February 1, 2016: Bulletin 02-2016: Usage Based Insurance Filing Guidelines and Filng Guidelines page updated to link to the new guidelines - effective February 1, 2016
February 1, 2016: AIRB's Filing Guidelines (for Private Passenger and Other than Private Passenger) updated - see List of Changes effective February 1, 2016. The related Frequently Asked Questions have also been updated.
February 1, 2016: Bulletin 01-2016: Approval of 2016 CLEAR Rate Group Tables
February 1, 2016: Notice 01-2016: Semi-annual Review of Industry Experience as of June 2015 for Private Passenger Vehicles and Draft Oliver Wyman Report
February 1, 2016: Board Meeting Schedule added (to be updated yearly).
Your Premium Dollar
Each dollar of your 2011 automobile insurance premium went to pay claims, the administrative expenses to deliver the product and taxes in the proportion shown in the pie chart above, leaving 5.7% for profit.
Claims include the amounts for injuries and damages to vehicles and other property as well as some adjusting expenses. Claims also include a health services levy paid to the province for the medical expenses of individuals injured in accidents that was set at $90 million for 2011.
Administrative expenses include cost of premises, salaries and commissions, advertising costs, etc.
Taxes include corporate taxes as well as a premium tax that is 3% of each premium dollar collected.
Profit is the balance of the premium dollar and in this case represents underwriting profit.
Average Private Passenger Premium - the chart below shows the average written premium for 2012 as reported by GISA statistical data, broken out by basic and additional coverage.