Ontario auto rates are on the rise, according to data posted by the Financial Services Commission of Ontario (FSCO), the regulator of the province's insurers.
Rate applications approved for 2008 Q1 averaged +1.05%, based on the entire market, FSCO noted in an online bulletin.
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 2008 Q1, for the 43.37% of the market that had rate changes approved, the average rate change was +2.42%, when weighted by market share.
Among the companies in Ontario with a market share of 1% or greater, here are the approved rate changes shown for each insurance company:
ING Insurance Company of Canada
Rate Change: +2.02%
Market share 7.73%
Pilot Insurance Company
Rate Change: +3.02%
Market share: 6.14%
Economical Mutual Insurance Company
Rate Change: +3.10%
Market share 5.76%
Co-operators General Insurance Company
Rate Change: -0.73%
Market share 4.65%
Personal Insurance Company
Rate Change: +6.04%
Market share 3.32%
Traders General Insurance Company of Canada
Rate Change: +4.10%
Market share 3.31%
Nordic Insurance Company of Canada, The
Rate Change: +3.36%
Market share 1.80%
Farm Mutual Reinsurance Plan Inc.
Rate Change: No change
Market share 1.63%
Scottish & York Insurance Company Limited
Rate Change: +3.02%
Market share 1.62%
COSECO Insurance Company
Rate Change: +2.90%
Market share 1.31%
York Fire & Casualty Insurance Company
Rate Change: No change
Market share 1.29%
The rate changes listed above represent the average rate change for each particular company. They do not necessarily reflect the impact of the rate change on individual consumers.
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.
Thank you for this overview. We are dealing with disability insurance Ontario so we are not so interested in auto insurance, anyway I believe insurance market segments are partly connected, so it's always good to be informed...