TORONTO, Oct. 1, 2020 /CNW/ – Ontario’s auto insurers reported consumers have been eligible to receive almost $1 Billion in relief in response to COVID-19. This represents an increase of over $300M 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.
“Our government took immediate action to make the required regulatory changes so that consumers could benefit from the change in driving behaviour during the pandemic,” said Minister Phillips. “We made it very clear to insurers that drivers deserved more, which resulted in auto insurers making available almost $1B in relief for Ontario drivers. I have asked FSRA to continue monitoring how insurance companies are providing relief to ensure consumers’ needs are being met as the pandemic continues to evolve.”
The $1B reported consumer relief is equivalent to 7.1%