Toronto, ON (Feb. 19, 2013) – Insurance Bureau of Canada welcomed today’s commitment from the Ontario government to continue implementing the recommendations of the Auto Insurance Anti-Fraud Task Force.
IBC and its members pledged to work with the government on the commitment, made in today’s Speech from the Throne at Queen’s Park, saying the Task Force’s ideas will help protect the province’s nine million drivers and all taxpayers from fraud, and help to reduce insurance rates across Ontario.
IBC’s Vice President, Ontario, Ralph Palumbo said, “High premiums are a real problem; they deserve a real solution, and a big part of that solution is fighting fraud. We’re committed to helping the government implement the Task Force recommendations and other sensible reforms to build an affordable and competitive auto insurance system that works for everyone.” He added, “Our industry will continue to work diligently with the government, opposition parties and everyone who shares our vision.”
Auto insurance fraud, ranging from organized crime rings to people exaggerating their claims, costs Ontario drivers as much as $1.6 billion a year , according to an independent review by KPMG.
IBC’s expert team of investigators already works with police across the province to help crack down on auto theft, fraud and organized crime rings. Other efforts to help make auto insurance more affordable include pressing for reforms that take unwarranted costs out of the system while ensuring fair benefits for injured claimants.
“We’re committed to doing whatever it takes to find a better way, and to help build an auto insurance system that will work for decades to come,” said Palumbo.
About Insurance Bureau of Canada
Insurance Bureau of Canada is the national industry association representing Canada’s private home, car and business insurers. Its member companies represent 90% of the property and casualty (P&C) insurance market in Canada. The P&C insurance industry employs over 115,000 Canadians, pays more than $7 billion in taxes to the federal, provincial and municipal governments, and has a total premium base of $44 billion.
To view media releases and information, visit the media section of IBC’s website at www.ibc.ca and for IBC on Twitter follow @insurancebureau.