January 27, 2003 by Canadian Underwriter
Private passenger auto rates rose 9.2% in the fourth quarter of 2002, says the Financial Services Commission of Ontario (FSCO), the government body that approves rate increases. In the third quarter ending September 30, 2002, rates climb 8.3%. The average price for auto insurance at the end of 2002 was 15.8% higher than at the end of 2001.
Among the highest increases for the last quarter came from Motor Insurance Co. (17.1%), Certas Direct (15%), State Farm (12.3%), Royal & SunAlliance (12.2%), AXA and AXA Pacific (12%). Specialty auto insurer Echelon also received an increase of 16.7%.
At the other end of the spectrum, Belair Insurance Co. received no increase in the quarter and The Dominion of Canada received just 0.08%.
It is worth noting that FSCO lists only the increase received, not what was requested by each company.
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