Auto Insurance UpdatePublished on October 02, 2020
Since COVID-19 started, this government has been keeping a close watch to make sure insurance companies are treating the people of Ontario fairly during this unprecedented time.
The message to insurance companies has been clear from the beginning: you should provide relief that reflects the financial hardships your customers are facing because of COVID-19. That’s why, on April 15th, we took decisive action to remove a barrier that would have prevented companies from providing drivers the relief they deserve.
Since we removed barriers to relief, all of the 14 largest auto insurance companies in Ontario – who control 97% of the market – have provided relief for Ontario drivers.
Combined, auto insurers have offered nearly $1B in relief to consumers. This represents over $300M more in savings, since FSRA last reported in June 2020, exceeding the $600 million that the Insurance Bureau of Canada initially estimated their members would provide in relief across Canada.
To learn more, visit the Financial Services Authority of Ontario (FSRA) website here: https://www.fsrao.ca/newsroom/empowering-auto-insurance-consumers-more-information-and-1b-relief