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Ontario government approves reform-influenced auto insurance rate decrease of 1.03%


July 15, 2010   by Canadian Underwriter


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Reform-influenced auto insurance rates filed with Ontario’s regulator in 2010 Q2 show an average rate decrease of 1.03%, when weighted by market share.
The 2010 Q2 rates take into account the province’s auto insurance reforms and will become effective when the reforms are implemented on Sept. 1, 2010.
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.
Scottish & York Insurance Company Limited received the largest rate decrease of 8.07%, followed by Echelon General Insurance Company with a rate decrease of 7.24%. None of the companies were approved for an increase, and 24 companies held their rates flat.
The Top 10 companies, based on 2009 market share, reported the following rate changes:
• State Farm Mutual Automobile Insurance Company: Flat (0%)
• Intact Insurance Company: Flat (0%)
• Security National Insurance Company: Decrease (-6.47%)
• Dominion of Canada General Insurance Company: Flat (0%)
• Economical Mutual Insurance Company: Decrease (-0.42%)
• Co-operators General Insurance Company: Flat (-0.04%)
• Wawanesa Mutual Insurance Company: Flat (0%)
• Unifund Asurance Company: Flat (0%)
• Personal Insurance Company: Flat (0%)
• Traders General Insurance Company: Flat (0%)


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