CAMBRIDGE- What is wrong with the Ontario
government? They are yet again further reducing auto insurance coverage
without requiring any premium reductions.
This is the worst of both worlds, and it
comes after a year of record profits for insurance companies and a study
which concluded that motorists overpaid for auto insurance by $840
million in 2013 alone.
When I wrote a letter to the Times
(“Insurance companies reaping profits”, April 28), exposing insurance
company largesse, it was responded to within 24 hours by the head of the
Insurance Bureau of Canada, Ralph Palumbo.
His quick response demonstrates how well organized the insurance lobby is in this province.
Mr. Palumbo doesn’t want you to think about the profits insurance companies are making.
So instead, he talks about the need for “transparency and fairness”.
But even there he is on shaky ground. He
will not disclose how much insurance companies pay him to lobby on their
behalf.
We do know that the Insurance Bureau of
Canada has a lobbying budget of $32 million per year, and that money
comes out of your pocket.
This is your money being used to persuade
the government to reduce the assistance you get if you are in an
accident.............
More/ source: http://www.cambridgetimes.ca/opinion-story/5612022-don-t-be-fooled-by-the-insurance-bureau-of-canada/
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