Ontario Insurance News Roundup for March 3, 2020

by Mar 3, 2020Driving, Living, Riding, RVing, Travelling

The Ontario Insurance News Roundup for the week of March 3, 2020 looks at changes to Ontario’s out-of-country health insurance coverage, mortgage stress tests, auto insurance rates, and the tow truck turf war.

Ontario drivers overpaying for car insurance, report says – CTV News

A new report claims what many Ontario drivers already know – they pay too much for car insurance. “Drivers in this province definitely have paid too much for auto insurance,” according to Dr. Fred lazar, an associate professor at York University Schulich School of Business and author of the report.
New report says car insurers are gouging Ontarians, but critics disagree – driving.ca

The Insurance Bureau of Canada (IBC) is questioning the methodology of a report released by a Toronto economist

What’s really behind Ontario auto rate increases – Canadian Underwriter

Auto rates continue to climb in Ontario but the increase in frequency and severity of claims plays a big role, Insurance Bureau of Canada suggests. None of the 21 Ontario auto insurers who filed for rate changes during the last quarter of 2019 reduced their average rate, the Financial Services Regulatory Authority (FSRA) reported.

In the GTA’s tow-truck turf wars, the race for profit leads to road rage, violence and intimidation – Globe and Mail

The industry that cleans up after car accidents is both lucrative and highly corruptible. In the past year and a half, its competitive tactics have put drivers, lawyers and the public at risk. How did things get so bad, and what can police and regulators do to stop it?

Ottawa changing stress test rate for insured mortgages starting April 6 – CTV News

The federal government is changing the stress test rate for insured mortgages starting April 6 that experts say should make it marginally easier for some buyers to purchase their first home, or owners refinancing their existing mortgages.

What do consumers want from auto insurance? – Insurance Business Canada

When consumers are shopping for auto insurance, they’re looking for the same things that they get from other retail experiences – the ability to choose from a decent selection of products (in this case, policies) at reasonable prices via hassle-free interactions.

New OHIP out-of-country rules cast light on private travel insurance – Globe and Mail

With changes this year to Ontarians’ out-of-country health insurance coverage – and some public cases of tourists being denied coverage after getting sick abroad – travellers from Ontario could be wondering whether they have proper travel medical coverage.

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