January, 2008 – Rate applications approved during the fourth quarter of 2007 (October 1, 2007 to December 31, 2007) averaged +0.08%, based on the entire market.
The rate changes approved in 2004, 2005, 2006 and 2007 were -10.60%, -2.43%, -1.27% and +0.55%, respectively, for the entire market. The combined change in approved rates for 2004, 2005, 2006 and 2007 is -13.75%.
In the fourth quarter of 2007, for the 20.21% of the market that had rate changes approved, the average rate change was +0.41%, when weighted by market share.
The rate changes approved in the fourth quarter of 2007 become effective in the fourth 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.
FSCO is an agency of the Ontario Ministry of Finance, and regulates insurance, pensions, credit unions, caisses populaires, co-operatives, mortgage brokers, and loan and trust companies. For more information visit, www.fsco.gov.on.ca.
For specific approvals, click here