Manitoba Public Insurance (MPI) has filed for a 0.9% decrease in its 2023/24 General Rate Application with the Public Utilities Board (PUB).
This fourth consecutive annual rate decrease request is primarily the result of emerging claims trends and the continued strength of MPI’s rate stabilization reserve.
“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,” said Mark Giesbrecht, Vice President and Chief Financial Officer, MPI.
Over the course of the last two years, the COVID-19 pandemic resulted in fewer claims, which meant MPI returned nearly $500 million to policyholders in rebates ─ $312 million in February 2022, $110 million in May 2020 and $69 million in December 2020.
However, now that many Manitobans have returned to previous driving behaviours, the minor rate decrease reflects that forecast.