TORONTO, APRIL 23, 2015 /CNW/ - Today, Insurance Bureau of Canada (IBC) congratulated the government of Ontario on the introduction of the Building Ontario Up budget. In particular, IBC welcomed the government's commitment to important reforms to the province's auto insurance system.
Of particular interest to consumers is the discount on insurance premiums for the use of snow tires.
"It's clear that the government recognized that the auto insurance product needed reforms to work better for consumers," said Ralph Palumbo, Vice-President, Ontario, IBC. "These reforms will remove excessive costs and this will result ultimately in lower premiums for Ontario's 9.4 million drivers. This shows, once again, the Ontario government's leadership and commitment to consumers."
According to Palumbo, today's budget does not resolve every problem with Ontario's auto insurance system. He adds "IBC and its member companies will continue to work with the government to help make sure Ontario drivers continue to come out on top."
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 118,000 Canadians, pays $6.7 billion in taxes and has a total premium base of $48 billion.
For media releases and more information, visit IBC's Media Centre at www.ibc.ca. Follow IBC on Twitter @InsuranceBureau and @IBC_Ontario or like us on Facebook. If you have a question about home, auto or business insurance, contact IBC's Consumer Information Centre at 1-844-2-ASK-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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