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

Ontario private passenger auto insurance approved rates decreased during the third quarter of 2006 (July 1, 2006 to September 30, 2006).

 

In the third quarter of 2006, for the 79.93% of the market that had rate changes approved, the average rate change was -0.46%, 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), and for the second quarter of 2006, was -1.42%, when weighted by 2005 market share (representing 46.67% 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 change in approved rates for 2004, 2005 and the first, second and third quarters of 2006 is -14.35%.  The rate changes approved in the third quarter of 2006 become effective in the third quarter of 2006 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.

 

The posted rate changes 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
July 1, 2006 – September 30, 2006

 

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

Allstate Insurance Company of Canada1

2.99%

12-Sep-06

12-Nov-06

0.00%

AXA Pacific Insurance Company

0.04%

15-Aug-06

15-Oct-06

0.00%

Belair Insurance Company Inc. 1

0.23%

14-Oct-06

8-Dec-06

0.00%

CAA Insurance Company (Ontario)1

1.13%

22-Aug-06

1-Oct-06

0.00%

Certas Direct Insurance Company1

1.29%

8-Sep-06

9-Nov-06

-1.80%

Co-operators General Insurance Company1

4.74%

2-Oct-06

5-Nov-06

0.00%

Coachman Insurance Company1

0.24%

1-Dec-06

1-Dec-06

-2.33%

Continental Casualty Company1

0.00%

1-Nov-06

1-Nov-06

-3.40%

COSECO Insurance Company1

1.20%

1-Oct-06

1-Dec-06

0.00%

CUMIS General Insurance Company1

0.21%

1-Oct-06

1-Dec-06

0.00%

Dominion of Canada General Insurance Company, The1

4.80%

15-Oct-06

15-Dec-06

-0.52%

Echelon General Insurance Company1

1.21%

1-Oct-06

15-Nov-06

0.00%

Economical Mutual Insurance Company1

5.11%

5-Sep-06

1-Nov-06

0.00%

Farm Mutual Reinsurance Plan Inc.1

1.61%

1-Dec-06

1-Dec-06

-3.70%

Farmers' Mutual Insurance Company (Lindsay)

0.26%

1-Oct-06

1-Oct-06

-6.50%

Farmers' Mutual Insurance Company (Lindsay)1

0.26%

1-Nov-06

1-Nov-06

-3.50%

Federation Insurance Company of Canada2

0.67%

5-Sep-06

1-Nov-06

-3.00%

Federation Insurance Company of Canada1

0.67%

5-Sep-06

1-Nov-06

0.00%

Guarantee Company of North America1

1.03%

15-Sep-06

15-Oct-06

0.00%

ING Insurance Company of Canada1

7.68%

1-Oct-06

1-Dec-06

0.00%

ING Novex Insurance Company of Canada1

0.61%

1-Oct-06

1-Dec-06

0.00%

Kingsway General Insurance Company1

2.01%

1-Nov-06

1-Dec-06

0.00%

Lombard General Insurance Company of Canada1

0.10%

1-Oct-06

1-Oct-06

0.00%

Lombard Insurance Company1

1.01%

1-Oct-06

1-Oct-06

0.00%

Motors Insurance Corporation1

0.69%

8-Sep-06

2-Nov-06

0.00%

Nordic Insurance Company of Canada, The1

1.34%

14-Oct-06

8-Dec-06

0.00%

Optimum Insurance Company

0.21%

15-Aug-06

1-Oct-06

-0.83%

Optimum Insurance Company 1

0.21%

15-Nov-06

15-Nov-06

-3.16%

Pafco Insurance Company1

0.98%

1-Aug-06

1-Oct-06

0.00%

Pembridge Insurance Company Limited1

0.48%

1-Aug-06

1-Oct-06

0.00%

Personal Insurance Company1

3.41%

8-Sep-06

9-Nov-06

-2.10%

Perth Insurance Company

1.66%

5-Sep-06

1-Nov-06

0.00%

Perth Insurance Company1

1.66%

5-Sep-06

1-Nov-06

0.00%

Portage La Prairie Mutual Insurance Company1

0.15%

1-Oct-06

15-Nov-06

-3.86%

Primmum Insurance Company

1.59%

1-Nov-06

1-Dec-06

-0.81%

Primmum Insurance Company1

1.59%

1-Nov-06

1-Jan-07

0.00%

RBC General Insurance Company

2.86%

23-Jul-06

6-Sep-06

-1.03%

RBC General Insurance Company1

2.86%

1-Nov-06

16-Dec-06

0.00%

Royal & SunAlliance Insurance Company1

1.84%

15-Nov-06

15-Jan-07

0.00%

Security National Insurance Company1

5.61%

1-Nov-06

1-Jan-07

0.00%

State Farm Mutual Automobile Insurance Company1

10.77%

15-Sep-06

15-Sep-06

0.00%

TD Home and Auto Insurance Company1

2.23%

1-Nov-06

1-Jan-07

0.00%

Trafalgar Insurance Company1

1.01%

1-Oct-06

1-Dec-06

0.00%

Waterloo Insurance Company2

0.45%

5-Sep-06

1-Nov-06

-3.00%

Waterloo Insurance Company1

0.45%

5-Sep-06

1-Nov-06

0.00%

Wawanesa Mutual Insurance Company, The

3.80%

1-Oct-06

1-Oct-06

-1.70%

Wawanesa Mutual Insurance Company, The1

3.80%

1-Dec-06

1-Dec-06

0.00%

Western Assurance Company1

0.90%

15-Nov-06

15-Jan-07

0.00%

York Fire & Casualty Insurance Company1

1.44%

1-Nov-06

1-Nov-06

0.00%

Zenith Insurance Company1

0.34%

1-Oct-06

1-Oct-06

0.00%

Total Market Share Represented
79.93%
     

 

 

Weighted Average Rate Change:

-0.46%

 

1.  Implementation of CLEAR update.

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

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