Wynne hits reverse on auto insurance rate pledge
TORONTO—Premier Kathleen Wynne says her government’s target to cut auto insurance rates by 15 per cent by last year was a “stretch goal.”
The Liberals promised to reduce car insurance premiums an average of 15 per cent by August 2015 as part of a deal to get NDP support for the 2013 budget when they were still a minority government.
But August came and went with the government’s target not even halfway met.
The latest numbers from the Financial Services Commission of Ontario, for the fourth quarter of 2015, show that approved rates decreased on average by 0.15 per cent, putting the decrease at an average of roughly seven per cent from 2013.
“We always knew it was a stretch goal,” Wynne said Jan. 18.