Ontario auto insurance rates continued their upward climb in 2010 Q1, with the province’s auto insurers getting approved rate increases averaging 5.61% when weighted by market share.
“The rate changes approved in 2004, 2005, 2006, 2007, 2008 and 2009 were -10.60%, -2.43%, -1.27%, +0.55%, +5.59% and +8.77%, respectively, for the entire market,” the Financial Services Commission of Ontario (FSCO) noted in a quarterly release announcing the rate changes.
Approved rate changes in the first quarter for the following 10 companies, listed in order of market share, are as follows:
State Farm Mutual Automobile Insurance Company
Market share: 12.46%
Rate Change: +7.24%
Intact Insurance Company
Market share: 7.55%
Rate Change: +0.60%
Economical Mutual Insurance Company
Market share: 6.21%%
Rate Change: +4.16%
Security National Insurance Company
Market share: 5.57%
Rate Change: +7.80%
Pilot Insurance Company
Market share: 4.89%
Rate Change: +18.50%
The Dominion of Canada General Insurance Company
Market share: 4.75%
Rate Change: +0.18%
Co-operators General Insurance Company
Market share: 4.57%
Rate Change: +2.49%
Wawanesa Mutual Insurance Company
Market share: 3.76%
Rate Change: +8.98%
Unifund Assurance Company
Market share: 3.62%
Rate Change: +2.27%
Allstate Insurance Company of Canada
Market share: 2.91%
Rate Change: -1.01%
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