IBC Holds Symposium to Explore Usage-Based Insurance
TORONTO, Feb. 12, 2013 /CNW/ - Insurance Bureau of Canada (IBC) today brought together key stakeholders from both the U.S. and Canada for an educational, non-partisan symposium in Toronto about Usage-Based Insurance (UBI). Usage-based insurance is a "pay-as-you-drive" insurance option being implemented in many jurisdictions in the U.S. In Canada, provincial governments, insurers and other stakeholders have expressed interest.
Everyone agrees auto insurance in Ontario is too expensive. The industry is committed to achieving a fair, affordable and sustainable auto insurance system in Ontario. To that end, it is exploring a variety of options which may improve on what is currently being offered to consumers.
Kicking off the symposium, IBC President and CEO Don Forgeron said, "It's important the insurance industry takes a leadership role in areas such as reforming Ontario's auto insurance product. It requires a vision for a system that works for the long-haul; one that isn't in need of constant major reform to ensure affordable and available insurance."
Today's session is a way of exploring and developing that vision. "It's another milestone in the journey toward developing a better auto insurance system for consumers," added Forgeron.
Attendees heard from insurers, regulators and technology experts and some key themes emerged. For example, that any UBI system launched in Ontario it must be fair, transparent and voluntary. It must also be in the best interest of consumers.
Because the potential impact of this form of insurance in Canada is not yet fully understood, IBC brought together this think tank of experts in order to encourage an open exchange of ideas and information between key insurers and other key stakeholders.
"We have much to learn from each other and share a common goal of wanting to improve the auto insurance system for consumers," said Ralph Palumbo, Vice President Ontario, IBC. "Our current system needs further reforms. The auto insurance system can't be reformed once every five years and forgotten about. It needs constant tending. We will continue to bring people together like with this forum to discuss concepts that can improve and enhance the auto insurance product in Ontario."
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.
SOURCE: INSURANCE BUREAU OF CANADA
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