Monday, 15 July 2013

2nd Quarter Auto Insurance Rate Filing Approvals Drop By 0.09%

FSCO reports that rate filings approved during the second quarter of 2013 declined on average by 0.09%, based on the entire market. However, you can't really read too much into these figures since only about 25% of the market had new rates approved during the quarter and the majority of those involved no rate increase or decrease at all but rather re-adjusting their rates.  Only 5 companies had rate changes approved representing just 4.5% of the market.

With the government commitment to reduce rates by 15% in the backdrop, insurers have not been filing for rate changes but instead waiting to see how the rate rollback will play out.

The FSCO quarterly rate change announcement can be found here.

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