Sonnet Insurance Company (SIC) announced after conducting a thorough review of its operations in Alberta, it will be phasing them out. SIC said it has submitted a notice of intention to withdraw from auto insurance to the Alberta Superintendent of Insurance, indicating December 13 as the intended date of withdrawal. It added limited opportunities for it to grow profitably in Alberta’s auto insurance industry were a key consideration in making this decision.“Sonnet remains committed to serving Albertans by offering home insurance and also making available pet insurance underwritten by its affiliate Petline Insurance Company,” said SIC Executive Vice-President, Personal Insurance and Digital Channels Paul MacDonald in a Thursday press release. “Sonnet will continue to focus its efforts to profitably grow its auto insurance business in other regions in Canada.”SIC went on to say its Alberta auto insurance customers will not be immediately impacted by the decision to withdraw. Following the date of withdrawal, it said it will no longer issue new or renewal auto insurance policies in Alberta. It will notify its Alberta auto insurance customers impacted by this withdrawal in a timely manner and provide them with relevant information. Its home insurance business will remain unaffected by this change.The Alberta government said in November it will be implementing reforms to address high auto insurance rates as it explores long-term solutions. READ MORE: UPDATED: Alberta government reforms auto insurance system“We know that Albertans have been struggling with their auto insurance rates and that’s why we’ve been working hard to find solutions,” said Alberta Premier Danielle Smith. “I’m pleased that we can work to bring forward these new measures to help.”
