18:12:38 EDT Sun 28 Apr 2024
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Toronto-Dominion Bank
Symbol TD
Shares Issued 1,765,296,674
Close 2024-03-27 C$ 82.27
Market Cap C$ 145,230,957,370
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Globe says Intact, rivals hear driver premiums may rise

2024-03-28 07:41 ET - In the News

See In the News (C-IFC) Intact Financial Corp

The Globe and Mail reports in its Thursday edition that insurers are concerned that the proposed changes to auto insurance in the Ontario budget may lead to an increase in drivers' premiums. The Globe's triple bylined item reports that health workers, however, argue that these moves are needed to ensure proper access to care for victims of car accidents. The Ontario government has proposed changes in the budget to modernize the auto insurance system. These include increasing consumer choice, improving access to services and reducing premiums. For instance, consumers would be able to opt out of a wider range of policy options, resulting in lower premiums. However, medical, rehabilitation and attendant care benefits would still be mandatory. The budget also includes an additional $49-million to fight auto theft, which has been a big contributor to rising costs for insurers. According to Equite Association, a non-profit that assists in fraud probes, car thefts in Ontario increased by 48 per cent between 2021 and 2023. The Insurance Bureau of Canada supports the proposed changes, especially the funds allocated to fight crime. IBC's Amanda Dean says, "Across Ontario, auto theft has reached a crisis level."

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