Increased Ontario auto insurance rates approved
In its quarterly auto insurance rate approvals notice, the Financial Services Commission of Ontario (FSCO) has indicated that auto premiums in that province average an increase of 5.37%, based on the entire market.
FSCO said in the first quarter of 2010, for the 97.18% of the market that had rate changes approved, the average rate change was +5.53%, when weighted by market share.
The rate changes approved in the first quarter of 2010 become effective in the first quarter of 2010 or later for renewal business. 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.
For the insurance companies with the highest market share, increases were seen in all but one case, 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%
Several companies were approved for rate changes in excess of +10%, namely:
Aviva Insurance Company of Canada (0.39% market share) at 14.00%
COSECO Insurance Company (1.56% market share) at 10.53%
Lombard General Insurance Company of Canada (1.03% market share) at 10.96%
Pilot Insurance Company (4.89% market share) at 18.50%
Primmum Insurance Company (1.46% market share) at 10.84%
Scottish & York Insurance Co. Limited (1.46% market share) at 20.10%
TD General Insurance Company (2.20% market share) at 27.30%
TD Home and Auto Insurance Company (1.54% market share) at 13.30%
To see the complete list of companies and their rate approvals, please see the FSCO link here.
