Toronto, ON (July 17, 2015) – The Financial Services Commission of Ontario (FSCO) approves or orders private passenger automobile insurance rate changes. It recently published a notice summarizing those filings which were reviewed and processed in the second quarter of 2015. The number of filings varies from quarter to quarter, as do market conditions, claoims costs etc. and as a result the overall average rate change can also vary quarter to quarter.
Average Rate Changes
In this second quarter, 30 private passenger automobile insurance rate filings were approved. These filings from 26 insurers represent 52.75% of the market based on premium volume. Approved rates increased on average by 0.60% when applied across the total market.
For more details about the approval process and the approved filings by company, click here.
The same page presents an exhibit which shows % of Claim Costs by Coverage for Accidents in 2014.
About the Financial Services Commission of Ontario
FSCO was established under the Financial Services Commission of Ontario Act, 1997 (FSCO Act) with a legislative mandate set out in the FSCO Act.
FSCO’s legislative mandate is to provide regulatory services that protect the public interest and enhance public confidence in the sectors it regulates.
FSCO regulates the insurance sector; pension plans; loan and trust companies; credit unions and caisses populaires; the mortgage brokering sector; co-operative corporations in Ontario; and service providers who invoice auto insurers for statutory accident benefits claims. FSCO is accountable to the Minister of Finance.
In order to support FSCO’s legislative mandate, the FSCO Act sets out a three-part structure for FSCO, which includes the Commission; the Superintendent of Financial Services and Staff; and the Financial Services Tribunal (Tribunal).