Auto Insurance Rates for Second Quarter of 2006 [Bill 5]

Ontario private passenger auto insurance approved rates decreased during the second quarter of 2006 (April 1, 2006 to June 30, 2006).

 

In the second quarter of 2006, for the 46.67% of the market that had rate changes approved, the average rate change was -1.42%, when weighted by 2005 market share. The average rate change approved for the first quarter of 2006 was -0.71%, when weighted by 2004 market share (representing 41.09% of the 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. The combined decline in approved rates for 2004, 2005 and the first and second quarters of 2006 is 13.98%. The rate changes approved in the second quarter of 2006 become effective in the second quarter of 2006 or later, for renewal business, and include decreases to some drivers under 25 years of age.

 

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 to the automobile insurance system, 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
APRIL 1, 2006 TO JUNE 30, 2006

 

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

Aviva Insurance Company of Canada2

0.61%

15-Jul-06

15-Jul-06

0.00%

Belair Insurance Company Inc.3

0.23%

11-May-06

5-Jul-06

7.00%

Certas Direct Insurance Company1

1.29%

28-May-06

28-Jul-06

0.00%

Certas Direct Insurance Company2

1.29%

1-Oct-06

1-Dec-06

0.00%

Co-operators General Insurance Company3

4.74%

10-Jun-06

10-Jun-06

-3.40%

Dominion of Canada General Insurance Company, The3

4.80%

1-Jun-06

1-Aug-06

-0.52%

Dominion of Canada General Insurance Company, The1

4.80%

15-May-06

15-Jul-06

0.00%

Echelon General Insurance Company

1.21%

1-Aug-06

15-Sep-06

-3.29%

Economical Mutual Insurance Company3

5.11%

5-Sep-06

1-Nov-06

-3.00%

Guarantee Company of North America3

1.03%

1-Jul-06

15-Aug-06

-3.29%

Lombard General Insurance Company of Canada

0.10%

1-Jul-06

15-Aug-06

3.00%

Lombard Insurance Company3

1.01%

1-Jul-06

15-Aug-06

3.94%

Nordic Insurance Company of Canada, The3

1.34%

11-May-06

5-Jul-06

-3.60%

Pafco Insurance Company

0.98%

26-Jun-06

26-Aug-06

-3.00%

Pembridge Insurance Company Limited

0.48%

26-Jun-06

26-Aug-06

-3.00%

Personal Insurance Company1

3.41%

28-May-06

28-Jul-06

0.00%

Personal Insurance Company2

3.41%

1-Oct-06

1-Dec-06

0.00%

Pilot Insurance Company2

6.46%

15-Jul-06

15-Jul-06

0.00%

Portage La Prairie Mutual Insurance Company

0.15%

1-Aug-06

1-Sep-06

-1.30%

RBC General Insurance Company

2.86%

5-Jun-06

20-Jul-06

-1.44%

Royal & Sun Alliance Insurance Company

1.84%

23-Jul-06

1-Oct-06

-3.04%

S & Y Insurance Company2

0.46%

15-Jul-06

15-Jul-06

0.00%

Scottish & York Insurance Company Limited2

1.56%

15-Jul-06

15-Jul-06

0.00%

Trafalgar Insurance Company

1.01%

1-Jun-06

1-Aug-06

-5.54%

Traders General Insurance Company of Canada2

3.31%

15-Jul-06

15-Jul-06

0.00%

Western Assurance Company1

0.90%

1-May-06

1-Jul-06

0.00%

Western Assurance Company2

0.90%

1-Jun-06

1-Jun-06

0.00%

Western Assurance Company

0.90%

15-Jun-06

15-Aug-06

-2.96%

York Fire & Casualty Insurance Company3

1.44%

1-Sep-06

1-Sep-06

-3.00%

Zenith Insurance Company3

0.34%

1-Aug-06

1-Sep-06

3.00%

Total Market Share Represented:

46.67%

 

Weighted Average
Rate Change:

-1.42%

 

 

1.  Rate changes with no overall impact.

2.  Discount/surcharge changes only.

3.  Rate changes include decreases to some drivers under 25 years of age.



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