Ontario personal auto approved rate changes virtually flat: FSCO

Ontario’s auto insurance rates decreased by an average of 0.21% in 2010 Q3, when weighted by market share.
Rate filings approved by the Financial Services Commission of Ontario (FSCO) during 2010 Q3 averaged negative 0.09%, based on the entire market.
Only three companies received approval to raise its rates by more than 1%. They include:
• Jevco Insurance Company, 9.97%;
• Echelon General Insurance Company, 6.96%; and
• CAA Insurance Company (Ontario), 2.74%.
Traders General Insurance received approval to drop its rates by 2.74%, the largest reduction in the quarter.
Intact Insurance Company received approval for a 1.79% decrease and Aviva Insurance Company of Canada will reduce its rates by 1.39%.
The weighted average rate change for third party liability-bodily injury received approval for a reduction of 0.29%.
Standard accident benefits saw an approved weighted average increase of 0.27%.