfoundland and Labrador have now been completed and circulated,’’ Consumer Advocate Dennis Browne said in the news release.
“These studies will now be included in the June 2018 hearing. Intervenors may be filing their own studies,’’ he added.
The PUB will inform the public of ways to improve highway safety and accident prevention in addition to cost saving improvements to the current system.
Browne said the PUB review will include how a cap on claims for minor/mild injuries impacts insurance rates, maintaining the status quo of the current deductible of $2,500 or an increase in that amount, profitability of the auto insurance industry and a separate study being done on the taxi industry and the causes and implications resulting from high taxi claim costs.
“This is the first automobile insurance review in over a decade and the province’s consumers should benefit in the result,’’ Browne said.
The consumer advocate will represent consumers during the hearing and will make recommendations to the PUB based on evidence and submissions.
