April 17, 2009 by Canadian Underwriter
Auto rate applications approved by the Financial Services Commission of Ontario (FSCO) for 2009 Q1 averaged +0.95% based on the entire market.
In 2009 Q1, the average rate change was +3.09% for the 30.91% of the market that had approved changes, when weighted by market share, according to FSCO.
Rate changes approved for the entire market were 5.59% in 2008 and 0.55% in 2007
Among the companies requesting 2009 Q1 rate changes from FSCO, the Top 5, as ranked by 2007 market share, had the following rates approved:
• The Dominion of Canada General Insurance Company had a change of -0.82%
• The Co-operators General Insurance Company had a change of 3.42%
• The Wawanesa Mutual Insurance Company had a change of 4.94%
• Personal Insurance Company had no change
• Unifund Assurance Company had a 5.34% change
Rate changes approved in 2009 Q1 become effective in 2009 Q1 or later for renewal business.