The Price Is Wrong

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Media Releases 2012

August 27, 2012

Auto Insurance In Ontario -- THE PRICE IS WRONG! OMNI TV Special Broadcast: September 2, 2012 at 12 Noon

AUGUST 27, 2012 (TORONTO) – Cars are safer. Roads are better. Accidents are less severe.  So, why are auto insurance premiums in Ontario so high?

Insurance Bureau of Canada provides the answer in THE PRICE IS WRONG, an informative 30-minute television special that will air on OMNI TV this Sunday, September 2nd at 12 noon. 

“We wanted to find out what Ontarians were thinking about the high cost of auto insurance,” explains IBC Ontario vice President Ralph Palumbo, “so we hit the road over the summer to listen to their concerns and encourage discussion about how to bring these costs down.  Not surprisingly, Ontarians had a lot to say!””

Palumbo says the public’s opinions and questions form the basis of THE PRICE IS WRONG, created to help Ontarians understand how their insurance policies work, and to shed a spotlight on why they are paying far too much for auto insurance.

Hosted by Canadian broadcaster and writer, Peter Feniak, THE PRICE IS WRONG answers the most common questions that Ontarians have about auto insurance and explains how Ontario drivers are all victims of the growing abuse of the insurance system through fraud. 

For example, the program features an explanation of how a minor fender bender ended up costing the system $129,000, and examines how organized criminal fraud rings stage collisions and drive up everyone’s premiums.

“What we pay for insurance is based on the cost of claims and in many cases the costs are
‘through the roof’ as a result of fraud and abuse in the system,” says Steve Kee, Director of Media Relations, IBC.  “Until we can get costs under control, we will continue to have premiums that we all agree are too high.”

In conjunction with this television program, IBC is visiting markets across Ontario, listening closely to consumers and collecting their feedback and ideas about how everyone can work together for a better insurance system.

To obtain further information about auto insurance or to share their ideas, the program invites Ontarians to visit (www.ibc.ca) or on Twitter (@insurancebureau).

About Insurance Bureau of Canada
Insurance Bureau of Canada is the national industry association representing Canada’s private home, car and business insurers. Its member companies represent 90% of the property and casualty (P&C) insurance market in Canada. The P&C insurance industry employs over 114,000 Canadians, pays more than $7 billion in taxes to the federal, provincial and municipal governments, and has a total premium base of $40 billion.

To view media releases and information, visit the media section of IBC’s website at www.ibc.ca and for IBC on Twitter follow @insurancebureau.

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For more information or to schedule an interview, contact: 

Helen Lialias
Media Relations Officer
Insurance Bureau of Canada
416-362-2031 ext. 4312
hlialias@ibc.ca

Ellen Woodger
Communications Consultant
Insurance Bureau of Canada
416-483-2358
Ellen.woodger@sympatico.ca