According to Charles Sousa, the Finance Minister, Ontario is to reduce auto insurance rate by 8% in 2014 and 15% in the upcoming two years, which is not likely to delight either the insurance industry or the opposition.

Earlier this Year the NDP agreed to support the Ontario budget on the condition that auto insurance rates would be reduced 15% over the next two years. Ontario Drivers have complained about extremely high insurance costs and welcomed rate reduction along with the Insurance Brokers Association of Ontario. On the other hand according to Ralph Palumbo VP of IBC, although the government is in support of reductions in insurance rates, they still need to map out important cost reforms in order to get this done.

Related article: http://www.cbc.ca/news/business/story/2013/08/23/business-ontario-auto-insurance.html