Auto Insurance Rates for the Fourth Quarter of 2008

Rate applications approved during the fourth quarter of 2008 (October 1, 2008 to December 31, 2008) averaged +2.57%, based on the entire market.

 

In the fourth quarter of 2008, for the 69.37% of the market that had rate changes approved, the average rate change was +3.71%, when weighted by market share.

 

The rate changes approved in the fourth quarter of 2008 become effective in the fourth quarter of 2008 or later for renewal business.

 

The rate changes approved in 2004, 2005, 2006, 2007 and 2008 were -10.60%, -2.43%, -1.27%, +0.55% and +5.59%, respectively, for the entire market.

 

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
October 1, 2008 – December 31, 2008

 

Insurer
2007
Market
Share
Effective
New
Business
Date
Effective
Renewal
Business
Date
Approved
Rate
Change

Allstate Insurance Company of Canada

3.04%

5-Jan-09

16-Feb-09

6.01%

Aviva Insurance Company of Canada

0.41%

1-Feb-09

1-Mar-09

4.60%

AXA Pacific Insurance Company2

0.04%

13-Oct-08

n/a

0.00%

Belair Insurance Company Inc.1

0.15%

27-Nov-08

21-Jan-09

0.00%

Belair Insurance Company Inc.

0.15%

28-Nov-08

22-Jan-09

-2.57%

CAA Insurance Company (Ontario)2

1.08%

1-Dec-08

15-Jan-09

0.00%

Co-operators General Insurance Company2

4.66%

1-Dec-08

4-Jan-09

0.00%

Coachman Insurance Company

0.21%

1-Apr-09

1-Apr-09

6.56%

CUMIS General Insurance Company

0.23%

1-Feb-09

1-Feb-09

3.34%

Dominion of Canada General Insurance Company, The

4.68%

1-Dec-08

1-Jan-09

3.94%

Echelon General Insurance Company1

0.88%

1-Jan-09

1-Mar-09

0.00%

Economical Mutual Insurance Company

6.39%

1-Mar-09

1-May-09

4.29%

Elite Insurance Company

0.12%

1-Feb-09

1-Mar-09

3.80%

Farm Mutual Reinsurance Plan Inc.3

1.73%

1-Feb-09

1-Feb-09

4.77%

Farmers’ Mutual Insurance Company (Lindsay)

0.23%

1-Jan-09

1-Jan-09

6.70%

Farmers’ Mutual Insurance Company (Lindsay)1

0.23%

1-Jan-09

1-Jan-09

0.00%

Federated Insurance Company of Canada1

0.03%

15-Jan-09

15-Jan-09

-2.37%

ING Insurance Company of Canada1

7.91%

1-Nov-08

1-Jan-09

0.00%

ING Novex Insurance Company of Canada1

0.54%

1-Nov-08

1-Jan-09

0.00%

Jevco Insurance Company

0.03%

15-Dec-08

1-Feb-09

15.20%

Kingsway General Insurance Company

1.52%

1-Nov-08

1-Dec-08

4.94%

Lombard General Insurance Company of Canada1

0.11%

15-Nov-08

15-Nov-08

0.00%

Lombard Insurance Company1

1.06%

15-Nov-08

15-Nov-08

0.00%

Nordic Insurance Company of Canada, The1

2.31%

27-Nov-08

21-Jan-09

0.00%

Nordic Insurance Company of Canada, The

2.31%

28-Nov-08

22-Jan-09

-2.56%

Pembridge Insurance Company

0.65%

1-Feb-09

1-Apr-09

12.00%

Perth Insurance Company

1.36%

1-Mar-09

1-May-09

6.33%

Pilot Insurance Company

5.59%

1-Feb-09

1-Mar-09

9.20%

RBC General Insurance Company2

2.80%

14-Dec-08

28-Jan-09

0.00%

RBC Insurance Company of Canada2

0.00%

14-Dec-08

28-Jan-09

0.00%

S & Y Insurance Company

0.60%

1-Feb-09

1-Mar-09

2.90%

Scottish & York Insurance Co. Limited

1.55%

1-Feb-09

1-Mar-09

4.90%

State Farm Mutual Automobile Insurance Company

11.72%

9-Feb-09

9-Feb-09

6.50%

TD Home and Auto Insurance Company

1.74%

1-Jan-09

1-Feb-09

2.30%

TD Home and Auto Insurance Company1

1.74%

15-Dec-08

15-Feb-09

0.00%

Traders General Insurance Company

3.28%

1-Feb-09

1-Mar-09

3.40%

Trafalgar Insurance Company of Canada1

1.03%

1-Nov-08

1-Jan-09

0.00%

Waterloo Insurance Company

0.56%

1-Mar-09

1-May-09

3.66%

Western Assurance Company

0.76%

1-Mar-09

15-Apr-09

6.20%

Zenith Insurance Company

0.37%

15-Dec-08

15-Dec-08

5.95%

Zenith Insurance Company1

0.37%

15-Dec-08

15-Dec-08

0.00%


Total Market Share Represented:

69.37%

 


Weighted Average Rate Change:

3.71%

  1. Implementation of CLEAR update.
  2. Rate changes with no overall impact.
  3. On behalf of the Ontario Mutuals.


Follow FSCO on social media  

hotline-en.jpg 

Outage  Scheduled Online Service Disruption Notice
Please consult our outage schedule for more details.