The Public Utilities Board (PUB) announced on Wednesday, January 11, 2023, that they have ordered a rate decrease of 3.8% effective April 1, 2023. That rate decrease is offset, however, by the removal of a 5.0% capital release that had been applied for by MPI and approved by the PUB. This will result in an average 1.54% increase in premiums paid by ratepayers depending on various factors including driving record, vehicle, insurance category and territory where the owner resides.

The PUB noted that there were significant increases in operating expenses at Manitoba Public Insurance. These increases were largely driven by an increase in staffing levels by 400 new positions since 2020. An IT project at the provincial insurer has also grown in cost from an initial $106.8 million in 202 to an estimated $257 million to $289.9 million when it is completed.

The PUB has ordered MPI to provide several reports about the IT project known as Project Nova in order to monitor the project’s expenses.