Alberta and a No Fault Insurance System
posted in: kmsc
At KMSC Law we take pride in protecting the interests of the vulnerable, injured and others in need of legal protection in our community. That often involves taking on large multinational insurance corporations on behalf of clients injured in motor vehicle accidents. All too often, we see insurance companies try to take advantage of injured Albertans who do not know their legal rights and what compensation is warranted for the injuries suffered due to another drivers carelessness, inattention or in some cases criminal act. Our team at KMSC Law helps to even the playing field and provide experienced legal counsel to injured Albertans to fight for proper compensation against these large insurance companies.
As you are no doubt aware, insurance companies have attempted to justify consistent increases to premiums by blaming fair compensation paid out to innocent injured Albertans. This premise is simply false. Over the last three years, payouts for bodily injury claims (and most other claims for that matter) have actually dropped and yet Albertans’ premiums have increased along with insurance company profits. KMSC Law is proud to partner with FAIR Alberta in exposing the true information respecting insurance company greed. Here is a link to the FAIR Alberta website detailing the truth about bodily injury payouts to injured Albertans.
Confirmation of the reality of insurance company profits can be found here, where Alberta Government data shows that in 2019 Alberta Motor Association’s insurance division actually enjoyed a before tax profit of $46 million! It is not difficult to see where those increases in premiums are actually going, and it is NOT to innocent Albertans injured by AMA insured drivers.
Notwithstanding the fact that profits are soaring and claims costs are declining, the insurance industry is pushing the Alberta government to implement a no-fault system of insurance similar to the currently existing WCB scheme. The difference is this no-fault scheme would be administered by the profit driven insurance industry, primarily comprised of large multinational corporations with no interest in protecting everyday Albertans over their quest for increased profits. KMSC Law is vehemently opposed to the implementation of any form of no-fault system which would negatively impact the rights of everyday Albertans who may at any time suffer injury in a motor vehicle accident due to the negligence of another party. Taking away injured Albertans rights to adequate compensation and replacing it with a no fault system administered by insurance companies is a recipe for disaster.
We encourage you to obtain additional information from the FAIR Alberta website and speak with your MLA to voice your opposition to insurance company greed and the insurance industry’s attempted influence on our government; a government which should be committed to everyday Albertans – especially those most vulnerable – over insurance company greed and profits.