The 2014 Ontario Budget outlined a number of commitments, however many are initiatives that have been previously been announced.
Author Archives: Admin2
Ontario automobile pricing and product reform: Something has to give
The Insurance Brokers Association of Ontario (IBAO) has come out in favour of Bill 171, the Fighting Fraud and Reducing Automobile Insurance Rates Act. The IBAO’s position, as quoted in their press release, is that unless Bill 171 is passed there will be no way for Ontario to deliver the promised 15% average rate reduction by August 2015. The Auto Insurance Cost and Rate Reduction Strategy, which was introduced as part of the 2013 Ontario Budget, calls for an average 15 percent automobile insurance rate reduction within two years. As an interim goal, an average eight percent reduction is targetted for August 2014
http://www.insblogs.com/auto/ontario-automobile-pricing-product-reform-something-give/
New Ontario legislation on auto insurance reforms
The Ontario government has introduced new legislation “Fighting Fraud and Reducing Insurance Rates Act” to reduce auto insurance costs, fight fraud and protect consumers. IBC welcomes the proposed legislation, which reflects several recommendations from the property and casualty insurance industry.
http://www.insblogs.com/association/new-ontario-legislation-auto-insurance-reforms/
Public rails against Bill 171, Palumbo
Although the insurance industry applauds the efforts of the Insurance Bureau of Canada’s Ralph Palumbo in lobbying for the passage of Bill 171, reaction from the public has been strong and indignant – insurers are only out for bigger profit margins, many seem to feel
http://www.insurancebusiness.ca/news/public-rails-against-bill-171-palumbo-177494.aspx
Walmart offers auto insurance rate comparisons in U.S.
Retail giant Walmart is now offering auto insurance rate comparison services through its own website and AutoInsurance.com for several regions of the United States, with a plan to go nationwide in the coming months. http://www.canadianunderwriter.ca/news/walmart-offers-auto-insurance-rate-comparisons-in-u-s/1003038984/s7vw03Wsv64srM2vx/?ref=enews_CU&utm_source=CU&utm_medium=email&utm_campaign=CU-EN05012014
Report slams Ontario’s ‘outdated’ system for tracking at-risk drivers
The Ontario government could have reduced the potential for catastrophic accidents involving drivers with medical problems if it had been more proactive in keeping tabs on at-risk drivers, watchdog Andre Marin said Wednesday.
Motor Mouth: The cost of cheaper insurance is your privacy
Usage-based insurance could be the slippery slope that leads us all into an Orwellian driving future
Ontario can’t reduce auto premiums 15% without Bill 171: Brokers’ group
The Insurance Brokers Association of Ontario (IBAO) is urging provincial politicians to vote in favour of a bill that proposes to make several changes to the auto insurance dispute resolution system.