Rate filings approved by the Financial Services Commission of Ontario (FSCO) during the second quarter of 2012 remained flat, averaging +0.06%, based on the entire market. As a result, auto insurance rates declined by 0.12% in the first half of 2012.
In the 7 quarters since the introduction of the latest reforms in September 2010, rate filings approved by FSCO have increased by approximately 6.64%. The first quarter of 2012 was the only quarter in which approved rate filings declined during this period.
To date Ontario policyholders have not fully benefited from reforms that decreased coverages for a broad range of no-fault accident benefits.