Ontario Insurance News Roundup for March 3, 2020

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.

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

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.

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?

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.

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.

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.