Ontario auto insurance rate filings averaged 1% increase in 2011 Q2
The Financial Services Commission of Ontario (FSCO) said that automobile insurance rate filings approved during the second quarter of 2011 averaged an increase of one per cent, based on the entire market.
FSCO said that 29.59 per cent of the market had rate changes approved from April 1 to June 30, with an average rate change of 3.36 per cent when weighted by market share.
Twenty-four rate filings were approved in the second quarter, with The Dominion of Canada General Insurance Company reporting the only rate decrease of 0.02 per cent.
The following charts are from FSCO:
ONTARIO PRIVATE PASSENGER AUTOMOBILE INSURANCE RATE FILINGS APPROVED
April 1, 2011 to June 30, 2011
|
Insurer |
2010Market Share |
Effective New Business Date |
Effective Renewal Business Date |
Approved Rate change |
| ACE INA Insurance (1) |
0.00% |
15-May-11 |
15-May-11 |
0.00% |
| Allstate Insurance Company of Canada |
3.24% |
15-May-11 |
01-Jul-11 |
5.86% |
| Aviva Insurance Company of Canada |
4.65% |
01-Jul-11 |
01-Jul-11 |
0.03% |
| Belair Insurance Company Inc. |
0.08% |
18-Apr-11 |
30-May-11 |
0.00% |
| CAA Insurance Company (Ontario) |
1.10% |
15-Sep-11 |
15-Oct-11 |
3.39% |
| Certas Direct Insurance Company |
1.67% |
15-Jul-11 |
13-Sep-11 |
3.02% |
| Certas Direct Insurance Company |
1.67% |
01-Apr-11 |
31-May-11 |
5.00% |
| Certas Home and Auto Insurance Company |
0.02% |
15-Jul-11 |
30-Sep-11 |
3.10% |
| Certas Home and Auto Insurance Company |
0.02% |
08-Apr-11 |
07-Jun-11 |
12.35% |
| Dominion of Canada General Insurance Company |
5.33% |
06-Jun-11 |
01-Aug-11 |
-0.02% |
| Echelon General Insurance Company |
0.88% |
15-May-11 |
01-Jul-11 |
3.25% |
| Farm Mutual Reinsurance Plan Inc. (2) |
1.78% |
01-Sep-11 |
01-Sep-11 |
5.01% |
| Farmers’ Mutual Insurance Company (Lindsay) |
0.31% |
01-Sep-11 |
01-Sep-11 |
0.00% |
| Lombard General Insurance Company of Canada |
0.05% |
04-Jun-11 |
04-Jun-11 |
13.63% |
| Lombard Insurance Company |
0.94% |
04-Jun-11 |
04-Jun-11 |
6.98% |
| Nordic Insurance Company of Canada |
3.03% |
18-Apr-11 |
30-May-11 |
9.70% |
| North Waterloo Farmers Mutual Insurance Company |
0.27% |
01-May-11 |
01-Jun-11 |
3.70% |
| Pafco Insurance Company |
0.57% |
15-May-11 |
01-Jul-11 |
0.12% |
| Pembridge Insurance Company |
0.75% |
15-May-11 |
01-Jul-11 |
5.79% |
| Perth Insurance Company |
0.85% |
15-May-11 |
15-Jul-11 |
7.00% |
| RBC Insurance Company of Canada |
0.88% |
01-Jun-11 |
16-Jul-11 |
3.34% |
| Scottish & York Insurance Co. Limited |
0.68% |
01-Jul-11 |
01-Jul-11 |
0.12% |
| Tokio Marine and Nichido Fire Insurance Company Limited |
0.01% |
04-Jun-11 |
04-Jun-11 |
14.76% |
| Traders General Insurance Company |
2.5% |
01-Jul-11 |
01-Jul-11 |
0.05% |
Notes:
(1) New company writing Private Passenger Automobile Insurance
(2) On behalf of Ontario Mutuals
Total Market Share Represented:29.59%
Average Rate Change for Entire Market: +1.00%
Weighted Average Rate Change: +3.36%
Total Number of Filings Approved: 24
APPROVED RATE CHANGE BY COVERAGE April 1, 2011 to June 30, 2011
|
Coverage |
Weighted Average Rate Change |
| Third Party Liability-Bodily Injury | 2.48% |
| Third Party Liability-Property Damage | 6.15% |
| Standard Accident Benefits | 8.37% |
| Uninsured Automobile | -0.90% |
| Direct Compensation-Property Damage | -0.76% |
| Specified Perils | 0.01% |
| Comprehensive | -2.10% |
| Collision | -1.71% |
| All Perils | -0.86% |
| OPCF 44R Family Protection | 0.45% |
