Thank you, Mr. Speaker. Over the weekend, I caught a news item on TV that really got me worked up, Mr. Speaker. That is the report that the insurance industry made a record profit of $4.2 billion in 2004. I must agree with the Consumer Association of Canada, Mr. Speaker, this is just plainly obscene, especially in light of the fact that we have all been suffering for a number of years now from the skyrocketing insurance rates on everything from vehicles to houses, not to mention the cost of doing business for our small businesses.
All along the way, we were lead to believe that we all had to suffer collectively because the insurance industry was on the verge of collapse from too many claims from the disaster of 9-11, from massive natural disasters like hurricanes in Florida and other calamities around the world that we all had to pay for. Then they had the audacity to announce a record $4.2 billion in profit. Mr. Speaker, we must ask where is the limit to this obscenity? How long do our young drivers, especially young male drivers, have to pay all of their pay cheques practically to drive their first car? How long do real estate agents have to spend all their time trying to find coverage for home buyers? Mr. Speaker, I can tell you that even the insurance brokers in town that I talked to during my door-to-door campaign thought things were out of control because it was certainly no fun for them to be the bearer of bad news to small businesses about skyrocketing premiums. They had to tell the small businesses that their premiums were going up by 300 percent. That could possibly put them out of business. This government, and therefore the taxpayers, have been paying through their nose as well. In fact, this government has to raise the liability deductible to $10 million in order to control our premiums, Mr. Speaker.
say it is now time for us to collectively stand up and say that we are not going to take this anymore. Mr. Speaker, at the same time that they are reporting this process, in 2004, 94 percent of the small businesses in the North have listed rising insurance premiums as one of the most negative factors affecting their business. Later on today, I am going to be asking the Minister responsible some questions. Thank you, Mr. Speaker.
---Applause