This notice provides an overview of the private passenger automobile insurance rate changes approved or ordered by the Financial Services Commission of Ontario (FSCO) for filings reviewed in the third quarter of 2015. The number of filings reviewed by FSCO and the overall average rate change for the Ontario market may vary from quarter to quarter, based on updated information about claims costs, market conditions and other financial factors and the resulting impact that these factors have on the adequacy of an insurance company’s current rates.
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Ontarians pay more than double in car insurance
The price of car insurance is always a hot topic in this province. It costs Ontarians more than double to drive here, than anywhere else in Canada. New figures released today show rates have fallen marginally, less than 1%… and now an independent report found the auto insurance industry is raking in large government guaranteed profits. As Kate Carnegie reports, the liberals admitted today they have more work to do to lower the rates for drivers.
http://www.chch.com/ontarians-
Liberal auto insurance promise rings hollow says MPP
News Release: QUEEN’S PARK – After more than two years, the Wynne Liberals are still nowhere close to meeting their promise of rolling back car insurance rates by 15 per cent, Ontario PC Finance Critic Vic Fedeli said today.
https://www.baytoday.ca/more-
IBC Fact Check: Two wrong studies certainly don’t make a right
TORONTO, Oct. 15, 2015 /CNW/ – Today, the Ontario Trial Lawyers Association (OTLA) released an updated self-funded “study” about auto insurance companies and rates. According to Ralph Palumbo, IBC spokesman, “This trial lawyer study isn’t fair, it isn’t serious, and it isn’t factual.”
Legal Matters – How to put a price on pain
On January 19th, 1978 three tragic cases all rose to the Supreme Court of Canada, where nine judges decided how Canadian law would compensate the injured for pain and suffering. In Andrews v. Grand and Toy, Jim Andrews was an 18-year-old who was rendered quadriplegic in a car accident. In Thornton v School District 57, Gary Thorton was an 18-year-old who was rendered quadriplegic in a gymnastics accident at school. In Arnold v. Teno, Diane Teno was a four-and-a-half-year-old girl who was rendered partially paralyzed and severely brain injured after stepping into traffic from behind an ice cream truck.
http://www.yorkregion.com/
ICBC asking for 5.5% increase to basic insurance rates
The Insurance Corporation of British Columbia (ICBC) said that it will submit the remainder of its 2015 basic rate application on Thursday, asking for a 5.5% increase to basic insurance rates – lower than the earlier potential for 6.7% considered in late August.
Licensed Appeal Tribunal reply to FAIR
“We consciously did not choose advocates for one point of view or another.”
OTLA: Updated study shows Ontario auto insurance is “fundamentally broken”
TORONTO, Oct. 15, 2015 /CNW/ – An updated study released today provides alarming new data on auto insurance in Ontario.
The study, conducted by York University Schulich School of Business Professors Fred Lazar and Eli Prisman, reveals that consumers likely overpaid by $1.5 billion in the last two years alone. This includes overpayments of $700 million (or about $100 for each insurance policy) in 2014 on top of the $840 million ($120 per policy) in 2013.
Read: Lazar Report October 2015
Renewed Faith
Two recent judgements in Canada indicate Canadian courts are taking a conservative approach on punitive damages in bad faith claims lawsuits against insurance companies
http://www.