FSRA releases its Ontario private passenger automobile annual review

The report will assist the regulator when considering changes to auto insurance rates

Today, the Financial Services Regulatory Authority of Ontario (FSRA) released its Ontario private passenger automobile annual review guidance. The guidance includes updated loss cost benchmarks that reflect industry trends for bodily injury, accident benefits and physical damage coverages.

Benchmarks serve as a regulatory tool for FSRA to monitor the insurance industry loss experience as a whole, and evaluate developments and trends related to auto insurance. They also assist FSRA in reviewing insurers’ auto insurance rate filing applications and guide the rate approval decision process.

New this year:

  1. expectations of insurer oversight of actuaries acting on their behalf and recommended best practices for pricing actuaries
  2. expectation that rates are accurate at the coverage level to ensure premiums paid by consumers are aligned with the expected cost of each coverage purchased
  3. A preliminary study of Ontario auto insurance rating territories. A final report is expected in Spring 2023. As part of its Rate and Underwriting Regulation Reform Strategy, FSRA will build a principles-based, outcomes-focused framework that includes territorial rating

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FSRA continues to work on behalf of all stakeholders, including consumers, to ensure financial safety, fairness, and choice for everyone.

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