Insurance Bureau of Canada Statement following Ontario Budget

March 24, 2021 (TORONTO) – Today, the Ontario government tabled the 2021 Budget, “Ontario’s Action Plan: Protecting People’s Health and Our Economy.” This budget provides a strong road map for Ontario’s economic recovery from the greatest challenge the province has ever faced.

Insurance Bureau of Canada (IBC) applauds the government for continuing to make critical investments that will help property and casualty insurers to protect Ontarians on roads and in their homes.

Specifically, IBC is pleased to see the government committing to improved flood mapping and to ongoing investments in the Ontario Community Infrastructure Fund for stormwater upgrades and flood mitigation. Both of these are vital to protect people and communities from flood risk.

To improve highway safety, reduce congestion and support economic development, the government is allocating $21 billion over 10 years, including $2.6 billion in 2021, to expand and repair highways and bridges. 

The government has committed to spurring automotive innovation to make Ontario a global hub for electric vehicle manufacturing. It is investing $56.4 million over four years to create the Ontario Vehicle Innovation Network to accelerate development of the next generation of electric, connected and autonomous vehicles and mobility technologies.

​About Insurance Bureau of Canada

Insurance Bureau of Canada is the national industry association representing Canada's private home, auto and business insurers. Its member companies make up 90% of the property and casualty (P&C) insurance market in Canada. For more than 50 years, IBC has worked with governments across the country to help make affordable home, auto and business insurance available for all Canadians. IBC supports the vision of consumers and governments trusting, valuing and supporting the private P&C insurance industry. It champions key issues and helps educate consumers on how best to protect their homes, cars, businesses and properties.

For media releases and more information, visit IBC's Media Centre at www.ibc.ca. Follow us on Twitter @IBC_Ontario or like us on Facebook. If you have a question about home, auto or business insurance, contact IBC's Consumer Information Centre at 1-844-2ask-IBC.