FSCO approved 45 private passenger automobile insurance rate filings during the third quarter of 2015. A total of 40 insurers submitted the filings. These 40 insurers represent 77.45 percent of the market based on premium volume. Approved rates decreased on average by 0.50 percent when applied across the total market. For the first three quarters of 2015, approved rates have decreased by 0.85 percent.
Rate approval decreases since 2013 now total 6.95 percent. The government rate reduction strategy calls for a 15 percent reduction by August of this year.
Finance Minister Charles Sousa reminded drivers this week that auto insurance discounts will be introduced on January 1, 2016 for consumers who drive with winter snow tires. The discount amount is still unknown. Additional reforms are being implemented on June 1, 2016 which is also expected to further reduce premiums.