January 19, 2010 by Canadian Underwriter
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.
Have your say: