Consultation on the Draft Ontario Private Passenger Vehicles Annual Review

Thank you for providing your feedback on FSRA’s proposed Draft Ontario Private Passenger Vehicles Annual Review.

The request for submissions is now closed.

We appreciate the comments and questions received to date. Your feedback will help to inform our final guidance; stay up to date on our newsroom. Follow us on LinkedIn and subscribe to our mailing list for quick updates.

Ontario’s Financial Services Regulator (FSRA) is committed to making sure consumers have access to auto insurance rates that are fair and reasonable.

To support this, FSRA is now consulting on the Draft Ontario Private Passenger Vehicles Annual Review.

The Annual Review looks at auto insurance trends using private passenger vehicle industry data as of December 31, 2023, including:

• changes in the number of insured vehicles, average premiums, and average loss costs per vehicle over the last ten years
• historical expense costs, return on investment income rates, and profit levels reported by insurers in Ontario
• estimated ultimate loss amounts and claim counts for private passenger vehicles
• the cost impact of Bill 15 and Bill 91 reforms
• the impact of COVID-19 and inflation on the loss experience
• post-pandemic frequency level

FSRA will continue to consult annually and update benchmarks twice a year to guide the rate approvals decision process.

The consultation on the Annual Review is now open and will close on September 16, 2024.

Learn more:

• Draft Ontario Private Passenger Vehicles Annual Review

Before we begin, please make sure you do not include any personal or private financial information. If your inquiry does require this information be shared with us, please call us at 1-800-668-0128 or email us at [email protected] for instructions.

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