Ontario auto 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%.