Using research to improve Ontario’s auto insurance system

FSRA releases 2023 study on auto insurance

The Financial Services Regulatory Authority of Ontario (FSRA) is using research to improve the auto insurance system for consumers.

The results from a study conducted in early 2023 will be benchmarked against results from 2020 to identify trends and changes which will inform FSRA’s supervisory work, policy-decision making and regulatory efforts in the auto insurance sector.

“At FSRA, consumer protection is at the heart of everything we do. This latest study will allow us to better understand the experiences consumers are having in the auto insurance sector and help us address their challenges,” said Glen Padassery, Executive Vice President, Policy & Auto/Insurance Products. “At the same time we are offering information on our website that will help consumers make informed decisions on everything from purchasing or renewing their auto insurance to better understanding their policy.”

The study is helping FSRA better understand consumers’ behaviors, knowledge, and preferences when it comes to purchasing or renewing auto insurance and making an auto insurance claim or complaint.

The research is being used to:

• help inform FSRA’s strategy to reform the regulation of automobile insurance rates and underwriting in Ontario, a key commitment made in its 2023-2026 Annual Business Plan
• continue looking at ways to improve fairness in automobile insurance rating, risk classification and underwriting

A Highlights Report is now available that summarizes four key takeaways from the study including the five most important factors when purchasing or renewing auto insurance: lower price (68%), clear pricing with no surprises (66%), trustworthy insurance companies (59%), easy-to-understand policy information (54%), and high-quality customer services (49%).

Learn more:

• 2023 Consumer Research: Auto Insurance Highlights Report
• 2023 Consumer Research: Auto Insurance Full Report
• Learn more about the Consumer Office

FSRA continues to work on behalf of all stakeholders, including consumers, to ensure financial safety, fairness, and choice for everyone.

Learn more at www.fsrao.ca.