In an updated report dated April 26, 2018, by Dr. Fred Lazar, of the Schulich School of Business, a number of things have come to light about car insurance rates and lack of accident benefit payouts for Ontario drivers:
– Auto insurance companies are making record profits.
– Premier Wynne promised a 15% reduction in auto insurance premiums. Instead, we have a 2.5% increase.
– Claims are actually down by 27%.
– And yet, we get the Big Insurance party line: “There’s sooooo much fraud out there, that’s why premiums are so high to offset fraud….”
– The starting point for all car insurance claims, especially accident benefits and rehab, is always: “Denied!”
– The regulator, Financial Services Commission of Ontario (FSCO), that is supposed to regulate profitability, is allowing TRIPLE profit margins by Big Insurance companies.
– Where is the accountability? Neither the regulator nor the Ontario Provincial Government is taking action on this.