The Approach Guidance for Ontario Private Passenger Automobile Annual Review specifies the Benchmarks for loss trend rates and reform factors (“Benchmarks”) and other key actuarial assumptions that assist FSRA in reviewing Private Passenger Automobile (“PPA”) insurance rate filing applications based on statutory requirements.

The majority of premium an insurer collects pays for losses that its customers will incur in the future. To estimate these future losses, the insurer relies on a variety of assumptions. FSRA regulates Ontario automobile insurance rates and uses the Benchmarks to evaluate if an insurer’s assumptions are appropriate when the insurer seeks approval for changes to its rates.

Ratemaking Benchmarks are used to evaluate:

  • Fair Rates for Consumers
  • Market Competition
  • Market Health

The table below provides a quick reference to all Guidances, consultation summaries, and benchmarking reports produced since May 15, 2020.

Benchmark Effective period GISA data evaluation date Guidance Consultation summary Supporting report
November 19, 2024 December 31, 2023 Current Guidance “2023-H2 Consultation Summary” Oliver Wyman report: “Ontario Private Passenger Vehicles Annual Review”
March 22, 2024 June 30, 2023 “2023-H1 Guidance” N/A Oliver Wyman report: “Ontario Private Passenger Vehicles Mid-Year Review”
December 12, 2023 December 31, 2022 “2022-H2 Guidance” “2022-H2 Consultation Summary” Oliver Wyman Report: “Ontario Private Passenger Vehicles Annual Review”

Pinnacle Report: “Territory Rating Review Report”
March 8, 2023 June 30, 2022 “2022-H1 Guidance” N/A Oliver Wyman Report: “Ontario Private Passenger Vehicles Mid-Year Review”
December 20, 2022 December 31, 2021 “2021-H2 Guidance” “2021-H2 Consultation Summary” Oliver Wyman Report: “Ontario Private Passenger Vehicles Annual Review”

Pinnacle Report: “Territory Rating Review Report”
January 31, 2022 June 30, 2021 “2021-H1 Guidance” N/A Oliver Wyman Report: “Ontario Private Passenger Vehicles Mid-Year Review”
October 20, 2021 December 31, 2020 "2020-H2 Guidance” "2020-H2 Consultation Summary" Oliver Wyman Report: “Ontario Private Passenger Vehicles Annual Review”
June 30, 2021 June 30, 2020 ”2020-H1 Guidance” N/A Oliver Wyman Report: “Ontario Selected Private Passenger Vehicles Loss Trend Rates and Reform Factors”
September 23, 2020 December 30, 2019 ”2019-H2 Guidance” “2019-H2 Consultation Summary” Oliver Wyman Report: “Ontario Selected Private Passenger Vehicles Loss Trend Rates and Reform Factors”
May 15, 2020 June 30, 2019 “2019-H1 Guidance” “2019-H1 Consultation Summary” Oliver Wyman Report: “Ontario Selected Private Passenger Vehicles Loss Trend Rates and Reform Factors”