(Toronto, Ontario) The Insurance Brokers Association of Ontario (IBAO) congratulates Finance Minister Vic Fedeli for addressing auto insurance in Ontario’s 2019 Budget, released last week.
The Government incorporated many of the IBAO’s recommendations on reforming the auto product in their multi-year plan, including the introduction of various mechanisms to ease pressure on auto insurance premiums.
“The recent budget is good news for consumers across Ontario,” said Jeff Gatcke, IBAO President. “It’s an excellent first step to address many of the issues they face when it comes to auto insurance. We look forward to working with the Government to better understand the scale of the outcome of their proposed changes, specifically moving toward care for people through their Driver Care Plan, managing the issues surrounding legal fee contingencies and enabling greater competition between insurance companies in the Ontario market.”
The IBAO and insurance brokers across the province have been actively advocating for an auto product that’s affordable, provides the necessary basic coverage and offers options to reflect the diverse needs of consumers while retaining a healthy and competitive marketplace.
“Improving the affordability and quality of the auto insurance product is top of mind, and we’re encouraged by the Government’s intention to provide insurance companies greater flexibility in introducing discounts and coverage options,” said Gatcke. “We look forward to continuing our discussions with the Government on geographical rating and to better understanding how credit scoring will be implemented from a practical perspective, ensuring that those most vulnerable in our society remain protected.”
The IBAO is a not‐for‐profit association representing approximately 12,000 independent property & casualty insurance brokers who service six million policyholders across Ontario.