Ontario's Liberal government has failed to reach its target to cut the province's auto insurance rates by an average of 10 per cent. Since the government began overhauling the auto insurance system, rates have declined by an average of just 7.3 per cent.
That's according to figures released last week by the Financial Services Commission of Ontario, which approves insurance rates.
Finance Minister Greg Sorbara says he's disappointed with some insurance companies who weren't able to bring in cuts of 10 per cent. Still, he says the government will get to its target with further reforms to the system.
In April, the commission showed that rates approved in the first quarter fell by an average of 10 per cent. But companies who got rates approved in the second quarter only lowered rates by an average of 3.6 per cent.
