Auto Insurance Rates for the First Quarter of 2009

Rate applications approved during the first quarter of 2009 (January 1, 2009 to March 31, 2009) averaged +0.95%, based on the entire market.

 

In the first quarter of 2009, for the 30.91% of the market that had rate changes approved, the average rate change was +3.09%, when weighted by market share.

 

The rate changes approved in the first quarter of 2009 become effective in the first quarter of 2009 or later for renewal business.

 

The rate changes approved in 2004, 2005, 2006, 2007 and 2008 were -10.60%, -2.43%, -1.27%, +0.55% and +5.59%, respectively, for the entire market.

 

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, 2009 – March 31, 2009

 

Insurer
2007
Market
Share
Effective
New
Business
Date
Effective
Renewal
Business
Date
Approved
Rate
Change

AIG Commercial Insurance Company of Canada1

0.01%

1-Apr-09

15-Apr-09

0.00%

AXA Insurance (Canada)

1.92%

1-Mar-09

1-Mar-09

4.60%

AXA Pacific Insurance Company

0.04%

23-Feb-09

9-Apr-09

7.90%

Certas Direct Insurance Company2

1.04%

20-Mar-09

19-Mar-09

0.00%

Certas Home & Auto Insurance Company2

0.00%

20-Mar-09

19-May-09

0.00%

Chubb Insurance Company of Canada

0.55%

30-Mar-09

28-Jun-09

2.00%

Co-operators General Insurance Company

4.66%

18-May-09

18-May-09

3.42%

COSECO Insurance Company

1.52%

1-Apr-09

1-May-09

5.76%

Dominion of Canada General Insurance Company, The

4.68%

15-May-09

15-Jun-09

-0.82%

Gore Mutual Insurance Company

1.01%

15-Mar-09

1-Jun-09

6.65%

Guarantee Company of North America

0.78%

1-Feb-09

1-Mar-09

4.22%

Hartford Fire Insurance Company1

0.00%

1-Feb-09

1-Mar-09

0.00%

Motors Insurance Corporation

0.62%

4-Feb-09

31-Mar-09

2.70%

Optimum Insurance Company Inc.

0.17%

1-Apr-09

10-Apr-09

3.00%

Personal Insurance Company2

3.25%

20-Mar-09

19-May-09

0.00%

RBC General Insurance Company

2.80%

5-Apr-09

20-May-09

4.48%

Trafalgar Insurance Company of Canada

1.03%

1-May-09

1-Jun-09

4.50%

Unifund Assurance Company

3.21%

27-Feb-09

1-May-09

5.34%

Wawanesa Mutual Insurance Company, The

3.62%

1-Apr-09

1-Apr-09

4.94%


Total Market Share Represented:

30.91%

 


Weighted Average Rate Change:

3.09%

  1. Implementation of CLEAR update.
  2. Rate changes with no overall impact.

 


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