Rebates for car owners, and continued pressure on insurance companies to "step up"

queens park

There's no magic wand to fix the problem, but they are trying.

That's from Finance Minister Rod Phillips who was speaking with NEWSTALK 1010's Jim Richards, on the issue of insurance for restaurant and bar owners, struggling to get, or afford new insurance.

Phillips says they don't control prices for commercial insurance, but they control the conduct of the companies. And he admits, the province will keep up the pressure, to make sure they are "doing the right things."

He also announced car insurance companies saved a billion dollars through the pandemic, and plan to pass those savings onto consumers.

That works out to an average of 7.1%, though it varies depending on the company you're with.

The province says, "consumer relief is available through rebates, rate reductions, risk re-ratings, premium deferrals and other means, and varies by insurer."