Auto Insurance Rates for the Second Quarter of 2007 [Bill 5]

Rate applications approved during the second quarter of 2007 (April 1, 2007 to June 30, 2007) indicate an average change of -0.13%, 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 half of 2007 is -14.32%. 

 

In the second quarter of 2007, for the 31.12% of the market that had rate changes approved, the average rate change was -0.41%, when weighted by 2006 market share.  The average rate change approved for the first quarter of 2007 was +0.20%, when weighted by 2005 market share (representing 54.60% of the market). The rate changes approved in the second quarter of 2007 become effective in the second 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
April 1, 2007 – June 30, 2007

Insurer
2006
Market
Share
Effective
New
Business
Date
Effective
Renewal
Business
Date
Approved
Rate
Change

Allstate Insurance Company of Canada

2.97%

1-May-07

1-Jul-07

-3.00%

Allstate Insurance Company of Canada1

2.97%

15-Aug-07

15-Sep-07

0.00%

Aviva Insurance Company of Canada

0.52%

1-Jul-07

1-Aug-07

-0.80%

AXA Insurance (Canada)

1.87%

15-Jul-07

15-Aug-07

-0.20%

AXA Pacific Insurance

0.03%

15-Aug-07

15-Aug-07

-0.20%

Co-operators General Insurance Company1

4.65%

1-Sep-07

1-Sep-07

0.00%

CUMIS General Insurance Company

0.18%

1-Oct-07

1-Oct-07

9.10%

Farm Mutual Reinsurance Plan Inc.1

1.63%

1-Sep-07

1-Sep-07

0.00%

Farmers’ Mutual Insurance Company (Lindsay)1

0.24%

1-Sep-07

1-Sep-07

-2.78%

Gore Mutual Insurance Company

0.98%

15-May-07

15-Jul-07

-0.92%

Jevco Insurance Company2

0.00%

1-Aug-07

n/a

0.00%

Lombard General Insurance Company of Canada

0.10%

1-Jul-07

15-Aug-07

-0.16%

Lombard General Insurance Company of Canada1

0.10%

1-Jul-07

15-Aug-07

0.00%

Lombard Insurance Company

1.04%

1-Jul-07

15-Aug-07

-0.12%

Lombard Insurance Company1

1.04%

1-Jul-07

15-Aug-07

0.00%

Motors Insurance Corporation

0.79%

30-Jul-07

23-Sep-07

1.30%

Optimum Insurance Company Inc.

0.19%

1-Jun-07

1-Aug-07

-0.13%

Pafco Insurance Company1

1.15%

15-Aug-07

15-Sep-07

0.00%

Pembridge Insurance Company Limited

0.56%

15-May-07

1-Jul-07

2.00%

Pembridge Insurance Company Limited1

0.56%

15-Aug-07

15-Sep-07

0.00%

State Farm Mutual Automobile Insurance Company1

11.19%

18-Jun-07

18-Jun-07

0.00%

TD General Insurance Company

1.90%

1-Sep-07

1-Sep-07

-0.80%

Western Assurance Company

0.78%

1-Jul-07

1-Oct-07

-4.44%

Zenith Insurance Company1

0.35%

1-Aug-07

1-Sep-07

0.00%

Zenith Insurance Company

0.35%

1-Aug-07

1-Sep-07

-0.14%

Zenith Insurance Company3

0.35%

15-May-07

1-Jul-07

0.00%



Total Market Share Represented:

31.12%

 

Weighted Average Rate Change:

-0.41%

  1. Implementation of CLEAR update.
  2. Introduction of a new rate program.
  3. Rating rule changes only.


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