News Release - May 1, 2009
SGI SUBMITS PROPOSAL TO SASKATCHEWAN RATE REVIEW PANEL
SGI has submitted its rate proposal to the Saskatchewan Rate Review Panel (SRRP) today. The request is for a Saskatchewan Auto Fund rate increase of 4.2 per cent and rate rebalancing. This will be the first Auto Fund rate increase since 2000.
SGI is requesting the increase due to the cost of claims and expenses outpacing the growth of premiums and investment income. With rate rebalancing, some vehicle owners will see an increase, some see a decrease and some won't see any change to their rate. Rates are determined based on the actual risk each vehicle make, model and year represents for being involved in a claim and the actual costs of paying that claim. Proposed rates for all vehicles can be found on SGI's website at www.sgi.sk.ca. If approved, the rate changes would be effective Nov. 1, 2009.
The full rate proposal is available on SRRP's website at www.saskratereview.ca, or a copy may be requested by calling SGI's Customer Service Centre at 1-800-667-9868. Comments on the rate proposal can be provided to SRRP through its website, or by calling toll free 1-877-368-7075 or e-mailing firstname.lastname@example.org.
The Saskatchewan Auto Fund provides basic, universal insurance coverage to Saskatchewan residents and vehicle owners. Even with an increase in 2009, customers will continue to have the lowest average personal auto insurance rates in the country.
SGI is the province's self-sustaining auto insurance fund. SGI operates 21 claims centres and five salvage centres across Saskatchewan and a head office in Regina. The organization employs 1,800 people and works with a network of almost 300 independent insurance brokers and 420 motor licence issuers across the province. Visit SGI at www.sgi.sk.ca.
For more information, contact: