The Financial Services Regulatory Authority of Ontario (FSRA) has released the 2021 indexation amounts related to auto insurance claims as required under the Insurance Act.
The 2021 indexation rate is 0.5% and has been calculated using data from the Consumer Price Index for Canada (All Items), as published by Statistics Canada.
The 2021 indexation changes apply to:
- Monetary thresholds and deductibles for determining non-pecuniary tort awards under the Insurance Act and O. Reg. 461/96, (Court Proceedings for Automobile Accidents that Occur on or after November 1, 1996) and;
- amounts that are required to be indexed pursuant to the:
- Statutory Accident Benefits Schedule – Effective September 1, 2010 (2010 SABS);
- Statutory Accident Benefits Schedule – Accidents on or After November 1, 1996 (1996 SABS); and,
- Statutory Accident Benefits Schedule – Accidents on or After December 31, 1993 and before November 1, 1996 (1993 SABS).
This year, amendments to the Insurance Act have streamlined the process by removing the requirement to publish this information in The Ontario Gazette.
The 2021 Automobile Insurance Indexation Amounts Guidance (updated December 18, 2020) is now available.