ID
2022-011

Type
Policy
Sector
Auto Insurance
Status
Open
Date
Comment Due Date

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.

The consultation period is now open and will close on August 19, 2022. Consultation input and submissions are made public as part of our commitment to transparency.

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