Greg Monforton & Partners Urges Legislators to Alter Insurance Profit Incentives

By a News Reporter-Staff News Editor at Insurance Weekly News -- Windsor personal injury law firm Greg Monforton & Partners is highlighting evidence uncovered by the Ontario Trial Lawyers Association (OTLA) that shows the province's auto insurance policyholders are overpaying premiums while insurance companies reap the benefits.

The study from OTLA, published March 30, 2015, was conducted by Dr. Fred Lazar and Dr. Eli Prisman of York University. The authors reviewed a number of key factors to determine that, in today's economic climate, the 11 percent interest rate that insurance companies use in their filings is too steep for consumers' best interests.

"According to the OTLA's findings, Ontario consumers overpaid their insurance by $840 million in 2013 alone. This boils down to drivers paying more for auto insurance than is necessary," says Brad Robitaille, managing partner of Greg Monforton & Partners.

"The profits of insurance companies have to be curbed in order for these savings to be passed on to the consumer," says Robitaille. "The rate needs to be adjusted so it's appropriate for our economy, and the OTLA's report indicates that this is possible without cutting any benefits. We are trying to alert politicians to these facts so something can be done," Robitaille says.

Robitaille says the firm will continue to advocate for improvements to auto insurance rates for Ontario motorists, and he urges consumers to conduct their own review of the study to remain informed.

For more information about Greg Monforton & Partners, visit the firm's website at http://www.gregmonforton.com.

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