The Financial Services Regulatory Authority of Ontario (FSRA) has opened a consultation on its Draft Ontario Private Passenger Vehicles Annual Review, a data-led assessment intended to determine average industry costs and trends that will inform future auto insurance rate setting. The review includes data as of December 31, 2024, covering ten-year changes in the number of insured vehicles, average premiums, and average loss costs per vehicle, as well as insurers’ historical expense costs, return on investment income rates, and reported profit levels. It also sets out estimated ultimate loss amounts and claim counts for private passenger vehicles, and examines the cost impact of Bill 15 and Bill 91 reforms alongside the impact of COVID-19 and excess inflation on loss experience. FSRA also indicates it will consult annually and update benchmarks twice a year to support the rate approvals decision process. The consultation is open until September 29, 2025.
Financial Services Regulatory Authority of Ontario 2025-08-28
Financial Services Regulatory Authority of Ontario launches consultation on draft annual review of private passenger auto insurance costs and benchmarks
The Financial Services Regulatory Authority of Ontario has initiated a consultation on its Draft Ontario Private Passenger Vehicles Annual Review to assess industry costs and trends for future auto insurance rate setting. The review analyzes data up to December 31, 2024, including changes in insured vehicles, premiums, loss costs, and the impact of legislative reforms and economic factors. FSRA plans to consult annually and update benchmarks biannually to aid rate approval decisions.