MPI will be returning $110 million to provide financial relief to its policyholders. Recognizing that many Manitobans have been financially impacted by the COVID-19 crisis, MPI is proactively providing relief by issuing rebates to policyholders as an alternative to future reduced premiums.
The rebate is expected to be around 11 per cent, or between $140 to $160, per average policyholder. Policy holders can expect a rebate cheque in mid to late May 2020.
The rebate is the result of fewer claims during the COVID period, coupled with strong year-end financial results. The current public health orders and closure of non-essential businesses has resulted in approximately $29 million in fewer Basic Autopac claims incurred between March 15 and April 15 this year.
MPI is in the process of determining exact rebate amounts for each policyholder, however this information is not available at this time. Customers can expect to receive rebate cheques by the end of May, which will be mailed to them directly.