FSCO releases last quarter 2001 approved auto rate increases

The Financial Services Commission of Ontario (FSCO) has revealed the approved auto insurance rate increases filed by insurers for the fourth quarter of 2001, with the average year-on-year adjustment reflecting a 8.85% gain. Rates for the fourth quarter rose on the previous quarter by 5.17%, while the third quarter gain averaged 4.92%. FSCO notes that rates are still below the level of 1996 when Bill-59 was introduced. "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.