Insurance Bureau of Canada Reacts to Ontario Budget

TORONTO, April 28, 2022 /CNW/ - Following the Ontario Budget, Insurance Bureau of Canada (IBC) issued this statement:

IBC applauds the Ontario government for its 2022 Budget – Ontario's Plan to Build. The government has put forward additional steps to complement its 2019 budget commitment to reform the auto insurance system. If implemented, these new measure are designed to give consumers more choice, reduce premiums, create fairness for drivers and introduce new measures to tackle fraud.

"Ontario drivers pay too much for car insurance, and this budget makes a bold commitment to improve a long-broken system," said IBC Ontario Vice-President Kim Donaldson. "Nearly every aspect of auto insurance in Ontario is regulated by the provincial government – but consumers are not benefiting. The measures announced in this budget would put drivers on the road to getting a better auto insurance product."

About Insurance Bureau of Canada

Insurance Bureau of Canada is the national industry association representing Canada's private home, auto and business insurers. Its member companies make up the vast majority of the property and casualty (P&C) insurance market in Canada. For more than 50 years, IBC has worked with governments across the country to help make affordable home, auto and business insurance available for all Canadians. IBC supports the vision of consumers and governments trusting, valuing and supporting the private P&C insurance industry. It champions key issues and helps educate consumers on how best to protect their homes, cars, businesses and properties.

For media releases and more information, visit IBC's Media Centre at www.ibc.ca. Follow us on Twitter @InsuranceBureau and like us on Facebook. If you have a question about home, auto or business insurance, contact IBC's Consumer Information Centre at 1-844-2ask-IBC.

SOURCE Insurance Bureau of Canada

Media Contact: Mark Cripps, 416-616-3620, [email protected]