DBRS Morningstar warns Alberta to address auto insurance issues or lose more insurers, as Sonnet and Aviva subsidiary S&Y exit.

DBRS Morningstar, a major global credit rating agency, warns that Alberta must find a long-term solution for its auto insurance issues or risk losing more insurers. Sonnet and Aviva subsidiary S&Y recently announced plans to phase out their auto insurance businesses in the province. Alberta's auto insurers struggle with claim costs exceeding premiums, with litigation costs in the tort-based system being a significant factor.