Insurance Bureau of Canada welcomes auto insurance reforms and investment to combat auto theft outlined in Ontario's 2024 budget

TORONTO, March 26, 2024 /CNW/ - Today, the Government of Ontario released its 2024 Budget: Building a Better Ontario. Following the budget's release, Amanda Dean, Vice-President, Ontario and Atlantic, Insurance Bureau of Canada (IBC), issued the following statement:

"IBC and its members welcome the government's auto insurance reforms, which are a good first step in giving Ontarians more control and choice over their auto insurance coverage. We have long advocated for much-needed reforms that provide consumers with more choice and options when purchasing auto insurance.

We commend the government on the actions announced today and look forward to working with the province and other stakeholders to implement these reforms. Ontario's property and casualty insurers look forward to exploring further opportunities to provide consumers with greater choice in the future.

In addition, we applaud the Ontario government on its strong commitment to combatting auto theft with a continued $49 million investment to support programs that combat auto theft and destabilize organized crime networks. Across Ontario, auto theft has reached a crisis level. This funding is a meaningful and positive step towards better protecting Ontarians and their families."

Established in 1964, Insurance Bureau of Canada (IBC) is the national industry association representing Canada's private home, auto and business insurers. Its member companies make up the vast majority of Canada's highly competitive property and casualty (P&C) insurance market.

As the leading advocate for Canada's private P&C insurers, IBC collaborates with governments, regulators and stakeholders to support a competitive environment for the P&C insurance industry to continue to help protect Canadians from the risks of today and tomorrow.

IBC believes that Canadians value and deserve a responsive and resilient private P&C insurance industry that provides insurance solutions to both individuals and businesses.

For media releases, IN Focus articles, or to book an interview with an IBC representative, visit ibc.ca. Follow us on LinkedIn, X and Instagram, and like us on Facebook. If you have a question about home, auto or business insurance, contact IBC's Consumer Information Centre at 1-844-2ask-IBC. We're here to help.

SOURCE Insurance Bureau of Canada