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Ontario auto insurers approved for rate increases averaging 5.61% in 2010 Q1


April 19, 2010   by Canadian Underwriter


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Ontario auto insurance rates continued their upward climb in 2010 Q1, with the province’s auto insurers getting approved rate increases averaging 5.61% when weighted by market share.
“The rate changes approved in 2004, 2005, 2006, 2007, 2008 and 2009 were -10.60%, -2.43%,  -1.27%, +0.55%, +5.59% and +8.77%, respectively, for the entire market,” the Financial Services Commission of Ontario (FSCO) noted in a quarterly release announcing the rate changes.
Approved rate changes in the first quarter for the following 10 companies, listed in order of market share, are as follows:

State Farm Mutual Automobile Insurance Company
Market share: 12.46%
Rate Change:  +7.24%

Intact Insurance Company
Market share: 7.55%
Rate Change:  +0.60%

Economical Mutual Insurance Company
Market share: 6.21%%
Rate Change:  +4.16%

Security National Insurance Company
Market share: 5.57%
Rate Change:  +7.80%

Pilot Insurance Company
Market share: 4.89%
Rate Change:  +18.50%

The Dominion of Canada General Insurance Company
Market share: 4.75%
Rate Change:  +0.18%

Co-operators General Insurance Company
Market share: 4.57%
Rate Change:  +2.49%

Wawanesa Mutual Insurance Company
Market share: 3.76%
Rate Change:  +8.98%

Unifund Assurance Company
Market share: 3.62%
Rate Change:  +2.27%

Allstate Insurance Company of Canada
Market share: 2.91%
Rate Change:  -1.01%