Manitoba Public Insurance says it’s applying for an overall rate decrease for the first time since 2012.
Rather than the originally requested 0.1 per cent increase, MPI is now asking the Public Utilities Board for a 0.6 per cent decrease.
It says the move would save the average passenger vehicle owner $10 a year in premiums.
MPI says it has had a better-than-budgeted first half of the year, due to a reduction in operating costs and improvements to its claims management process.
The Crown corporation says it’s also achieved its 100 per cent Minimum Capital Test target — meaning there’s enough reserve funds to protect against rate shock.
The amendment was filed Oct. 4 and the board is expected to respond in December.
If approved, the rates would take effect March 1, 2020.