Thursday, 16 July 2015

Second Quarter Rate Filings Up 0.6 Percent

FSCO approved 30 private passenger automobile insurance rate filings during the second quarter of 2015. A total of 26 insurers submitted the filings. These 26 insurers represent 52.75 percent of the market based on premium volume. Approved rates increased on average by 0.60 percent when applied across the total market.

Rate changes since 2013 now total 6.45 percent. The government rate reduction strategy calls for a 15 percent reduction by August of this year.

Ongoing tinkering with the product is not working. It is time for the government to get away from tinkering with the system and eliminate the existing design flaws. A public debate is badly needed. See my plan for moving forward.

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