Letter to the Editor, Globe and Mail
re: Infrastructure on insurers' agenda; Industry calls for opportunities to keep funding in Canada, suggests more private-public partnerships
The insurance industry's support for P3 privatization deals should make people very nervous.
Insurance companies are supporting P3 privatization deals because they mean higher profits. And all of us will be paying for those profits.
Key details of P3 deals are kept hidden on the grounds of "commercial confidentiality," but when details are made public, the picture is grim. An audit of the William Osler Health Centre P3 found it cost $500 million more than it would have with public procurement. In 2012, a study by researchers at the University of Toronto found that on average P3 privatization deals cost 16 per cent more than public procurement.
With those higher costs, it not surprising corporations making money from P3s want more of them.
- Public Services Foundation of Canada