Ontario auto insurance rate filings approved decline 0.09% in Q2

The rate filings for private passenger auto insurance in Ontario declined 0.09% in the second quarter of this year, based on the entire market, according to the province’s regulator.

The Financial Services Commission of Ontario publishes rate filings that have been approved each quarter. The numbers of filings reviewed varies based on updated information on claims costs, market conditions and other financial factors, it noted.

For the second quarter of this year (April 1 to June 30), rate filings approved declined on average by 0.09%. In the first quarter of the year, rate filings approved declined 0.03%.

Approved rate changes published by FSCO show the average for each company based on all the drivers it insures, meaning that individual drives may see a rate change that is higher or lower than the average.

Insurers must submit proposed changes to their rates to FSCO for approval along with supporting actuarial data.

FSCO and its actuaries review the data and insurers’ assumptions regarding claims costs, expenses and investment income to ensure that, as required by law, the proposed rates are just and reasonable, not excessive, and not going to impair a company’s long-term financial solvency.