Problematic Insurance Profits

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Problematic Insurance Profits

Nov 15, 2016

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Over the course of the last six years significant changes have been made in the area of accident benefits.  In 2010 there was a 50 percent reduction in available accident benefits for people injured in car accidents. The government then took away the right for an individual to sue their own auto insurer in 2015.

Yet this reduction in benefits and consequential action has not seen a reduction in auto insurance premiums.  Auto insurance companies continue to see an increase in profit, year-over-year. Despite reforms implemented under the Ontario Automobile Insurance Rate Stabilization Act in 2013, insurance companies continue to report record profits; since 2010 they have made billion dollar profits.

These profits however are coming at the expense of the customers paying into mandatory policies. Insurance companies are profiting by not paying out customer claims, while continuing to raise premiums. 

Everyone who drives in the province of Ontario is required by law to buy insurance yet in the event an accident or injury that mandated policy offers little remedy, perhaps even victimizing drivers further. Adding insult to injury, these insurance companies continually lobby the government for reform which results in further benefits being cut to accident victims and more monetary gain on their part. It is a disturbing trend which should be readdressed.  Ontario drivers should speak out against rising insurance costs and decreasing benefits in order create discussions about real reform that is fair and just to them as citizens of the province.

Notwithstanding these issues, we continue to work on behalf of our clients to obtain fair and equitable settlements when they have sustained personal injury from an automobile accident. We do so not only through our dedicated team of lawyers but also by employing accident benefits consultants (the first firm to incorporate this) to help simplify the claims process, and ensure the best representation for our clients.

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