FSRA seeks feedback on the Ontario Private Passenger Vehicles Annual Review

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.

Useful Links:

• The Preliminary Ontario Private Passenger Vehicles Annual Review based on Industry data through December 31, 2021

Before we begin, please make sure you do not include any personal or private financial information. If your inquiry does require this information be shared with us, please call us at 1-800-668-0128 or email us at [email protected] for instructions.

By submitting your content, you agree to have your materials posted on our engagement portal, used in reports and other materials prepared by Financial Services Regulatory Authority of Ontario (FSRA) that may be shared with the public. Content is moderated so that all posts are respectful and professional. The Freedom of Information and Protection of Privacy Act, R.S.O. 1990, c.F.31, applies to all online content.