Added April 7, 2017: AIRB Board Filing Decisions for the 1st Quarter of 2017.
Added April 4, 2017: AIRB Bulletin 03-2017, Industry Private Passenger Vehicle (PPV) Benchmarks Schedule, effective April 1, 2017. See 2017 Semi-Annual Review page for all documentation.
Added March 16, 2017: AIRB 2016 Annual Report.
Added March 6, 2017: AIRB Bulletin 02-2017, Filing Guidelines, Rating Profiles and UBI Anniversary Report - Updates effective March 1, 2017. See Filing Guidelines page for updates
Added March 6, 2017: AIRB Notice 02-2017, Fleet Definition Update.
The Grid was introduced in 2004 to act as a premium capping mechanism for private passenger vehicles. It establishes the maximum premiums that insurance companies can charge for basic coverage (third party liability and accident benefits) for any driving record. In addition, the Grid is designed to provide access to insurance coverage at predictable premiums and primarily for the benefit of newly-licensed drivers and drivers with a safe driving record.
Risk Sharing Pools (RSPs) were developed by Government as a separate mechanism to protect insurers who were required to write risks they deemed inadequately priced as a result of the implementation of the “All Comers Rule”. All licensed automobile insurers are required to participate in these RSPs; Grid and Non-Grid. The Grid RSP is available for insurers to cede those risks that have been assigned a Grid premium. Risks that do not meet their underwriting criteria have the option to cede those risks to the Non-Grid RSP
The charts below indicate:
- the percentage of vehicles that are written at the Grid premium
- the percentage of vehicles that have been ceded to the Grid RSP and Non-Grid RSP.