TORONTO, Sept. 23, 2016 /CNW/ - Today, the Government of Ontario released mid-point mandate letters for all Cabinet Ministers. Insurance Bureau of Canada (IBC) congratulates the Government for continuing to make auto insurance reforms a priority.
"The government's continued focus on auto insurance reforms builds on the progress already made and shows a strong commitment to helping Ontarians keep more of their hard-earned money for other household priorities," said Don Forgeron, President and CEO, IBC. "Insurers look forward to continuing to work with Premier Wynne, her government, and all MPPs to best serve the consumers of this province while making their lives more affordable."
One of the key items in the Minister of Finance's mandate letter is to continue to work with Ontario's Advisor on Auto Insurance to build upon the 10% auto insurance rate reduction and to pass additional savings on to Ontario consumers.
In addition, the Premier has asked the Minister of Infrastructure to work with the Minister of the Environment and Climate Change to make improvements to the capital planning process. This is an important step in building more resilient infrastructure that can better withstand the impacts of climate change – a key priority for many of Canada's insurance and reinsurance companies.
"IBC works with the Government of Ontario on an ongoing basis to push for measures that benefit policyholders in this province," added Forgeron. "This past June, IBC was pleased to see the government implement much-needed auto insurance reforms to make premiums more affordable while giving consumers more affordability and choice."
In addition to auto insurance reforms, IBC will continue to work with the government on fighting auto insurance fraud and on implementing changes to the Financial Services Review Commission to better help the insurance industry serve Ontarians.
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 120,000 Canadians, pays $8.2 billion in taxes and has a total premium base of $49 billion.
For media releases and more information, visit IBC's Media Centre at www.ibc.ca. Follow IBC on Twitter @InsuranceBureau or @IBC_Ontario, and 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.
If you require more information, IBC spokespeople are available to discuss the details in this media release.
SOURCE Insurance Bureau of Canada
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