Ontario auto insurers receive approval for average rate increase of 1.84%

Ontario auto insurers received approval for an average rate change of 1.84% in 2011 Q4 when weighted by the market share, reported the Financial Services Commission of Ontario (FSCO). Roughly 45% of the market had rate changes approved. Rate filings approved during 2011 Q4 averaged 0.84%, based on the entire market. The five largest insurers that applied for rate changes, based on market share, had the following filings approved:•Intact Insurance Company (9.98% market share), -2.32•Security National Insurance (5.99% market share), +2.98•Aviva Insurance Company of Canada (4.65% market share), +3.54•Unifund Assurance Company (3.98% market share), +4.98•RBC General Insurance Company (3.15% market share), +3.94Tokio Marine & Nichido Fire Insurance Company Ltd. received approval for a rate decrease of 12.63%. Nordic Insurnace Company of Canada received approval for a 2.51% rate decrease. Trafalgar received a 1.79% rate decrease.Third party liability-property damage lines saw the largest weighted average rate change (+3.47%), followed by standard accident benefits (+2.63%) and third party liability-bodily injury (1.90%).