Concerned Saskatchewan residents gathered in Regina Thursday for a public meeting regarding proposed insurance rate increases at SGI.  

Earlier this year, the crown corporation applied for a rate increase of 3.75 per cent in June, and a second increase of the same amount next June. This will result in roughly a $38 cost increase annually. 

Before being approved, however, the request must first be reviewed by a rate review panel, which will also hear input from the public. SGI Vice President and Corporate Actuary Chris McCullough says the main factors driving the proposed rate increase are increased collisions, more severe collisions and injuries, and ultimately inflation.  

“Inflation has driven up the cost of materials and labour required to fix vehicles. Newer vehicles have advances technology, sensors, and specialized martials that make even minor repairs significantly more expensive than they used to be in the past. The result is the auto fund is experiencing a shortfall in the revenue it’s collecting versus its costs and expenses.”

Motorcycles and urban taxis will be exempt from this increase for the first year. 

After McCullough, NDP SGI Critic Darcy Warrington was first to the podium. 

“The rate increases proposed by SGI will have a significant, negative, and enduring impact on families in Saskatchewan,” he explains. “The Crowns have turned into a cash cow for the government of the day. This is not why they were established. This is not the function they intended to serve. The Panel, I suggest, must be mindful of this.”

The province also announced that deductibles will be increasing to $950 this year, up from $700 prior. The Panel’s verdict will be announced in the near future.