SOME OF the largest auto insurers in Ontario had significant rate increases approved in the latest round of changes reported by the province’s regulator.
Twenty-three insurers, representing roughly 57% of the market based on premium volume, had rates approved by the Financial Services Commission of Ontario in the first quarter of 2019.
The combined approved rates represent an average 2.7% increase over the previous quarter when applied across the total market. This follows an average increase of 3.35% for rate changes approved in the fourth quarter of 2018 compared to the period before.
The first-quarter rate changes include a 9.92% increase for Desjardins-owned Certas Home and Auto Insurance Co., which includes business formerly underwritten by State Farm Canada and represented 8.53% of the market in 2017 (the latest year available for the FSCO figures).
An overall increase of 11.4% was approved for Economical Mutual Insurance Co., which held a 6.29% market share in 2017. A 5% increase was approved for Co-operators General Insurance, which had a 5% market share, and an increase of 7.62% was granted for Travelers-owned Dominion of Canada General, which had a 4.02% share.
Wawanesa Mutual, with a 3.35% market share, had a 4.98% average increase approved in the quarter. And Royal & SunAlliance Insurance Co. (1.07% market share) had a 6.46% increase approved.
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