I re-tabled a bill that would end auto insurance discrimination and price gouging in communities like ours and others in the GTA. Drivers with similar driving records are paying more than others simply because of their address/postal code. This is unfair and has to stop.
Because insurance is mandatory in Ontario, the government regulates how much profits these companies can charge and limits it to around 5%, however during the pandemic these companies made over 27% in profits.
I asked the Premier to do the right thing and return the excess profits these insurance companies made and put those dollars back into the pockets of drivers.
In August 2023, the Financial Services Regulatory Authority of Ontario (FSRA) reported ongoing cases of systemic fair access violations from major auto insurance companies that made it harder for consumers to get quotes and affordable policies. The FSRA report revealed that some insurers engaged in unfair practices that punished consumers who were simply trying to shop around for the best possible quote.
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