REPORT: ONTARIO DRIVERS MAY HAVE OVERPAID BILLIONS IN PREMIUMS LAST 5 YEARS

May 01, 2018

By Bob Komsic

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More food for thought for those motorists who feel they’re being ripped off by insurance companies.
A just released report suggests companies may have made about $5-billion before taxes between 2011-2016, including about $1.5-billion in 2016.
Author Fred Lazar, an economics professor at York University’s Schulich School of Business, estimates the profits in 2016 represent an estimated 60% increase over those five years earlier.
He adds the overpayments amount to an estimated $143-a-year for every policy in Ontario.
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