Atlantic Canadians favour caps on compensation for minor injuries to control insurance costs

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Insurance
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Business Operations,
Compensation,
Corporate Insurance,
Finance,
Financial Planning,
Insurance,
Insurance-Canada-Ca
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Insurance-Canada-Ca

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Overview: A large majority of insurance consumers in Nova Scotia support a limit to compensation payments for minor, non-permanent injuries known as pain and suffering awards, to ensure affordable and accessible insurance, according to a report released today by the Insurance Bureau of Canada. Clearly, insurance consumers in Nova Scotia understand the issue," says Don Forgeron, Atlantic Vice-President, Insurance Bureau of Canada. "Actuarial studies conducted by IBC, and most recently by the Nova Scotia Utility and Review Board confirm that payments for non-permanent injuries are the root cause of increasing insurance premiums in this province." Insurance Bureau of Canada is the national trade association of the private property and casualty insurance industry. It represents the companies that provide more than 90 per cent of the non-government home, car and business insurance in Canada.

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