Auto Insurance Rates for the First Quarter of 2008
April, 2008 – Rate applications approved during the first quarter of 2008 (January 1, 2008 to March 31, 2008) averaged +1.05%, 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.
In the first quarter of 2008, for the 43.37% of the market that had rate changes approved, the average rate change was +2.42%, when weighted by market share.
The rate changes approved in the first quarter of 2008 become effective in the first quarter of 2008 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.