Ontario Rates Continue to Decrease Slowly

Just in advance of the Ontario Budget announcements which are expected to include new auto insurance changes, FSCO has released the rate filing approvals for the first quarter of 2015.

A total of 39 insurers submitted filings which represents 73.48 percent f the market based on premium volume. Approved rates decreased on average by 0.95 percent when applied across the total market. 

In the fourth quarter of 2014, approved rates decreased by 0.54 percent on average.  Rate changes since 2013 now total 7.05 percent.  The government rate reduction strategy calls for a 15 percent reduction by August of this year.