Auto Insurance Rates Increased as Authorized by the Financial Services Commission of Ontario.

Update:

It is surprising, given the economic reality facing Canadians and residents of Ontario, that private Insurance Companies  in Ontario would continue to increase their ever increasing profit margin, while most driver’s are using their vehicles to get to and from work, or are using their vehicles to look for work.  Is this an appropriate way for Insurance Companies to usher in the year 2009?

See the Auto Insurance premium increases that the Financial Services Commission of Ontario approved for the third quarter of 2008 (this information is from their website):

Auto Insurance Rates for the Third Quarter of 2008

Rate applications approved during the third quarter of 2008 (July 1, 2008 to September 30, 2008) averaged +0.87%, 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 third quarter of 2008, for the 77.97% of the market that had rate changes approved, the average rate change was +1.12%, when weighted by market share.

The rate changes approved in the third quarter of 2008 become effective in the third 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.

Financial Services Commission of Ontario 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.

ONTARIO PRIVATE PASSENGER AUTOMOBILE INSURANCE RATE FILINGS APPROVED

July 1, 2008 – September 30, 2008

Insurer

2007
Market
Share

Effective
New
Business
Date

Effective
Renewal
Business
Date

Approved
Rate
Change

Allstate Insurance Company of Canada1

3.04%

1-Sep-08

20-Oct-08

0.00%

Aviva Insurance Company of Canada1

0.41%

1-Sep-08

1-Oct-08

0.00%

AXA Insurance (Canada)2

1.92%

29-Sep-08

n/a

0.00%

CAA Insurance Company (Ontario)

1.08%

25-Aug-08

10-Oct-08

5.00%

CAA Insurance Company (Ontario)1

1.08%

15-Sep-08

1-Nov-08

0.00%

Certas Direct Insurance Company

1.04%

6-Oct-08

5-Dec-08

-2.80%

Certas Direct Insurance Company2

1.04%

22-Aug-08

23-Oct-08

0.00%

Certas Home & Auto Insurance Company2

0.00%

22-Aug-08

n/a

0.00%

Certas Home & Auto Insurance Company

0.00%

6-Oct-08

5-Dec-08

-2.80%

Co-operators General Insurance Company

4.66%

17-Nov-08

17-Nov-08

1.01%

Co-operators General Insurance Company1

4.66%

8-Sep-08

8-Sep-08

0.00%

Coachman Insurance Company1

0.21%

1-Oct-08

1-Oct-08

0.00%

COSECO Insurance Company1

1.52%

15-Sep-08

1-Dec-08

0.00%

CUMIS General Insurance Company1

0.23%

1-Jan-09

1-Jan-09

0.00%

Economical Mutual Insurance Company

6.39%

1-Sep-08

1-Nov-08

7.56%

Economical Mutual Insurance Company1

6.39%

1-Sep-08

1-Nov-08

0.00%

Elite Insurance Company1

0.12%

1-Sep-08

1-Oct-08

0.00%

Farm Mutual Reinsurance Plan Inc.1

1.73%

15-Sep-08

15-Sep-08

0.00%

Federation Insurance Company of Canada3

0.00%

15-Oct-08

n/a

0.00%

Gore Mutual Insurance Company

1.01%

15-Aug-08

15-Oct-08

-0.34%

Gore Mutual Insurance Company

1.01%

1-Jan-09

1-Jan-09

3.03%

Guarantee Company of North America, The1

0.78%

1-Sep-08

1-Oct-08

0.00%

Lombard Insurance Company

1.06%

15-Nov-08

15-Nov-08

2.98%

Motors Insurance Corporation1

0.62%

14-Jul-08

7-Sep-08

0.00%

Optimum Insurance Company1

0.17%

1-Oct-08

1-Dec-08

0.00%

Pafco Insurance Company2

0.78%

1-Aug-08

1-Oct-08

0.00%

Pafco Insurance Company1

0.78%

1-Sep-08

20-Oct-08

0.00%

Pembridge Insurance Company1

0.65%

1-Sep-08

20-Oct-08

0.00%

Personal Insurance Company, The2

3.25%

22-Aug-08

23-Oct-08

0.00%

Personal Insurance Company, The

3.25%

6-Oct-08

5-Dec-08

-2.80%

Perth Insurance Company

1.36%

1-Sep-08

1-Nov-08

3.75%

Perth Insurance Company1

1.36%

1-Sep-08

1-Nov-08

0.00%

Pilot Insurance Company1

5.59%

1-Sep-08

1-Oct-08

0.00%

Pilot Insurance Company2

5.59%

1-Aug-08

1-Sep-08

0.00%

Primmum Insurance Company1

1.47%

1-Oct-08

1-Dec-08

0.00%

RBC General Insurance Company1

2.80%

27-Oct-08

11-Dec-08

0.00%

RBC Insurance Company of Canada3

0.00%

28-Jul-08

n/a

0.00%

RBC Insurance Company of Canada1

0.00%

27-Oct-08

11-Dec-08

0.00%

Royal & SunAlliance Insurance Company of Canada

1.66%

1-Aug-08

20-Sep-08

-1.27%

Royal & SunAlliance Insurance Company of Canada1

1.66%

1-Oct-08

20-Nov-08

0.14%

S & Y Insurance Company1

0.60%

1-Sep-08

1-Oct-08

0.00%

Scottish & York Insurance Co. Limited1

1.55%

1-Sep-08

1-Oct-08

0.00%

Security National Insurance Company1

5.66%

1-Oct-08

1-Dec-08

0.00%

Sovereign General Insurance Company, The1

0.00%

15-Dec-08

15-Dec-08

0.00%

State Farm Mutual Automobile Insurance Company1

11.72%

21-Jul-08

9-Aug-08

0.00%

TD General Insurance Company

2.10%

15-Sep-08

15-Oct-08

2.40%

TD General Insurance Company1

2.10%

1-Oct-08

1-Dec-08

0.00%

Traders General Insurance Company1

3.28%

1-Sep-08

1-Oct-08

0.00%

Trafalgar Insurance Company of Canada

1.03%

15-Sep-08

15-Nov-08

4.88%

Unifund Assurance Company

3.21%

28-Jul-08

1-Oct-08

4.91%

Waterloo Insurance Company

0.56%

1-Sep-08

1-Nov-08

4.92%

Waterloo Insurance Company1

0.56%

1-Sep-08

1-Nov-08

0.00%

Wawanesa Mutual Insurance Company, The1

3.62%

1-Dec-08

1-Dec-08

0.00%

York Fire & Casualty Insurance Company

1.07%

1-Nov-08

1-Jan-09

3.06%

Zurich Insurance Company1

0.02%

15-Oct-08

15-Dec-08

0.00%

Total Market Share Represented:

77.97%

Weighted Average Rate Change:

1.12%

  1. Implementation of CLEAR update.
  2. Rate changes with no overall impact.
  3. Introduction of a new rate program.

fightyourtickets.ca will take this opportunity to wish everyone a healthy and happy New Year.  Hopefully 2009 will be better than 2008 for everyone and especially those of you who didn’t have the greatest year.

Auto Insurance Rates for the Fourth Quarter of 2008

ONTARIO PRIVATE PASSENGER AUTOMOBILE INSURANCE RATE FILINGS APPROVED

October 1, 2008 – December 31, 2008

Rate applications approved during the fourth quarter of 2008 (October 1, 2008 to December 31, 2008) averaged +2.57%, based on the entire market.

In the fourth quarter of 2008, for the 69.37% of the market that had rate changes approved, the average rate change was +3.71%, when weighted by market share.

The rate changes approved in the fourth quarter of 2008 become effective in the fourth quarter of 2008 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.

Insurer

2007
Market
Share

Effective
New
Business
Date

Effective
Renewal
Business
Date

Approved
Rate
Change

Allstate Insurance Company of Canada

3.04%

5-Jan-09

16-Feb-09

6.01%

Aviva Insurance Company of Canada

0.41%

1-Feb-09

1-Mar-09

4.60%

AXA Pacific Insurance Company2

0.04%

13-Oct-08

n/a

0.00%

Belair Insurance Company Inc.1

0.15%

27-Nov-08

21-Jan-09

0.00%

Belair Insurance Company Inc.

0.15%

28-Nov-08

22-Jan-09

-2.57%

CAA Insurance Company (Ontario)2

1.08%

1-Dec-08

15-Jan-09

0.00%

Co-operators General Insurance Company2

4.66%

1-Dec-08

4-Jan-09

0.00%

Coachman Insurance Company

0.21%

1-Apr-09

1-Apr-09

6.56%

CUMIS General Insurance Company

0.23%

1-Feb-09

1-Feb-09

3.34%

Dominion of Canada General Insurance Company, The

4.68%

1-Dec-08

1-Jan-09

3.94%

Echelon General Insurance Company1

0.88%

1-Jan-09

1-Mar-09

0.00%

Economical Mutual Insurance Company

6.39%

1-Mar-09

1-May-09

4.29%

Elite Insurance Company

0.12%

1-Feb-09

1-Mar-09

3.80%

Farm Mutual Reinsurance Plan Inc.3

1.73%

1-Feb-09

1-Feb-09

4.77%

Farmers’ Mutual Insurance Company (Lindsay)

0.23%

1-Jan-09

1-Jan-09

6.70%

Farmers’ Mutual Insurance Company (Lindsay)1

0.23%

1-Jan-09

1-Jan-09

0.00%

Federated Insurance Company of Canada1

0.03%

15-Jan-09

15-Jan-09

-2.37%

ING Insurance Company of Canada1

7.91%

1-Nov-08

1-Jan-09

0.00%

ING Novex Insurance Company of Canada1

0.54%

1-Nov-08

1-Jan-09

0.00%

Jevco Insurance Company

0.03%

15-Dec-08

1-Feb-09

15.20%

Kingsway General Insurance Company

1.52%

1-Nov-08

1-Dec-08

4.94%

Lombard General Insurance Company of Canada1

0.11%

15-Nov-08

15-Nov-08

0.00%

Lombard Insurance Company1

1.06%

15-Nov-08

15-Nov-08

0.00%

Nordic Insurance Company of Canada, The1

2.31%

27-Nov-08

21-Jan-09

0.00%

Nordic Insurance Company of Canada, The

2.31%

28-Nov-08

22-Jan-09

-2.56%

Pembridge Insurance Company

0.65%

1-Feb-09

1-Apr-09

12.00%

Perth Insurance Company

1.36%

1-Mar-09

1-May-09

6.33%

Pilot Insurance Company

5.59%

1-Feb-09

1-Mar-09

9.20%

RBC General Insurance Company2

2.80%

14-Dec-08

28-Jan-09

0.00%

RBC Insurance Company of Canada2

0.00%

14-Dec-08

28-Jan-09

0.00%

S & Y Insurance Company

0.60%

1-Feb-09

1-Mar-09

2.90%

Scottish & York Insurance Co. Limited

1.55%

1-Feb-09

1-Mar-09

4.90%

State Farm Mutual Automobile Insurance Company

11.72%

9-Feb-09

9-Feb-09

6.50%

TD Home and Auto Insurance Company

1.74%

1-Jan-09

1-Feb-09

2.30%

TD Home and Auto Insurance Company1

1.74%

15-Dec-08

15-Feb-09

0.00%

Traders General Insurance Company

3.28%

1-Feb-09

1-Mar-09

3.40%

Trafalgar Insurance Company of Canada1

1.03%

1-Nov-08

1-Jan-09

0.00%

Waterloo Insurance Company

0.56%

1-Mar-09

1-May-09

3.66%

Western Assurance Company

0.76%

1-Mar-09

15-Apr-09

6.20%

Zenith Insurance Company

0.37%

15-Dec-08

15-Dec-08

5.95%

Zenith Insurance Company1

0.37%

15-Dec-08

15-Dec-08

0.00%

Total Market Share Represented:

69.37%

Weighted Average Rate Change:

3.71%

  1. Implementation of CLEAR update.
  2. Rate changes with no overall impact.
  3. On behalf of the Ontario Mutuals.
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9 comments

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