Rate applications approved during the second quarter of 2009 (April 1, 2009 to June 30, 2009) averaged +3.20%, based on the entire market.
In the second quarter of 2009, for the 54.67% of the market that had rate changes approved, the average rate change was +5.86%, when weighted by market share.
The rate changes approved in the second quarter of 2009 become effective in the second quarter of 2009 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.
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.