More financial relief is on the way for Manitobans in light of COVID-19.
Crown Services minister, Jeff Wharton, announced Thursday that Manitoba Public Insurance (MPI) will be returning $110 million in surplus funds to provide financial relief to its policyholders during the outbreak.
"All Manitobans have been impacted by this crisis," said Wharton, adding this move will return money Manitobans when they need it most.
According to Wharton, this surplus is the result of fewer claims during this COVID period, coupled with strong year-end financial results.
“This money is expected to provide financial assistance to Manitobans during this unprecedented crisis,” said Ben Graham, president and CEO, MPI. “We have made significant improvements in our operations to deliver value to Manitobans resulting in stronger financial results.
In addition to rebating excess capital from the last financial year, MPI notes that as of mid-April, collision claims are down 48 per cent compared to the same month a year ago. MPI estimates that public health orders directing the public to stay at home and for non-essential businesses to cease direct interaction with the public have resulted in approximately $29 million in fewer basic claims being incurred between March 15 and April 15, 2020.
MPI will initially return approximately $50 million with another $60 million expected upon approval from the Public Utilities Board in the coming weeks.Rebates will be based on what policyholders paid last year and are expected to be around 11 per cent, or between $140 to $160 each. Wharton says the cheques will be in the mail by late May or early June.