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    • Reforms expected to bring rate relief
        © Thompson’s World Insurance News 2009. No reproduction without written consent.
        Ontario auto changes announced last week should provide insurers with crucial cost controls but some worry that the measures will provide only short-term relief when they come into effect next summer.
        Insurance Bureau of Canada policy vp Barbara Sulzenko-Laurie said the proposals look good for industry and for consumers.
        “We think the government proposals will take some unnecessary costs out of the system and give consumers the option of matching the insurance product with their needs.”
        But she said some of the issues still left on the table are critical and will need to be dealt with soon.
        Ontario Trial Lawyers Association president Judith Hull said that overall, the changes will likely result in less coverage for consumers.
        “It seems that this is just a short-term solution to the threat of increased auto insurance premiums.
        “We need a long-term solution to ensure that Ontario accident victims and their families have access to justice enabling them to collect fair compensation.”
        Ontario brokers are pleased with what they’ve seen in the government’s proposed changes to the auto product.
        “Choice is the key feature here,” their association ceo Randy Carroll told Thompson’s.
        “Consumers will be able to buy coverages better tailored to their individual needs and budgets.”
        Overall, he said, he supports the proposals.
        More than three full pages of details and comments in our November 9 edition. If you are not a regular reader, click on Subscribe on the left hand side of the page to get it every week.
        
    		 


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