Auto Insurance In Ontario: A Broken System.
Two stories in the news last week highlight the broken nature of the automobile insurance system in Ontario.
The first story was about Intact Financial, the second largest provider of auto insurance in Ontario. Intact Financial reported an increase in operating income for Q4 in 2020 of 54 percent. This translates to a rise in operating income to the tune of $467 million. For the entire year of 2020, Intact reported profits of more than $1 billion – that is with a “B” as in billion.
That is a lot of money.
I have no problem with a business making money. The problem I have is how auto insurers, like Intact, treat those that are injured in car crashes and how the insurance industry cries poor to the government forcing them to slash benefits and impose limitations on those innocently injured in car collisions.