Public Consultation is now open for FSRA's Loss Trend Benchmarks for Private Passenger Automobile Major Rate Filings
TORONTO, July 6, 2020 – The Financial Services Regulatory Authority of Ontario (FSRA) has released the preliminary loss trend and reform factor report that reflects loss experience up to Dec 31, 2019. The report, produced by a leading independent actuarial firm, is now open for public consultation.
Both the independent actuarial firm’s analysis and industry consultation feedback are key inputs considered by FSRA in determining the FSRA benchmarks.
FSRA uses ratemaking Benchmarks to evaluate if an auto insurer’s proposed rate changes are just and reasonable when an insurer seeks approval for those changes.
Benchmarks are updated twice a year to identify industry cost trends and provides insight to the regulator’s outlook on future loss costs trends and forecasts.
Benchmarks analysis, consultation input and FSRA’s selection of new benchmarks are made public as part of our commitment to transparency.
The report is now available for review: Preliminary Ontario Selected Private Passenger Vehicle Loss Trend Rates and Reform Factors. Please provide your feedback no later than July 27, 2020 by selecting “Submit a comment or ask a question”.
FSRA is continuing to work with those we regulate to ensure financial safety, fairness and choice for consumers and members. Learn more @ www.fsrao.ca.
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Senior Communications Officer, Corporate Communications
Financial Services Regulatory Authority of Ontario