FSRA seeks feedback on the Ontario Private Passenger Vehicles Annual Review
The Financial Services Regulatory Authority of Ontario (FSRA) is committed to a transparent, consultative, and efficient rate regulation process in determining auto insurance benchmarks.
FSRA is now consulting on The Preliminary Ontario Private Passenger Vehicles Annual Review based on Industry data through December 31, 2021 (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, 2021
- an assessment of the impact of COVID-19 on claim costs and claim cost trends in the future
- an analysis on private passenger vehicle losses and loss adjustment expenses to determine past and future loss trend rates, and the inflation impact on future loss trend rates
- an assessment of the impact of legislative reforms and regulatory amendments
- a review of target and actual underwriting profit by accident year and by calendar year
FSRA continues to evaluate and modify its processes to achieve regulatory efficiency and effectiveness. FSRA now consults annually and updates benchmarks twice a year.
To access the Annual Review and submit your feedback, please visit FSRA’s website. The consultation period closes August 19, 2022. Consultation input and submissions are made public as part of our commitment to transparency.
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.