Ontario auto insurance rates decrease slightly in 2007 Q2

Approved auto insurance rates indicate an average change of -0.13% in 2007 Q2 based on the entire market, FSCO reported on its web site. In the 2007 Q2, for the 31.12% of the market that had rate changes approved, the average rate change was -0.41%, when weighted by 2006 market share, FSCO reported in the posting. The average rate change approved for the 2007 Q1 was +0.20%, when weighted by 2005 market share (representing 54.60% of the market). Between 2004 and 2007 Q2 the combined change in approved rates is -14.32%. There was an average decrease of 10.60% for rate changes approved in 2004, a decrease of 2.43% for 2005 and a decline of 1/27% in 2006. In 2007 Q2 Allstate Insurance Company of Canada, Aviva Insurance Company of Canada and AXA Insurance (Canada) were approved for rate decreases of 3%, 0.80% and 0.20 % respectively. Western Assurance Company was approved for a decrease of 4.44%. CUMIS General Insurance Company and Pembridge Insurance Company Limited received approval for rate increases of 9.10% and 2% respectively. Approved rate changes for Q2 will take effect in Q2 or later for renewal business, FSCO noted in the posting.