Ontario auto insurance rates increase an average of 1.78% in 2011 Q1

Slightly more than half of Ontario’s auto insurance market had rate changes approved in 2011 Q1, averaging out to a rate increase of 3.32% when weighted by market share, the Financial Services Commission of Ontario (FSCO) has reported.
In 2011 Q1, 53.64% of the market had rate changes approved. Based on the entire market, the rate change averaged out to an increase of 1.78%.
Three companies had rate decreases approved in 2011 Q1. They are:
• The Economical Mutual Insurance Company, (-3.47%);
• Intact Insurance Company, (-0.24%); and
• Western Assurance Company, (-0.29%).

Five insurers with the highest market share had the following rate changes approved:
• State Farm Mutual Automobile Insurance Company, (+8.23%);
• Intact Financial Corporation, (-0.24%);
• The Dominion, (+1.36%)
• The Economical Mutual Insurance Company, (-3.47%); and
• Co-operators General Insurance Company, (+5.51%).

The five largest rate changes approved by FSCO include:
• Coachman Insurance Company, (+10.0%);
• Jevco Insurance Company, (+8.91%);
• State Farm Mutual Insurance Company, (+8.23%);
• Co-operators General Insurance Company, (+5.51%); and
• Federation Insurance Company of Canada, (+4.99%).