(June 24, 2022) The Automobile Insurance Rate Board (AIRB) is starting the 2023 Annual Review process for private passenger and commercial vehicles. This review analyzes industry loss experience as of December 31, 2022 for private passenger and commercial vehicles to establish industry benchmarks. These benchmarks are used to review insurance companies’ rate filings for basic and additional coverage, effective October 1, 2023.
Annually, the AIRB requests its consulting actuary, Oliver, Wyman Limited, to complete a preliminary Review of Industry Experience, as of December 31, for private passenger and commercial vehicles once the data is available.
The AIRB reviews the preliminary report and consults with interested stakeholders, providing them with a timeline of important dates should they wish to provide input by written submission to the AIRB. The AIRB’s consulting actuary will review all comments received, update their report based on any new information provided by stakeholders, and submit a final report to the AIRB. The AIRB will review and approve the final report, and inform all stakeholders providing industry benchmarks used in its review of insurance companies’ rate filings, effective October 1.
Stakeholders are invited to participate in the annual review of private passenger and commercial vehicles. Refer to the Notices below for information and dates on participation in this process.