Empowering Auto Insurance Consumers with More Information and $1B in ReliefPublished on October 02, 2020
Since the beginning of COVID-19, our government has been focused on ensuring drivers are treated fairly by their insurance companies. We wanted to provide you an update on this work.
Today the regulator, the Financial Services Authority of Ontario (FSRA), reported that Ontario’s drivers have been eligible to receive almost $1 Billion in relief in response to COVID-19. This represents over $300 million more in savings, or 45% since insurers last reported in May 2020. Information reported by the 13 largest insurers is also being shared publicly to provide greater transparency to inform consumers.
Building on the need for greater transparency, FSRA is also launching an enhanced consumer information hub on its website. Consumers will be better informed, have access to average premiums and be able to search rate filings easily, which help them make informed decisions about their policy and the insurer they choose.