Ontario auto rates drop 8.75% in third quarter: FSCO

The average rate on auto insurance dropped 8.75%, according to filings approved by the Financial Services Commission of Ontario (FSCO) for the first nine months of 2004.
While the average decline in the third quarter alone was just under 2%, this follows a drop of 3.59% in the second quarter and the 10.15% decrease seen in the first quarter of 2004. The 8.75% overall decline is weighted by marketshare third quarter filings represented the largest portion of writers at 73.1% marketshare.
While the first three months of 2003 saw rates go up 7.32%, 8.48% and 8.22% respectively, since that time auto insurers have filed successive rate declines in response to government auto reforms.
Of note, many of the insurers who had already filed their government-mandated 10% rate reduction in the first or second quarter, followed up with smaller decreases in the third quarter.