Ontario auto insurance rates increase an average of 1.78% in 2011 Q1

Slightly more than half of Ontario’s auto insurance market had rate changes approved in 2011 Q1, averaging out to a rate increase of 3.32% when weighted by market share, the Financial Services Commission of Ontario (FSCO) has reported. In 2011 Q1, 53.64% of the market had rate changes approved. Based on the entire market, the rate change averaged out to an increase of 1.78%.Three companies had rate decreases approved in 2011 Q1. They are:• The Economical Mutual Insurance Company, (-3.47%);• Intact Insurance Company, (-0.24%); and• Western Assurance Company, (-0.29%).

Five insurers with the highest market share had the following rate changes approved:• State Farm Mutual Automobile Insurance Company, (+8.23%);• Intact Financial Corporation, (-0.24%);• The Dominion, (+1.36%)• The Economical Mutual Insurance Company, (-3.47%); and• Co-operators General Insurance Company, (+5.51%).

The five largest rate changes approved by FSCO include:• Coachman Insurance Company, (+10.0%);• Jevco Insurance Company, (+8.91%);• State Farm Mutual Insurance Company, (+8.23%);• Co-operators General Insurance Company, (+5.51%); and• Federation Insurance Company of Canada, (+4.99%).