The professors are calling on the auditor-general to review the system.

The report was commissioned by the Ontario Trial Lawyers Association.

A new report from the York University Schulich School of Business suggests drivers in Ontario “pay far too much” for car insurance.

Business professors Fred Lazar and Eli Prisman are set to release the report on Friday, which was commissioned by the Ontario Trial Lawyers Association (OTLA).

Although drivers are aware of the high cost of insurance, the numbers in the report are staggering. According to the report, “in 2013 alone, consumers likely overpaid by $840 million.”

The professors are calling on the auditor-general to review the system.

In 2014, the Liberal government passed legislation aimed at reducing car insurance premiums by 15 per cent on average by August of this year.

At the time, the government said the new bill, the Fighting Fraud and Reducing Automobile Insurance Rates Act, will help reduce costs and uncertainty in the auto insurance industry and protect more than nine million licensed provincial drivers as well as fight fraud.

Kelsey Ingram, press secretary for Finance Minister Charles Sousa, said in a statement that the province will be reviewing the report and plan on “introducing new rate reducing regulations to continue to build a highly competitive insurance marketplace.”

Here is the full report commissioned by the OTLA:

Returns on Equity for Automobile Insurance Companies in Ontario