Press release

23 Jan. 2023 Toronto, CA

Clarification to Canadian Private Passenger Vehicle Insurance Rate Comparisons

Press contact
Victoria McQueen

EY Canada Team Lead, Public Relations

Leading the development and distribution of external communications across Canada. Can be found by the lake in the summer and on the slopes in the winter.

Ernst & Young LLP (EY Canada) was engaged by the Insurance Corporation of British Columbia (ICBC) to conduct a comparison of publicly available automobile insurance rates across Canada for a specified set of customer profiles over the period from September to October 2022. The Canadian Private Passenger Vehicle Insurance Rate Comparisons was conducted with a set of listed limitations and assumptions explaining that automobile insurance products, benefit levels and access to the benefits, including a range of tort to no-fault models, vary from province to province. Further, the comparisons made in the data summary do not attempt to provide a full representation of the rate options available or what consumers are paying. While it has been publicly referenced in discussions on provincial rate comparisons, it was not the intent of this comparison nor did EY Canada draw any conclusions, including about the merits of publicly owned vs. privately owned models.

This statement is intended to clarify EY's data summary and its limited scope as noted above, and should not be taken as a comment on reform work undertaken by ICBC.

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