Insurance Bureau of Canada (IBC), an industry association for Canada’s home, auto and business insurers, on Wednesday said its members would lower costs for auto insurance to reflect reduced driving during the COVID-19 pandemic.
Its members, which make up 90% of Canada’s property and casualty insurance market, would lower auto insurance premiums for consumers whose driving habits have reduced “significantly,” the association said in a statement.
“Insurers understand that many drivers are no longer commuting or using their vehicle as regularly, which could result in savings,” said IBC Chief Executive Officer Don Forgeron.
The move could result in savings of up to $600 million to consumers and the reductions will continue for the next 90 days, the statement said.
(Reporting by Bharath Manjesh in Bengaluru; editing by Bernard Orr)
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