IBC pushes for competitive auto insurance

IBC pledges to work with officials to protect drivers from scams and reduce insurance rates.

By Staff | February 20, 2013 | Last updated on February 20, 2013

1 min read

The Insurance Bureau of Canada welcomes the Ontario government’s efforts to implement recommendations made regarding its Auto Insurance Anti-Fraud Task Force.

It has pledged to work with officials to protect drivers and taxpayers from scams, and also to help reduce insurance rates.

“High premiums are a real problem,” says Ralph Palumbo, IBC’s vice president, Ontario. “We’re committed to helping…implement…sensible reforms to build an affordable and competitive auto insurance system.” Auto insurance fraud ranges from organized crime rings to individuals exaggerating claims. This costs Ontario drivers as much as $1.6 billion a year, says an independent review by KPMG.

Read:

FSCO gives stick to shifty auto insurers

Insurance for wealthy clients

Insurance in 2012 and beyond