The Dominion of Canada General Insurance Company announced that all offices of The Huestis Group Agencies in northern New Brunswick are now authorized to do business with the company
In announcing these broker appointments, Dominion President and CEO George L. Cooke indicated he was pleased that the company was in a position to add to its business in the north of the Province.
“By recognising that claims costs are driving the cost escalation in New Brunswick, the government has changed the business climate for insurance companies,” he stated.
The bulletin noted that “New Brunswick insurance consumers made it very clear they are not willing to fund the costs for pain and suffering payments for minor injuries.” Cooked added that “Insurance buyers will benefit from these changes” and that The Dominion was reviewing product changes and would announce price changes next week.
He also indicated that the removal of the restriction on territorial rating was a factor in the decision, indicating that “If I’m able to price the product on the basis of claim costs, I can sell the product; it is that simple.”
He’s looking forward to working with the government to “further refine legislation so New Brunswick drivers have access to a product that strikes the right balance between cost and fair compensation and benefits,” including continued access to pain and suffering payments for individuals with permanent and serious injuries, which the company feels remains important in achieving this balance. “I don’t think anyone, whether paying customer or insurance company, would want to see that taken away,” Cook stated.