Ontario Auto Insurers Make the Grade in Claim Satisfaction According to FSCO Survey

October 13, 2004

Auto insurers in Ontario, Canada have once again been given a top grade by customers making a claim.

The annual Auto Claims Satisfaction Survey, issued by the Financial Services Commission of Ontario (FSCO), shows that 84 percent of consumers who had to make an auto insurance claim last year were satisfied with the way it was handled.

“This continued high satisfaction validates what IBC and the government have been trying to accomplish through auto insurance reform over the last year,” said Mark Yakabuski, vice president, Ontario, Insurance Bureau of Canada (IBC). “Since November 2003, auto insurance premiums in Ontario have decreased by 11.5 per cent. As a result, consumer calls to IBC related to premium changes have dropped off by 80 per cent,” added Yakabuski.

IBC reportedly continues to work with the government to insure that adequate auto insurance protection is provided at an affordable price while at the same time offering consumers more choice in the coverage they buy.

“We are very supportive of the government’s plan to introduce a customized auto insurance policy that would allow policyholders to choose only the coverage they need, and save even more on premiums,” said Yakabuski. “If you increase choice, it can only improve consumer satisfaction, because people will be more aware of what they are buying and why.”

The annual claims satisfaction survey was introduced by the government in 1998. In addition to gauging the auto insurance industry’s performance as a whole, the survey results are broken down by company, and can serve as a guide to consumers who are shopping for auto insurance, and do not want to choose on price alone. Results are also used by auto insurance companies to
improve the claims services they offer.

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