TORONTO, Nov. 5, 2020 /CNW/ – Following the Ontario Budget, Insurance Bureau of Canada (IBC) issued this statement:
IBC applauds the Ontario government for its 2020 Budget – Ontario’s Action Plan: Protect, Support, Recover.
“During these uncertain times, the Ford government continues to show its adaptability and support for auto insurance consumers,” said IBC Ontario Vice-President Kim Donaldson. “Today’s budget removes barriers for insurers who are committed to offering the innovative products that consumers are accustomed to receiving from other sectors. In addition, the budget fosters innovation by allowing insurers to bring new products to market that help drivers control their premiums, while also acknowledging a growing demand for a fully digital experience and removing restrictions on usage-based insurance products.”
IBC and its members are especially pleased to see the government’s commitment to improving the consumer experience for Ontario drivers through measures like allowing a fully digital auto insurance experience for Ontario drivers. The government is also showing its resolve to crack down on fraudulent actors in the auto insurance space, building on the momentum they’ve created with a review of the towing system.
About Insurance Bureau of Canada
Insurance Bureau of Canada (IBC) is the national industry association representing Canada’s private home, auto and business insurers. Its member companies make up 90% 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.
P&C insurance touches the lives of nearly every Canadian and plays a critical role in keeping businesses safe and the Canadian economy strong. It employs more than 128,000 Canadians, contributes $9.4 billion in taxes and has a total premium base of $59.6 billion.
For media releases and more information, visit IBC’s Media Centre at www.ibc.ca. Follow us on Twitter @InsuranceBureau or 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.
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