Ontario Discloses Rates Increase Approvals

The Financial Services Commission of Ontario has released its rate application approvals for the second quarter of 2008 in the province.

The market rate increased averages 1.10 per cent.

Actual increases range from zero at Certas Home & Auto Insurance Company, which introduced a new rate program effective in the second quarter, to 11.72 per cent at State Farm Mutual Automobile Insurance Company.

Statistics show that comparatively, rates are holding steadily; the rate changes approved in 2004, 2005, 2006 and 2007 were -10.60%, -2.43%, -1.27% and +0.55%, respectively, for the entire market.

The rate approvals for each respective company are posted on the FSCO’s Web site.

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