Skip to main content

Briefing highlights

  • Ontario to review rates
  • Markets at a glance
  • Aphria confirms departures
  • GM raises earnings estimates
  • U.S. inflation dips to 1.9 per cent
  • From today’s Globe and Mail

Ontario reviewing rates

The Ontario government has launched a review of auto insurance rates.

And it wants to hear from you, a move certain to draw a flood of responses given the hot-button nature of the issue.

Under the catchy catch phrase of “Putting Drivers First,” the Conservative government said its Ministry of Finance and Financial Services Regulatory Authority of Ontario will also review the rate regulation system.

Story continues below advertisement

This review will look at how other jurisdictions handle the issues and, at the same time, “identify opportunities to achieve greater efficiencies and introduce more competition in the system,” the ministry said.

There are almost 10 million drivers in the province whose rates are regulated.

“Auto insurance rates in Ontario are among the highest in the country, and action is needed,” Finance Minister Vic Fedeli said this week as he launched the review.

And, of course, he couldn’t resist a shot at the fallen Liberal government that he helped to oust, saying its “failed system of stretch goals on auto insurance is clearly broken.”

The government said it’s also working with MPP Parm Gill on proposed rules that would “eliminate the unfair practice of discriminating against drivers simply based on where they live,” and modernize the system to make it more e-based.

It wants to hear from drivers, consumers and the industry.

You can have your say here, and you’ve got until mid-February to answer the survey questions. Example: “I feel confident that if I am injured in a car accident, I will receive my benefits from the insurance company in a timely manner.” Agree, disagree, etc.

Story continues below advertisement

The Insurance Bureau of Canada, the group representing the property and casualty industry, said it welcomed the move.

“We have been calling for changes to how auto insurance is regulated for years,” said Kim Donaldson, its vice-president for Ontario.

“The province’s auto insurance system is outdated and Ontario drivers pay too much for their insurance. We believe there is a better approach.”

Barclays analyst John Aiken cited the fact that a report commissioned by the previous Liberal government of Kathleen Wynne found Ontario had “the costliest auto insurance premiums in the country [in 2016], even while the province also boasted some of the lowest numbers of accidents and fatalities.”

Read more

Markets at a glance

Read more

Aphria confirms departures

Aphria Inc. confirmed today that two key executives will step away from the Canadian cannabis grower in the coming months.

Chief executive officer Vic Neufeld and co-founder Cole Cacciavillani, both in their sixties, will step down from their roles as hand over the reins to chair Irwin Simon and president Jakob Ripshtein, the Leamington, Ont.-based company said in a statement. Mr. Neufeld and Mr. Cacciavillani will serve as special advisers until a new CEO is appointed.

Story continues below advertisement

Their departures were first reported Thursday night by The Globe and Mail’s Marina Strauss and Christina Pellegrini, and come weeks after Aphria was targeted by two short-sellers for one of its recent transactions.

Read more

More news
From today’s Globe and Mail
Report an error Editorial code of conduct
Comments

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff. Non-subscribers can read and sort comments but will not be able to engage with them in any way. Click here to subscribe.

If you would like to write a letter to the editor, please forward it to letters@globeandmail.com. Readers can also interact with The Globe on Facebook and Twitter .

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff. Non-subscribers can read and sort comments but will not be able to engage with them in any way. Click here to subscribe.

If you would like to write a letter to the editor, please forward it to letters@globeandmail.com. Readers can also interact with The Globe on Facebook and Twitter .

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff.

We aim to create a safe and valuable space for discussion and debate. That means:

  • All comments will be reviewed by one or more moderators before being posted to the site. This should only take a few moments.
  • Treat others as you wish to be treated
  • Criticize ideas, not people
  • Stay on topic
  • Avoid the use of toxic and offensive language
  • Flag bad behaviour

Comments that violate our community guidelines will be removed. Commenters who repeatedly violate community guidelines may be suspended, causing them to temporarily lose their ability to engage with comments.

Read our community guidelines here

Discussion loading ...

Due to technical reasons, we have temporarily removed commenting from our articles. We hope to have this fixed soon. Thank you for your patience. If you are looking to give feedback on our new site, please send it along to feedback@globeandmail.com. If you want to write a letter to the editor, please forward to letters@globeandmail.com.
Cannabis pro newsletter