The latest Ontario auto reforms introduced in the recent provincial budget, are unique compared to past measures, a vp at Aviva Canada says.
Karin Ots, senior vp of regulatory and government relations, said the Liberals have performed a balancing act of sorts by focusing on consumer protection but also trying to drive costs out of the system “to help justify bringing premiums down.”
She said that one of the biggest cost drivers in the system has been catastrophic impairment and the definition is outdated. So insurers are pleased that the government is committed to “put out a new catastrophic impairment definition, one that’s aligned better with medical practices and knowledge today.”