About Us:
The Insurance Brokers Association of Ontario (IBAO) is a voluntary membership organization serving the interests of more than 11,000 independent insurance brokers across the Province of Ontario. Working together, we are able to build and maintain a business environment that allows individual brokerages to thrive.
IBAO represents our members’ interests to government ministries and regulatory bodies, as well as to insurance industry commissions and associations. These bodies recognize us as the authoritative voice of Ontario’s independent brokers.
The Credit Scoring Concern
A growing number of insurers are using a person’s credit score to measure their insured risk on personal property insurance. This has led to an increase in insurance premiums or a denial of insurance outright to many Ontario citizens.
Who’s Affected?
The use of credit scoring impacts consumers who can least afford it. Most affected are newcomers to Canada, the unemployed, single income families and small business owners utilizing lines of credit. The use of credit scoring is not in the public interest.
Ontario does not allow this practice in auto insurance and it should not be allowed for home or other personal lines. ACT NOW
