In a decision released Monday, the Public Utilities Board (PUB) has announced it has ordered Manitoba Public Insurance (MPI) to implement an overall 5.0% decrease to insurance premiums for the 2024/25 insurance year, effective April 1, 2024.
MPI had applied for no overall change in rates. The PUB's decision was partly because it expects the cost of claims to be lower in the coming years than MPI has forecast.
The Board's order for a decrease doesn't mean rates for all motorists in each Major vehicle class will decrease by that amount. Rates paid by individual ratepayers within each Major class are determined by their driving record and actual claims experience, the kind of vehicle (make and model and year) registered, the purpose for which the vehicle is driven, and the territory in which the ratepayer resides.
Meanwhile, the PUB also raised concerns about the Crown-insurer's ongoing technology modernization project, Project Nova, which is now projected to come in significantly over budget. The overall project budget, including the high end of the contingency is $290 million, double the amount budgeted in its original business case. This amount does not include the costs of projects which Project Nova is fully or partially dependent for implementation. The Board is concerned the final expenditure on Project Nova may exceed $290 million.
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