Auto insurance companies in Canada say they are in a state.
They are also not sure if they will survive in the coming years.
The country’s top auto insurance company, the American Automobile Association, says there are more than 1.3 million auto insurance policies on the books across the country, but the industry is still in the process of developing new products and strategies to attract and retain customers.
The AAA says that, despite a slow-down in demand, auto insurance is still one of the fastest growing industries in Canada.
The company says that it expects insurance rates to continue to rise, as more people switch to auto insurance.
“The auto insurance market is in a steady state,” said Michael Peltier, president of the AAA Auto Insurance Board.
“I don’t think we are going to have a crisis anytime soon.”
Auto insurance companies, however, are worried about what to do with the millions of people who are expected to switch to them, because they don’t know what to expect from a shift to auto insurers.
“We’re all in a kind of state of uncertainty,” said Scott Miller, president and CEO of the Insurance Research Council of Canada.
Miller says the industry needs to look at all of its competitors, including government programs, to see what it can do to lure customers.
“There’s a lot of new things going on in the marketplace that we need to look into to figure out what’s going to work for us and what doesn’t work,” he said.
“It’s not that people are not going to come out of the blue.
They’re going to stay with us for a while.”
Peltier says that if auto insurance companies have to compete with more insurers, it will be difficult to make the switch.
“When you have competition, you have to be smarter,” he says.
“You have to know what you’re doing.”