For Industry

Industry Benchmarks

The AIRB's Industry Benchmarks have been developed to support insurance companies when preparing rate filings.

The AIRB expects insurance companies to use their data in rate filings to the greatest extent possible, reflecting their mix of normal and unique circumstances.

Insurance companies may use the AIRB Industry Benchmarks when they do not have sufficient data or cannot support their assumptions' validity.

The AIRB and its consulting actuary use the Industry Benchmarks as a reference when reviewing individual insurance companies' filings and opining on the assumptions' validity. The insurance companies' data must support assumptions that vary significantly from industry experience.

Each year on April 1st and October 1st, industry benchmarks for private passenger vehicles are updated following the Semi-Annual Review process required by the AIRB’s Review of Automobile Insurance Trends and Premiums policy and Section 9 of the Automobile Insurance Premiums Regulation.

Each year, on October 1st, industry benchmarks for commercial vehicles are updated.