A report commissioned by the Ontario Trial Lawyers Association has found that motorists in the province have “almost certainly paid too much” for their auto coverage.
The report’s author, York University Schulich School of Business economics professor Fred Lazar, suggested that insurance companies operating in the province generated approximately $5 billion in pre-tax income from 2011 to 2016, including an estimated $1.5 billion in 2016. Lazar also noted that 2016’s profits represented an estimated 60% increase compared to 2011.
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