Insurance News – Wednesday, July 16, 2014

Here are the leading auto insurance headlines from ONTARIO AUTO INSURANCE TOPICS ON TWITTER for Wednesday, July 16, 2014:

  • Ontario Liberals have re-introduced and combined Bills 171 and 189 as Bill 15.  The legislation contains some of the controversial changes introduced in Bill 171 including a reduction in prejudgment interest and restrictions on the ability to resolve SABS disputes in court.
  • FSCO has released the second quarter 2014 rate approvals.  Only five  rate filings were approved representing only 14.5% of the market.  The filings reflect an average increase of 0.22% when applied across the total market. Although this represent a small portion of the market, it seems to suggest that the government’s rate reduction strategy is stalled.
  • A U.S. company will soon begin selling a kit that lets you turn your existing car into a self-driving vehicle. The system is being billed as the world’s first “highway autopilot” and will cost about $10,000.