‘It’s turning into a crisis’: Simcoe-Grey MPP Jim Wilson calls on province to stop ‘out of control’ insurance premium hikes for condo owners

Simcoe-Grey MPP Jim Wilson is putting pressure on the Ford government to take steps to address what he calls ‘the insanity that has run rampant’ in the commercial insurance industry.

During the Oct. 21 question period at Queen’s Park, Wilson made his case to Ontario’s Finance Minister Rod Phillips as to why he feels its time to regulate the industry.

One of the condo corporations in Green Briar saw its premium double to more than $16,000 in 2019, and it doubled again this year to $30,000, despite not having any claims during these periods. And there doesn’t appear to be any relief in sight, with the condo board anticipating the premium may double again to almost $60,000 for 2021.

Wilson likened this to “near criminal behaviour” and noted it is affecting condo corporations everywhere in the province.

Wilson doesn’t accept the reasons the industry has made for jacking up the rates, such as costs related to the pandemic and severe weather.

“It’s turning into a crisis,” he said. “People can’t get insurance, they need insurance, and the excuses from the industry are unacceptable.”

Phillips said the government has been keeping a close watch on all segments of the insurance industry since it came into power in 2018. While he didn’t offer a plan that would fix the problem, he did say the government has been meeting with consumers, insurance companies and the Financial Services Regulatory Authority of Ontario to come up with solutions.

“(Insurance companies) need to understand their customers today will be their customers tomorrow,” Phillips said. “Ontarians expect no less than fair treatment from them.”