Canadian Underwriter

FSCO approves average auto rate increase of 2.49% in 2009 Q4, based on entire market

January 19, 2010   by Canadian Underwriter

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Ontario’s insurance regulator has approved a 2009 Q4 auto insurance rate increase of 2.49%, based on the entire market.
In the fourth quarter of 2009, for the 55.48% of the province’s auto insurance market that had rate changes approved, the average rate change was +4.49%, when weighted by market share, the Financial Services Commission of Ontario (FSCO) reported.
Rate changes approved in 2004, 2005, 2006, 2007, 2008 and 2009 were -10.60%, -2.43%, -1.27%, +0.55%, +5.59% and +8.77%, respectively, for the entire market.
A sampling of 2009 Q4 rate filings in order of auto insurers with the largest 2008 market share is as follows:
•    State Farm Mutual Automobile Insurance Company:  No change.
•    Intact Insurance Company:  3.75% increase.
•    Security National Insurance Company: 3% increase.
•    The Dominion of Canada General Insurance Company:  7.79% increase.
•    Unifund Assurance Company:  9.29% increase.
•    Traders General Insurance Company:  15% increase
•    The Personal Insurance Company:  0.03% decrease.

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