Auto Insurance Rates for the First Quarter of 2007 (Bill 5)

Rate applications approved during the first quarter of 2007 (January 1, 2007 to March 31, 2007) indicate an average change of +0.11%, based on the entire market.  

 

In 2004, rate changes approved for the entire market averaged -10.60%.  For 2005, approved rates declined by 2.43% for the entire market, and for 2006, approved rates declined by 1.27%.  The combined change in approved rates for 2004, 2005, 2006 and the first quarter of 2007 is -14.19%. 

 

In the first quarter of 2007, for the 54.60% of the market that had rate changes approved, the average rate change was +0.20% when weighted by 2005 market share.  The average rate change approved for the fourth quarter of 2006 was +0.16%, when weighted by 2005 market share (representing 28.51% of the market).

 

The rate changes approved in the first quarter of 2007 become effective in the first quarter of 2007 or later for renewal business.

 

The approved rate change shown for each insurance company is the average for that particular company.  The impact of a rate change on an individual consumer will vary depending on where the consumer lives, the type of car he or she is driving, and other risk characteristics.

 

FSCO will continue to ensure that insurance companies' rate changes are reasonable and justified, and that the rates insurers charge are balanced with their ability to meet their future claims costs.

 

ONTARIO PRIVATE PASSENGER AUTOMOBILE INSURANCE RATE FILINGS APPROVED
January 1, 2007 – March 31, 2007

 

Insurer
2005
Market
Share
Effective
New
Business
Date
Effective
Renewal
Business
Date
Approved
Rate
Change

Certas Direct Insurance Company1

1.29%

1-Jun-07

1-Aug-07

0.00%

Co-operators General Insurance Company

4.74%

1-Apr-07

1-Apr-07

2.90%

Dominion of Canada General Insurance Company, The

4.80%

1-Mar-07

1-May-07

-1.06%

Echelon General Insurance Company

1.21%

1-Mar-07

15-Apr-07

-3.60%

Economical Mutual Insurance Company

5.11%

1-Apr-07

1-May-07

3.50%

Federated Insurance Company of Canada

0.03%

1-Mar-07

1-Mar-07

-7.50%

Federation Insurance Company of Canada

0.67%

1-Apr-07

1-May-07

3.50%

Guarantee Company of North America

1.03%

1-May-07

1-Jun-07

-3.75%

ING Insurance Company of Canada2

7.68%

1-Mar-07

1-May-07

0.00%

ING Novex Insurance Company of Canada2

0.61%

1-Mar-07

1-May-07

0.00%

Kingsway General Insurance Company

2.01%

1-Apr-07

1-May-07

-0.23%

Optimum Insurance Company Inc.

0.21%

15-Apr-07

1-Jun-07

-1.84%

Pafco Insurance Company

0.98%

15-Mar-07

15-Apr-07

6.00%

Personal Insurance Company

3.41%

1-Jun-07

1-Aug-07

2.00%

Primmum Insurance Company

1.59%

13-Jun-07

13-Jun-07

-0.40%

Royal & SunAlliance Insurance Company

1.84%

1-May-07

1-Jul-07

-2.50%

Security National Insurance Company

5.61%

13-Jun-07

13-Jun-07

-0.40%

State Farm Mutual Automobile Insurance Company

10.77%

5-Mar-07

20-Apr-07

-1.30%

Trafalgar Insurance Company2

1.01%

1-Mar-07

1-May-07

0.00%



Total Market Share Represented:

54.60%

 


Weighted Average Rate Change:

 

0.20%


1.  Rate changes with no overall impact.

2.  Rating rule changes only.

 


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