Protecting auto accident victims
The amounts being paid to auto accident victims for things like income replacement, hiring caregivers and rehabilitation are being increased by 3.8 per cent.
The Financial Services Regulatory Authority of Ontario (FSRA) has released the 2024 indexation amounts related to auto insurance injury claims.
These amounts are updated every year to ensure consumer benefit payments keep pace with inflation.
FSRA calculates the indexation rate using data from Statistic Canada’s Consumer Price Index (CPI) for Canada. The CPI represents changes in prices as experienced by Canadian consumers.
The 2024 indexation rate applies to monetary and deductible amounts related to specific court awards for claimants. It also applies to certain benefits listed under the Statutory Accident Benefits Schedule.
Under the Insurance Act, FSRA must publish the indexation percentage and certain amounts every year for purposes of the Statutory Accident Benefits Schedule and tort claims.
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.