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Auto Insurance Rates for First and Second Quarter of 2004 (Bill 5)

The rate applications approved during the first and second quarters of 2004 indicate an average change of -7.31%, when weighted by 2002 market share for those insurers making rate changes. These changes incorporate the impacts of recent reforms to the automobile insurance system. The weighted average rate changes for the previous reported quarters were increases of +7.32%, +8.48% and +8.22% for first quarter 2003, second quarter 2003 and third quarter 2003, respectively. Because of the October 2003 rate freeze the only rate approved in the fourth quarter of 2003 was a single new insurer.

The average cost of auto insurance in Ontario at the end of the second quarter of 2004 was 0.98% higher when compared with the end of the second quarter a year earlier. This calculation is based on the renewal effective dates of the rate changes. This compares to the 18.62% average increase reported in the second quarter of 2003 over the second quarter of 2002, and the 10.08% increase reported in the second quarter of 2002 over the second quarter of 2001. The rate decreases approved in the second quarter of 2004 become effective in the second quarter of 2004, or later, for renewal business and will further reduce the average cost of auto insurance at that time.

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.

The rate changes posted reflect cost saving measures arising from recent reforms, which are being passed on to consumers in the form of lower rates.

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
Reflecting Auto Insurance Reforms)

January 1, 2004 to June 30, 2004

 

Insurer
2002 Market Share
(%)
Effective New Business
Date
Effective Renewal Business
Date
Rate Change Approved in 1st Quarter 2004
(%)
Rate Change Approved in 2nd Quarter 2004
(%)
Allianz Insurance Company of Canada
2.29
30-Jun-04
15-Aug-04
 
-4.73
Allstate Insurance Company of Canada
4.09
15-Apr-04
15-Jun-04
-10.09
 
Ascentus Insurance Ltd.
0.24
01-Jun-04
01-Jun-04
-10.00
 
Aviva Insurance Company of Canada
1.90
01-Jun-04
15-Jul-04
-10.15
 
AXA Insurance (Canada)
2.31
15-Apr-04
30-Jun-04
-10.00
 
AXA Pacific Insurance Company
0.09
15-Apr-04
30-Jun-04
-10.00
 
Belair Insurance Company Inc.
1.57
26-Feb-04
15-Apr-04
-10.11
 
CAA Insurance Company (Ontario)
1.43
15-Jun-04
25-Jul-04
 
-10.00
Certas Direct Insurance Company
1.92
23-Apr-04
23-Jun-04
 
4.09
Chubb Insurance Company of Canada
0.38
15-Apr-04
15-Apr-04
-10.50
 
Citadel General Assurance Company
0.54
15-Apr-04
15-Apr-04
-10.10
 
Co-operators General Insurance Company
5.44
15-Apr-04
15-Apr-04
-10.00
 
Coachman Insurance Company
0.39
01-Aug-04
01-Aug-04
 
0.00
Continental Casualty Company
0.00
15-Apr-04
15-Apr-04
-10.00
 
COSECO Insurance Company
1.04
01-Jun-04
01-Aug-04
 
-10.00
CUMIS General Insurance Company
0.18
01-Jul-04
01-Sep-04
 
-5.00
Dominion of Canada General Insurance Company, The
4.51
15-Apr-04
15-Apr-04
-10.01
 
Echelon General Insurance Company
0.93
01-Aug-04
01-Aug-04
 
-1.60
Economical Mutual Insurance Company
3.88
15-Apr-04
15-Apr-04
-10.40
 
Farm Mutual Reinsurance Plan Inc.
1.31
15-May-04
15-May-04
 
-0.90
Farmers' Mutual Insurance Company (Lindsay)
0.28
01-Aug-04
01-Aug-04
 
-7.10
Federated Insurance Company of Canada
0.02
01-Jul-04
01-Jul-04
 
-0.90
Federation Insurance Company of Canada
0.68
15-Apr-04
15-Apr-04
-10.40
 
Gore Mutual Insurance Company
0.93
15-May-04
15-Jul-04
 
-6.80
Guarantee Company of North America
1.22
15-Apr-04
15-Apr-04
-11.20
 
Hartford Fire Insurance Company
0.00
15-Apr-04
15-Apr-04
-10.00
 
ING Insurance Company of Canada
7.84
01-Mar-04
15-Apr-04
-12.40
 
ING Novex Insurance Company of Canada
0.88
01-Mar-04
15-Apr-04
-12.60
 
Kingsway General Insurance Company
0.94
01-Jun-04
01-Jul-04
 
-0.07
Langdon Insurance Company
0.01
15-Apr-04
15-Apr-04
-11.80
 
Liberty Insurance Company of Canada
3.29
10-May-04
22-Jun-04
 
-5.00
Lloyd's Underwriters
0.13
01-Jun-04
01-Jun-04
 
-0.58
Lombard General Insurance Company of Canada
0.51
01-Jun-04
01-Aug-04
 
-10.00
Lombard Insurance Company
1.19
15-Apr-04
15-Apr-04
-10.00
 
Motors Insurance Corporation
0.70
15-Apr-04
15-Apr-04
-10.00
 
Nordic Insurance Company of Canada, The
0.00
26-Feb-04
15-Apr-04
-10.00
 
Optimum Frontier Insurance Company
0.38
15-Jun-04
01-Aug-04
 
-4.80
Pafco Insurance Company (1)
0.00
01-Aug-04
n/a
 
0.00
Pembridge Insurance Company Limited
1.77
01-Jul-04
20-Aug-04
 
-3.50
Personal Insurance Company
1.99
23-Apr-04
23-Jun-04
 
5.64
Perth Insurance Company
0.76
01-Sep-04
01-Sep-04
 
-1.80
Pilot Insurance Company
6.27
15-Jun-04
31-Jul-04
-10.20
 
Portage La Prairie Mutual Insurance Company
0.12
01-Jun-04
01-Jul-04
 
3.33
Primmum Insurance Company
1.36
01-Jun-04
01-Jul-04
 
-4.98
RBC General Insurance Company
1.25
01-Jun-04
15-Jul-04
 
-10.00
Royal & Sun Alliance Insurance Company
2.99
01-Jun-04
01-Jul-04
-10.00
 
S & Y Insurance Company
0.00
01-May-04
14-Jul-04
 
-8.30
S & Y Insurance Company of Canada (1)
0.00
24-Oct-03
n/a
0.00
 
Scottish & York Insurance Company Limited
1.21
01-May-04
14-Jul-04
   
-8.30
Security National Insurance Company
3.61
15-Apr-04
15-Apr-04
-10.20
 
State Farm Mutual Automobile Insurance Company
9.69
15-Jun-04
15-Jun-04
 
-4.50
TD General Insurance Company
0.61
15-Jun-04
15-Jul-04
 
-1.30
Traders General Insurance Company of Canada
2.99
01-Jun-04
15-Jul-04
-10.20
 
Trafalgar Insurance Company
1.39
15-Apr-04
15-May-04
4.50
 
Travelers Casualty and Surety Company of Canada
0.00
15-Feb-04
15-Apr-04
-10.00
 
Unifund Assurance Company
1.70
01-Aug-04
01-Sep-04
 
-4.72
Waterloo Insurance Company
0.40
15-Apr-04
15-Apr-04
-10.70
 
Wawanesa Mutual Insurance Company, The
3.24
01-May-04
01-May-04
 
-0.40
Western Assurance Company
2.11
01-Jun-04
01-Jun-04
 
-4.10
York Fire & Casualty Insurance Company
0.56
05-Jul-04
05-Jul-04
 
-2.10
Zenith Insurance Company
0.39
15-Apr-04
15-Apr-04
-10.00
 
Zurich Insurance Company
0.00
15-Apr-04
15-Apr-04
-10.50
 
Market share in 1st Quarter
55.51%
 
 
-10.15%
 
Market share in 2nd Quarter
42.34%
 
 
 
-3.59%
Total market share represented (2)
97.85%
 
 
 
 
 

(1) Introduction of new rate program. S & Y's filing was approved during the 4th quarter of 2003.

(2) Excludes Facility Association.

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