For the second consecutive year, the IBAO was invited to share their positions and priorities with government leaders in advance of them shaping the coming year’s budget.
IBAO President Jeff Gatcke and IBAO CEO Colin Simpson attended the proceedings at Queen’s Park. Though a number of topics were addressed, including regulatory control, the focus was on the persistent issue of Ontario Auto. Our four key recommendations were:
- Keep geography as a rating variable.
- Simplify the accident benefit and tort systems to ensure that it is accessible without the need for legal representation in all but the most complicated cases.
- Review and amend the process for approving rates to improve competition and shorten the timeframe to deliver meaningful change.
- Continue to involve the IBAO in discussions on how best to educate consumers on proposed changes.
“They were quite receptive to our comments and want to continue consulting with us,” said Jeff. “It was a great opportunity to emphasize the value that brokers have not just for their own clients, but for consumers at large.”
For more detail you can view Jeff’s full comments and his recent interview in Canadian Underwriter on the topic.
1 Comment
Mike O'Grady
Insurers should offer FREE skid test and dangerous driving courses. As well, insurers should offer voluntary “testing” (written at the very least) for drivers, reflecting a discount. (being tested for driving once in a person’s lifetime is simply inadequate)