FSRA’s Approach Guidance based on the Ontario Private Passenger Automobile Annual Review - Industry Data as of December 31st, 2020 (Annual Review) is now available.
FSRA will be adopting the analysis results as its benchmarks to assist in reviewing rate filings. This year’s Annual Review will also be used to monitor industry trends for the first time and includes, but is not limited to:
- the number of vehicles insured, average premiums, and average loss costs per vehicle
- impacts of COVID-19 on claim costs and claim cost trends
- the pre-tax return on investment rates and underwriting profits
- industry-wide average expense ratios by expense category and by distribution channel
- assessment of full credibility standards for loss trends
FSRA’s benchmarks and expectations regarding the use of benchmarks by industry are included in its Approach Guidance.