April 6, 2016: Filing Decisions for the 1st Quarter of 2016 added to Decisions page
April 4, 2016: Bulletin 04-2016: Industry Private Passenger Vehicle (PPV) Benchmarks Schedule, effective April 1, 2016 added to Bulletins page
April 1, 2016: Oliver Wyman Semi-annual Review Report as of June 30, 2015 updated on 2016 Semi-annual Review page
March 16, 2016: Bulletin 03-2016: Revision to SEF 16 Endorsement (Suspension of Coverage) added to Bulletins page
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 2014 as reported by GISA statistical data, broken out by basic and additional coverage.