Profit from Auto Insurance in Ontario Canada: Have People Overpaid?

In the 1980s, provincial governments across Canada saw auto insurance premiums baloon and profits soare. To reel in the industry, many provinces shut the whole things down, opting to set up a public provincial monopoly that ran with a non-profit mandate. Some provinces like Onatrio instead opted for an incredible amount of oversight and regulation, where private companies are requried to apply to the provincial regulator to raise or lower their premiums. We analysis approved applications for premium rates changes from 1999 to 2022 to understand the implication of the oversight and if profits in the industry were indeed controlled.