October 21, 2008 by Canadian Underwriter
A significant portion of the Ontario private auto insurance market went to the regulator to ask for rate increases in 2008 Q3.
“In the third quarter of 2008, for the 77.97% of the market that had rate changes approved, the average rate change was +1.12%, when weighted by market share,” the Financial Services Commission of Ontario (FSCO) said in a statement.
The province’s auto insurance rates have been on the rise since 2004.
“The rate changes approved in 2004, 2005, 2006 and 2007 were -10.60%, -2.43%, -1.27% and +0.55%, respectively, for the entire market,” FSCO notes.
Economical Mutual Insurance Company was approved for the highest 2008 Q3 rate increase, at 7.56%.
Other market share leaders were approved for the following rate adjustments (if any):
State Farm Mutual Automobile Insurance Company (11.72% market share): no rate change
Security National Insurance Company (5.66% market share): no rate change
Pilot Insurance Company (5.59% market share): no rate change
Co-operators General Insurance Company (4.66% market share): 1.01% rate increase
The Wawanesa Mutual Insurance Company (3.62% market share): no rate change.
Traders General Insurance Company (3.28% market share): no rate change
The Personal Insurance Company (3.25% market share): no rate change
Unifund Assurance Company (3.21% market share): 4.91% rate increase
Allstate Insurance Company of Canada (3.04% market share): no rate change
RBC General Insurance Company (2.8% market share): no rate change