Ontario auto insurers increase rates on average by nearly 6% in Q2

The Financial Services Commission of Ontario (FSCO) approved an average rate increase of 5.86% for auto insurance, when weighted by market share, in 2009 Q2.Belair Insurance Company Inc. received approval for a decrease of 0.47%. It was the only insurer to decrease its rates in the quarter. CAA Insurance Company (Ontario) received approval for the largest rate increase at 12.10%.The following is a list of the Top 5 insurers in terms of market share for automobile in Ontario and their respective approved rate changes:•    Intact Insurance Company, 5.51% increase;•    Economical Mutual Insurance Company, 6.73% increase;•    Security National Insurance Company, 3.00% increase;•    Pilot Insurance Company, 7.50% increase; and•    The Dominion of Canada General Insurance Company, 5.36% increase.Overall, 54.67% of the market had rate changes approved. The average, weighted rate change of 5.86% for 2009 Q2 marks a slight increase over 2008 Q2’s average weighted rate increase of 5.59%.