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Auto Insurance Rates for the Third Quarter of 2007

Rate applications approved during the third quarter of 2007 (July 1, 2007 to September 30, 2007) averaged +0.49%, based on the entire market.

 

The rate changes approved in 2004, 2005 and 2006 were -10.60%, -2.43% and -1.27%, respectively, for the entire market.  The average rate changes approved for the first and second quarters of 2007 were +0.11% and -0.13%, respectively, for the entire market.  The combined change in approved rates for 2004, 2005, 2006 and the first three quarters of 2007 is -13.83%.

 

In the third quarter of 2007, for the 59.58% of the market that had rate changes approved, the average rate change was +0.82%, when weighted by market share.

The rate changes approved in the third quarter of 2007 become effective in the third 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
July 1, 2007 – September 30, 2007

 

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

American Home Assurance Company1

0.00%

23-Oct-07

23-Oct-07

-3.96%

AXA Insurance (Canada)1

1.87%

1-Oct-07

1-Oct-07

0.00%

AXA Pacific Insurance Company1

0.03%

1-Oct-07

1-Oct-07

0.00%

Belair Insurance Company Inc.

0.18%

20-Sep-07

14-Nov-07

5.60%

CAA Insurance Company (Ontario)

1.08%

5-Nov-07

7-Jan-08

-0.02%

CAA Insurance Company (Ontario)1

1.08%

4-Sep-07

5-Nov-07

0.00%

Certas Direct Insurance Company1

1.10%

31-Aug-07

1-Nov-07

0.00%

Chubb Insurance Company of Canada1

0.55%

1-Nov-07

1-Feb-08

-3.80%

Co-operators General Insurance Company

4.65%

15-Oct-07

15-Oct-07

2.90%

Coachman Insurance Company1

0.25%

1-Sep-07

1-Sep-07

-1.91%

Continental Casualty Company1

0.00%

1-Oct-07

1-Oct-07

-2.70%

COSECO Insurance Company1

1.31%

1-Aug-07

1-Oct-07

0.00%

CUMIS General Insurance Company1

0.18%

1-Oct-07

1-Oct-07

0.00%

Dominion of Canada General Insurance Company, The1

4.69%

15-Oct-07

15-Dec-07

-0.02%

Echelon General Insurance Company1

1.01%

1-Sep-07

15-Oct-07

-1.80%

Federated Insurance Company of Canada1

0.03%

1-Oct-07

1-Oct-07

-3.48%

Gore Mutual Insurance Company1

0.98%

1-Nov-07

1-Nov-07

0.00%

Guarantee Company of North America1

0.90%

15-Aug-07

15-Sep-07

0.00%

ING Insurance Company of Canada

7.73%

15-Sep-07

1-Nov-07

3.50%

ING Novex Insurance Company of Canada

0.53%

15-Sep-07

1-Nov-07

3.30%

Motors Insurance Corporation1

0.79%

15-Aug-07

7-Oct-07

0.00%

Nordic Insurance Company of Canada, The

1.80%

20-Sep-07

14-Nov-07

3.03%

Optimum Insurance Company Inc.1

0.19%

1-Aug-07

1-Oct-07

0.00%

Optimum Insurance Company Inc.

0.19%

15-Oct-07

15-Dec-07

-0.47%

Pafco Insurance Company

1.15%

3-Aug-07

7-Sep-07

9.00%

Personal Insurance Company1

3.32%

31-Aug-07

1-Nov-07

0.00%

Portage La Prairie Mutual Insurance Company1

0.15%

1-Oct-07

15-Nov-07

-3.03%

Primmum Insurance Company2

1.56%

1-Feb-08

1-Apr-08

0.00%

Primmum Insurance Company1

1.56%

16-Oct-07

16-Dec-07

0.00%

Primmum Insurance Company

1.56%

16-Oct-07

16-Dec-07

-0.20%

Royal & SunAlliance Insurance Company1

1.69%

1-Oct-07

16-Nov-07

0.00%

Sovereign General Insurance Company1

0.00%

15-Oct-07

15-Oct-07

-2.90%

State Farm Mutual Automobile Insurance Company

11.19%

22-Oct-07

1-Dec-07

-0.50%

TD General Insurance Company1

1.90%

16-Oct-07

16-Dec-07

0.00%

TD General Insurance Company2

1.90%

1-Feb-08

1-Apr-08

0.00%

TD Home and Auto Insurance Company1

1.97%

1-Oct-07

1-Dec-07

-2.58%

TD Home and Auto Insurance Company2

1.97%

1-Feb-08

1-Apr-08

0.00%

Trafalgar Insurance Company

0.99%

15-Sep-07

1-Nov-07

1.74%

Wawanesa Mutual Insurance Company, The1

3.72%

1-Dec-07

1-Dec-07

0.00%

Western Assurance Company1

0.78%

1-Nov-07

1-Jan-08

-0.51%

York Fire & Casualty Insurance Company

1.29%

1-Jan-08

1-Jan-08

3.54%

Zurich Insurance Company2

0.02%

15-Nov-07

15-Jan-08

0.00%

Zurich Insurance Company1

0.02%

15-Nov-07

15-Jan-08

-2.60%

 

Total Market Share Represented:

59.58%

 

Weighted Average Rate Change:

0.82%

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