Finance Minister Rod Phillips is calling on insurance companies to lower auto rates while motorists are driving less due to the COVID-19 pandemic.

Phillips — who was tapped by Premier Doug Ford on Thursday to lead a new cabinet committee on economic recovery strategies — met last week with executives from the major insurance companies and their industry association.

“The point I made to all of them ... that we are in an unprecedented times and there’s unprecedented pressure on Ontario families,” the treasurer said Thursday during a Queen’s Park teleconference.

“And the reality, which I hear all the time from my riding in Ajax and from people around the province, is that people just aren’t driving as much. They’re obviously are fewer accidents,” said Phillips, noting millions of people are staying home to stop the spread of the virus.

“So I’m looking forward to seeing fully what it is that the auto insurance sector does,” he said. “But I think the initial response has to be one that reflects the challenges people are facing.”

The opposition New Democrats have been urging the governing Progressive Conservatives to give all Ontario drivers a 50 per cent break on auto insurance payments for three months.

The NDP would also like to see insurance payments deferred for anyone who has lost their job or much of their income due to the pandemic.

“As Ontarians listen to public health experts and stay home as much as possible, there’s little driving and few accidents happening in the province,” said NDP MPP Tom Rakocevic (Humber River-Black Creek).

“Drivers should get the benefit of that, not insurance companies,” said Rakocevic said. “Drivers shouldn’t have to pay full-price auto insurance while they do their part to help prevent the spread of COVID-19.”

That message may be getting through to the insurance giants.

The Insurance Bureau of Canada (IBC), the umbrella group for the major firms which represents about 90 per cent of the industry in Canada, said its members are offering “substantial” relief to their customers.

“For consumers whose driving habits have changed significantly, IBC member companies are offering reductions in auto insurance premiums to reflect this reduced risk,” the group said in a statement on Wednesday.

“IBC expects this could result in $600 million in savings to consumers. The reductions will continue for the next 90 days. Additionally, insurers have supported Canadians and businesses who are most adversely affected by honouring requests to defer premiums. Thousands of Canadians have had their premiums deferred.”

IBC president and chief executive Don Forgeron said his organization’s members appreciate the stress people are feeling.

“This is an incredibly challenging and uncertain time for many Canadians, and insurers want to help alleviate some of the financial burden for the most vulnerable,” said Forgeron.

“Insurers understand that many drivers are no longer commuting or using their vehicle as regularly, which could result in savings.”

Phillips said Queen’s Park expects insurers to do more.

“I do think that they should be proactive and we’re seeing some initial signs of that from it. I reminded these CEOs … the people who they are dealing with now have been their customers for the last five years and probably their customers for the next five years,” he said.

“It’s very important and we’re all going to remember how people were treated. But obviously … the government will watch — and I will watch — their response. It needs to reflect the really devastating impact that many people are feeling right now.”

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With Ontario accounting for 402,800 of the more than 1 million jobs lost nationwide last month due to the coronavirus, Ford launched a new committee of cabinet on Thursday to focus on the recovery.

Chaired by Phillips, the 13-minister panel is charged with developing a plan to stimulate economic growth and job creation.

“While we focus our energy and resources on defeating COVID-19, today’s job numbers highlight why we also need to plan for an economic recovery,” said Phillips.