FSRA Providing Update on Benchmarks, Data & Analytics TAC Members and EPAI Reminder
Loss Trend Benchmarks for Private Passenger Automobile Major Rate Filings based on Industry Data as of December 31st, 2019
The Financial Services Regulatory Authority of Ontario (FSRA) has released its updated auto industry Benchmarks.
FSRA’s new Benchmarks, based on data as of December 31, 2019, indicate that industry-level average losses are expected to increase at an overall rate of 3.4% for the foreseeable future, an increase from the previous loss trend rate of 2.4%, based on data as of June 30, 2019.
Highlights – Updated Benchmarks:
- Bodily Injury: -7.5%
- Accident Benefits: 0.0%
- Direct Compensation/Property Damage: 9.2%
- Collision: 9.1%
- Comprehensive: 10.6%
- All Coverages Combined: 3.4%
For more information and details about FSRA’s updated benchmarks, please visit: Approach No. AU0132APP - Loss Trend Benchmarks for Private Passenger Automobile Major Rate Filings based on Industry Data as of December 31st, 2019.
Benchmarks are updated twice a year using industry data reported to the General Insurance Statistical Agency (GISA). A summary of the benchmarks report and feedback received from the sector can be found at: FSRA's Summary of Consultation on Loss Trend Benchmarks for Private Passenger Automobile Major Rate Filings based on Industry Data as of December 31st, 2019
Member announcement for FSRA’s Technical Advisory Committee for Auto Insurance Data and Analytics Strategy
In July, FSRA issued a call for applications to join our new Technical Advisory Committee for Auto Insurance Data and Analytics Strategy (Advisory Committee).
We would like to thank all of those that applied and showed interest in collaborating with FSRA on this exciting work. We are excited to announce the inaugural members.
View Committee Membership
Technical Advisory Committee for Auto Insurance Data and Analytics Strategy
Electronic Proof of Auto Insurance Reminder – Insurers no longer required to issue paper version to consumers electing the electronic option
In September 2019, FSRA released guidance that approved Ontario insurers to issue electronic proof of auto insurance to their policyholders, with the policyholder’s consent
The one-year transition period is now complete. Insurers are no longer required to issue the approved paper version of the insurance card to policyholders along with the electronic version, if selected.
More Information
FSRA is continuing to work with those we regulate to ensure financial safety, fairness and choice for consumers and members. Learn more at www.fsrao.ca.
If you have any questions or need more information, contact us at [email protected].