Auto Insurance Rates for the First Quarter of 2010

The Government has passed regulations to enact automobile insurance reforms effective September 1, 2010.  The reforms will provide consumers with more choice and flexibility to purchase coverage that best meets their protection needs and budgets.

 

All auto insurance companies are required to file new rates with FSCO in April that take into account these reforms.  The impact of these reforms will be reflected in upcoming rate approvals.

 

Rate applications approved during the first quarter of 2010 (January 1, 2010 to March 31, 2010) averaged +5.37%, based on the entire market.

 

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.

 

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, 2010 – March 31, 2010
 
 
 
Insurer
2008
Market
Share
Effective
New
Business
Date
Effective
Renewal
Business
Date
Approved
Rate
Change

Allstate Insurance Company of Canada1

2.91%

15-Feb-10

15-Apr-10

0.00%

Allstate Insurance Company of Canada

2.91%

15-Jan-10

15-Mar-10

-1.01%

Arch Insurance Company1

0.00%

01-Mar-10

15-Apr-10

0.00%

Aviva Insurance Company of Canada1

0.39%

01-Apr-10

01-Apr-10

0.00%

Aviva Insurance Company of Canada

0.39%

22-Mar-10

22-Mar-10

14.00%

AXA Insurance (Canada)1

2.39%

15-May-10

15-May-10

0.00%

AXA Pacific Insurance Company1

0.15%

15-May-10

15-May-10

0.00%

Belair Insurance Company Inc.1

0.12%

04-Mar-10

19-Apr-10

0.00%

Belair Insurance Company Inc.

0.12%

11-Mar-10

29-Apr-10

3.17%

CAA Insurance Company (Ontario)1

1.08%

01-Apr-10

15-May-10

0.00%

CAA Insurance Company (Ontario)

1.08%

01-Jun-10

01-Jul-10

-0.04%

Certas Direct Insurance Company2

1.08%

09-May-10

08-Jul-10

0.00%

Certas Home and Auto Insurance Company2

0.00%

09-May-10

08-Jul-10

0.00%

Chartis Insurance Company of Canada1

0.02%

15-Feb-10

15-Apr-10

0.00%

Chubb Insurance Company of Canada1

0.52%

01-Feb-10

01-Mar-10

0.00%

Co-operators General Insurance Company1

4.57%

15-Mar-10

15-Mar-10

0.00%

Co-operators General Insurance Company

4.57%

18-Apr-10

18-Apr-10

2.49%

Coachman Insurance Company1

0.20%

01-May-10

01-May-10

0.00%

Coachman Insurance Company

0.20%

01-May-10

01-Mar-10

6.10%

COSECO Insurance Company1

1.56%

31-Mar-10

31-Mar-10

0.00%

COSECO Insurance Company

1.56%

05-May-10

05-May-10

10.53%

CUMIS General Insurance Company1

0.26%

01-Apr-10

01-Apr-10

0.00%

Dominion of Canada General Insurance Company, The1

4.75%

01-Feb-10

01-Apr-10

0.00%

Dominion of Canada General Insurance Company, The2

4.75%

15-Feb-10

15-Apr-10

0.00%

Dominion of Canada General Insurance Company, The

4.75%

01-Jun-10

01-Aug-10

0.18%

Echelon General Insurance Company1

0.86%

01-Apr-10

15-May-10

0.00%

Echelon General Insurance Company

0.86%

01-Apr-10

15-May-10

4.16%

Economical Mutual Insurance Company1

6.21%

01-Feb-10

15-Apr-10

0.00%

Economical Mutual Insurance Company

6.21%

01-Apr-10

15-Jun-10

3.90%

Elite Insurance Company

0.16%

22-Mar-10

22-Mar-10

9.50%

Elite Insurance Company1

0.16%

01-Apr-10

01-Apr-10

0.00%

Federated Insurance Company of Canada2

0.02%

01-Mar-10

01-Mar-10

0.00%

Federated Insurance Company of Canada1

0.02%

01-May-10

01-May-10

0.00%

Federation Insurance Company of Canada1

0.00%

15-Feb-10

15-Apr-10

0.00%

Gore Mutual Insurance Company

1.15%

01-Feb-10

01-Apr-10

6.00%

Gore Mutual Insurance Company1

1.15%

15-Apr-10

15-Apr-10

0.00%

Hartford Fire Insurance Company1

0.00%

15-Mar-10

15-Mar-10

0.00%

Intact Insurance Company1

7.55%

01-May-10

01-Jun-10

0.00%

Intact Insurance Company

7.55%

01-May-10

01-Jun-10

0.60%

Jevco Insurance Company1

1.57%

01-Mar-10

01-Apr-10

0.00%

Lombard General Insurance Company of Canada1

0.11%

15-Feb-10

15-Mar-10

0.00%

Lombard General Insurance Company of Canada

0.11%

15-Feb-10

15-Mar-10

10.96%

Lombard Insurance Company

1.03%

15-Feb-10

15-Mar-10

5.19%

Lombard Insurance Company1

1.03%

15-Feb-10

15-Mar-10

0.00%

Motors Insurance Corporation1

0.56%

01-Feb-10

28-Mar-10

0.00%

Nordic Insurance Company of Canada, The

2.54%

11-Mar-10

29-Apr-10

7.36%

Nordic Insurance Company of Canada, The1

2.54%

04-Mar-10

19-Apr-10

0.00%

Novex Insurance Company1

0.50%

01-May-10

01-Jun-10

0.00%

Novex Insurance Company

0.50%

01-May-10

01-Jun-10

2.10%

Optimum Insurance Company Inc.1

0.19%

01-Feb-10

10-Apr-10

0.00%

Optimum Insurance Company Inc.

0.19%

23-Feb-10

10-Apr-10

4.73%

Pafco Insurance Company1

0.41%

15-Feb-10

15-Apr-10

0.00%

Pembridge Insurance Company1

0.71%

15-Feb-10

15-Apr-10

0.00%

Pembridge Insurance Company2

0.71%

20-Mar-10

20-May-10

0.00%

Personal Insurance Company, The2

3.10%

09-May-10

08-Jul-10

0.00%

Perth Insurance Company1

1.26%

01-Feb-10

15-Apr-10

0.00%

Perth Insurance Company

1.26%

01-Apr-10

15-Jun-10

9.70%

Pilot Insurance Company1

4.89%

01-Apr-10

01-Apr-10

0.00%

Pilot Insurance Company

4.89%

22-Mar-10

22-Mar-10

18.50%

Portage La Praire Mutual Insurance Company2

0.19%

01-May-10

01-Jun-10

0.00%

Portage La Praire Mutual Insurance Company1

0.19%

01-May-10

01-Jun-10

0.00%

Primmum Insurance Company1

1.46%

16-Feb-10

16-Apr-10

0.00%

Primmum Insurance Company

1.46%

01-Sep-10

01-Sep-10

10.84%

RBC General Insurance Company

2.80%

08-Feb-10

25-Mar-10

5.43%

RBC General Insurance Company1

2.80%

08-Feb-10

25-Mar-10

0.00%

RBC General Insurance Company

2.80%

20-May-10

20-May-10

0.62%

RBC Insurance Company of Canada1

0.16%

24-Jan-10

10-Mar-10

0.00%

Royal & SunAlliance Insurance Company of Canada1

1.59%

01-Apr-10

22-May-10

0.00%

S & Y Insurance Company

0.60%

22-Mar-10

22-Mar-10

8.60%

S & Y Insurance Company1

0.60%

01-Apr-10

01-Apr-10

0.00%

Scottish & York Insurance Co. Limited

1.46%

22-Mar-10

22-Mar-10

20.10%

Scottish & York Insurance Co. Limited1

1.46%

01-Apr-10

01-Apr-10

0.00%

Security National Insurance Company1

5.57%

16-Feb-10

16-Apr-10

0.00%

Security National Insurance Company

5.57%

01-Sep-10

01-Sep-10

7.80%

Sovereign General Insurance Company, The1

0.00%

01-May-10

01-May-10

0.00%

Sovereign General Insurance Company, The

0.00%

01-May-10

01-May-10

11.16%

State Farm Mutual Automobile Insurance Company

12.46%

15-Mar-10

26-Apr-10

7.24%

TD General Insurance Company1

2.20%

16-Feb-10

16-Apr-10

0.00%

TD General Insurance Company

2.20%

01-Sep-10

01-Sep-10

27.30%

TD Home and Auto Insurance Company1

1.54%

16-Feb-10

16-Apr-10

0.00%

TD Home and Auto Insurance Company

1.54%

01-Sep-10

01-Sep-10

13.30%

Traders General Insurance Company1

3.14%

01-Apr-10

01-Apr-10

0.00%

Trafalgar Insurance Company of Canada

1.10%

15-Jan-10

01-Mar-10

9.42%

Trafalgar Insurance Company of Canada1

1.10%

01-Mar-10

01-Mar-10

0.00%

Unifund Assurance Company

3.62%

01-May-10

01-May-10

2.27%

Waterloo Insurance Company

0.64%

01-Jun-10

15-Aug-10

-0.10%

Waterloo Insurance Company1

0.64%

01-Jun-10

15-Aug-10

0.00%

Wawanesa Mutual Insurance Company, The

3.76%

01-May-10

01-May-10

8.98%

Wawanesa Mutual Insurance Company, The1

3.76%

01-Apr-10

01-Apr-10

0.00%

Western Assurance Company1

0.80%

01-Apr-10

22-May-10

0.00%

York Fire and Casualty Insurance Company1

0.89%

01-Mar-10

01-Apr-10

0.00%

Zenith Insurance Company1

0.37%

15-Feb-10

15-Mar-10

0.00%

Zurich Insurance Company1

0.01%

01-Feb-10

01-Apr-10

0.00%

 

Total Market Share Represented:

97.18%

 

 

Weighted Average Rate Change:

5.53%

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

 
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