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Letter to the Editor
Wednesday February 13
Ontario Auto Rates Rose Again in Q4 2002
Ontario's private passenger auto insurance rates rose again during the quarter ending December 31, 2001. The rate applications approved during the fourth quarter of 2001 indicate an average increase of 5.17 per cent when weighted by market share for those insurers with rate changes. This compares to an average increase of 4.92 per cent for rate applications approved in the quarter ending September 30, 2001. Insurers with a total of 64.5 percent of the total market share applied for changes to their premiums charged.
On a year over year basis, based on the renewal effective date of rate changes, rates for private passenger automobile insurance for the total market have increased by 7.85 percent.
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