Ontario Liberals Support Auto Insurance Profits

Update: see previous page and posts Insurance Skyrockets in Ontario, Time for Public Auto Insurance in Ontario, Insurance Companies exercise Discrimination based on perceived “Genetic Risk”, Fees and Demerit Points upon Conviction, Apology Act (Ontario).

See the 2009 first quarter insurance increases and the second quarter insurance increases as reported by the Financial Services Commission of Ontario.

Auto Insurance Rates for the Third Quarter of 2009

See the third quarter auto insurance increases as posted by the Financial Services Commission of Ontario.

Rate applications approved during the third quarter of 2009 (July 1, 2009 to September 30, 2009) averaged +2.13%, based on the entire market.

In the third quarter of 2009, for the 34.38% of the market that had rate changes approved, the average rate change was +6.2%, when weighted by market share.

The rate changes approved in the third quarter of 2009 become effective in the third 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.

ONTARIO PRIVATE PASSENGER AUTOMOBILE INSURANCE RATE FILINGS APPROVED

July 1, 2009 – September 30, 2009

Insurer

2008
Market
Share

Effective
New
Business
Date

Effective
Renewal
Business
Date

Approved
Rate
Change

AXA Insurance (Canada)2.39%1-Sep-0915-Oct-097.30%
AXA Pacific Insurance Company0.15%1-Sep-0915-Oct-097.80%
Co-operators General Insurance Company4.57%23-Nov-0923-Nov-094.98%
COSECO Insurance Company1.56%1-Dec-091-Dec-09-1.07%
Echelon General Insurance Company0.86%15-Aug-0915-Sep-096.36%
Farm Mutual Reinsurance Plan Inc. 11.83%1-Nov-091-Nov-098.17%
Federation Insurance Company of Canada0.00%20-Jul-0920-Sep-09-6.41%
Jevco Insurance Company 20.00%1-Oct-091-Oct-090.00%
Kingsway General Insurance Company 21.39%15-Jul-0915-Aug-0910.00%
Kingsway General Insurance Company 21.39%1-Nov-091-Dec-095.06%
Motors Insurance Corporation0.56%14-Sep-098-Nov-090.99%
Optimum Insurance Company Inc.0.19%1-Sep-096-Oct-095.21%
Pembridge Insurance Company Limited0.71%1-Sep-091-Nov-096.08%
Perth Insurance Company1.26%15-Jul-0915-Sep-094.40%
Royal & SunAlliance Insurance Company1.59%1-Aug-0920-Sep-094.93%
State Farm Mutual Automobile Insurance Company12.46%26-Oct-0926-Oct-095.59%
Trafalgar Insurance Company1.10%15-Oct-0915-Nov-096.16%
Wawanesa Mutual Insurance Company, The3.76%1-Nov-091-Nov-099.72%
Total Market Share Represented:34.38%
Weighted Average Rate Change:6.20%
  1. On behalf of the Ontario Mutuals.
  2. Business transfer from Kingsway into Jevco.

Update: October 20, 2009 – Liberals say “No” to Public Auto Insurance and “Yes” to Private for Profit Auto Insurance Companies Raising Premiums on Nine (9) Million Ontario drivers, Four (4) times a year.

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One thoughtful comment

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