Premium Decrease

An insured individual received a renewal notice indicating that their insurance premium would increase by 23%.

They contacted our Office to inform us of the situation.

Our Office reviewed recent decisions issued by the New Brunswick Insurance Board to determine the rate increases that had been approved. We observed that the approved increases were significantly lower than the increase proposed for this client.

We then contacted the insurance company to clarify the reasons behind such a substantial increase. The insurer agreed to review the matter.

Following their review, the insurer confirmed that an error had occurred and that the insured was, in fact, entitled to a reduction rather than an increase in their annual premium.