Regulator, the Financial Services Authority of Ontario (FSRA), reported that Ontario’s drivers have been eligible to receive almost $1 Billion in relief in response to COVID-19. This represents over $300 million more in savings, or 45% since insurers last reported in May 2020. Information reported by 13 largest insurers is also being shared publicly to provide greater transparency to inform consumers.
Building on the need for greater transparency, FSRA is also launching an enhanced consumer information hub on its website. Consumers will be better informed, have access to average premiums and be able to search rate filings easily, which help them make informed decisions about their policy and the insurer they choose.