FSCO approves average auto rate increase in Ontario of 2.13% in 2009 Q3

FSCO has approved auto insurance rate increases in 2009 Q3 averaging 2.13% for the entire market.
“In the third quarter of 2009, for the 34.38% of the market that had rate changes approved, the average rate change was +6.2%, when weighted by market share,” FSCO said in a statement online.
Rate changes approved in 2004, 2005, 2006, 2007 and 2008 were -10.60%, -2.43%, -1.27%, +0.55% and +5.59%, respectively, for the entire market.
“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,” said in its statement.
State Farm Mutual Automobile Insurance Company, the company with the largest market share to obtain a rate change during the third quarter, was approved for a rate increase of 5.59%
Kingsway General Insurance Company obtained the quarter’s largest rate increase, at 10%.
Other insurers with approved rate changes included:

•    AXA Insurance (Canada):  +7.30%
•    AXA Pacific Insurance:  +7.80%
•    Co-operators General Insurance Company:  +4.98%
•    COSECO Insurance Company:  -1.07%
•    Echelon General Insurance Company:  +6.36%
•    Farm Mutual Reinsurance Plan Inc.:  +8.17%
•    Federation Insurance Company of Canada:  -6.41%
•    Jevco Insurance Company:  No change
•    Motors Insurance Corporation:  +0.99%
•    Optimum Insurance Company Inc.:  +5.21%
•    Pembridge Insurance Company Limited:  +6.08%
•    Perth Insurance Company:  +4.40%
•    Royal & SunAlliance Insurance Company:  +4.93%
•    Trafalgar Insurance Company:  +6.16%
•    Wawanesa Mutual Insurance Company:  +9.72%