FSRA wants to hear from you
The Financial Services Regulatory Authority of Ontario (FSRA) is committed to ensuring consumers receive auto insurance rates that are fair and reasonable. To help achieve that, FSRA updates the benchmarks every year to guide the rate approval decision process. As part of this annual process FSRA is now consulting on the Draft Ontario Private Passenger Vehicles Annual Review.
The scope of the Annual Review is based on Ontario private passenger vehicle industry data and includes, but is not limited to:
- A summary of changes in the number of vehicles that were insured, average premiums, and average loss costs per vehicle over the last 10 years as of December 31, 2022.
- A summary of historical expense costs, return on investment income rates, and profit levels as reported by insurers in Ontario.
- An assessment of the General Insurance Statistical Agency’s (GISA) estimated ultimate loss amounts and claim counts for private passenger vehicles.
- An analysis on private passenger vehicle losses and loss adjustment expenses to determine past and future loss trend rates.
FSRA continues to evaluate and enhance its processes to achieve regulatory efficiency and effectiveness. FSRA will continue to consult annually and update benchmarks twice a year.
The consultation on the Annual Review is now open and will close on August 25, 2023.
Learn more:
FSRA continues to work on behalf of all stakeholders, including consumers, to ensure financial safety, fairness, and choice for everyone.
Learn more at www.fsrao.ca.