FSCO approves auto insurance rate increases in 2008 Q2

Ontario auto rates are on their way up, as insurance companies attempt to make up for escalating claims costs seen in the Ontario auto product over the past two years.
Ontario auto rate applications approved during 2008 Q2 averaged +1.10%, based on the entire market, according to an online posting by the Financial Services Commission of Ontario (FSCO).
“FSCO will continue to ensure that insurance companies’ rate changes are reasonable and justified, and that the rates insurers charge are balanced with their ability to meet their future claims costs,” FSCO noted in its quarterly release of auto rate filings.
FSCO notes rate changes approved in 2004, 2005, 2006 and 2007 were -10.60%, -2.43%, -1.27% and +0.55%, respectively, for the entire market.
In 2008 Q2, for the 44.38% of the market that had rate changes approved, the average rate change was +2.49%, when weighted by market share.
The Top 7 companies among those that filed for rate changes in 2008 Q2, measured in terms of market share, received the following regulatory approvals:

State Farm Mutual Automobile Insurance Company
Market Share: 11.72%
Rate Filing: +3.08%

Security National Insurance Company
Market Share: 5.66%
Rate Filing: +0.80%

Dominion of Canada General Insurance Company
Market Share: 4.68%
Rate Filing: +2.55%

Co-operators General Insurance Company
Market Share: 4.66%
Rate Filing: No change

Allstate Insurance Company of Canada
Market Share: 3.04%
Rate Filing: +5.00%

RBC General Insurance Company
Market Share: 2.80%
Rate Filing: +3.75%

Farm Mutual Reinsurance Plan Inc.
Market Share: 1.73%
Rate Filing: +5.95%