November 5, 2015: Bulletin 07-2015, Commercial Vehicles Industry Benchmark Schedule added to Bulletins page.
October 7, 2015: Filing Decisions for 3rd Quarter of 2015 added
September 30, 2015: Industry Benchmarks Schedule and Filing Guidelines updated
(effective October 1, 2015)
September 30, 2015: Bulletin 06-2015, Rating Profiles for Non-Private Passenger Vehicles
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.