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VIDEO: Time to Regulate Commercial Insurance

October 22, 2020 - Simcoe-Grey MPP Jim Wilson has taken the plight of Ontario Condominium Corporations to the legislature. Wilson is asking the Government if the time has come to regulate the commercial insurance industry.

“I hear regularly from constituents about out-of-control premium increases being demanded by insurance companies and, in some instances, outright refusal to renew contracts with condominium corporations that have had few or no claims!” said Mr. Wilson.

Citing the Green Briar and Briar Hills communities in Alliston, Wilson told Ontario Finance Minister Rod Phillips they saw premiums double in 2019, and then double again in 2020. Now, as a new year approaches, said the MPP, the condo owners, many of whom are seniors on fixed incomes, face another potential doubling of their rates, if they can get insurance at all.

“Is regulation needed now to end the insanity of skyrocketing insurance premiums being experienced by condominium corporations across the province?”, asks Mr. Wilson.

You can watch his exchange with Minister Phillips here: 

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