Thank you for providing your feedback on The Preliminary Ontario Private Passenger Vehicles Annual Review based on Industry data through December 31, 2020.
We appreciate the comments received to date. Your feedback will help to inform our final guidance and approach.
The request for submissions is now closed.
The scope of the Annual Review has expanded beyond the determination of loss trend rates and the cost impact of recent reforms. The Annual Review now includes, but is not limited to:
- An analysis on the private passenger vehicle loss and loss adjustment expense to determine past and future loss trend rates
- An assessment of the impact of COVID on claim costs and claim cost trends in the future
- A recommendation of discontinuing the investment return on cash flow benchmark
- A review of the industry-wide average expense ratios by expense category and by distribution channel
FSRA continues to evaluate and modify its processes to achieve regulatory efficiency and effectiveness. FSRA will now only consult on an annual basis and continue to update benchmarks twice a year.
The consultation period is now open and will close on August 13, 2021. Consultation input and submissions are made public as part of our commitment to transparency.
- The Preliminary Ontario Private Passenger Vehicles Annual Review based on Industry data through December 31, 2020
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