Sonnet Insurance Company has declared its intention to exit the auto insurance sector in Alberta after a detailed analysis of its operations within the province.
The company has officially communicated its intention to the Alberta Superintendent of Insurance, setting December 13, 2024, as the planned withdrawal date. The decision comes amid limited prospects for profitable growth in Alberta’s challenging auto insurance environment.
Despite the upcoming changes, Sonnet’s current auto insurance customers in Alberta will see no immediate effects. The withdrawal means that, post-December 2024, Sonnet will cease the issuance of new auto insurance policies and renewals within the province. However, the company has committed to informing affected customers in Alberta well in advance, ensuring they receive all necessary details regarding the transition.
The alteration in Sonnet’s business strategy will not influence its home insurance operations in Alberta, which will continue as usual.
Paul MacDonald, Executive Vice-President of Personal Insurance & Digital Channels at Sonnet, emphasized the company’s commitment to Alberta. “Sonnet remains committed to serving Albertans by offering home insurance and also making available pet insurance underwritten by its affiliate Petline Insurance Company. Sonnet will continue to focus its efforts to profitably grow its auto insurance business in other regions in Canada.”
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