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Tag: Industry Benchmarks

2023 Semi-Annual Review Consultations Started

(January 27, 2023) The Automobile Insurance Rate Board (AIRB) has starred consultation on its 2023 Semi-Annual Review for private passenger vehicles (PPV). This review analyzes industry loss experience as of June 2022 for PPV to establish Industry Benchmarks used when reviewing insurance companies’ rate filings for basic and additional coverage effective April 1, 2023.

As part of the Semi-Annual Review process, the AIRB invites stakeholders to review the AIRB consulting actuary’s Preliminary Review of Industry Experience posted on the 2023 Semi-Annual Review webpage, and those wishing to comment on the report may send written submissions by email to [email protected].

Important Dates
  1. January 27, 2023 – The AIRB posts the Preliminary Review of Industry Experience on the 2023 Semi-Annual Review webpage.
  2. February 21, 2023 – Deadline for written submissions.
  3. April 1, 2023 – The AIRB’s final Review of Industry Experience and rate filing benchmarks are posted on the 2023 Semi-Annual Review webpage.

For more information on the 2023 Semi-Annual Review, read Notice 02-2023.

Updates to Industry Benchmarks and Grid Rating Program, Releases 2022 Annual Review Report and 2022 Market and Trends Report

(September 30, 2022) The AIRB is announcing the following:

  1. Updates to the industry benchmarks for private passenger and commercial vehicles, taking effect October 1, 2022;
  2. Updates to the Grid Rating Program (Grid) rate change decision, taking effect January 1, 2023;
  3. Publishing the 2022 Annual Review Report; and
  4. Publishing the 2022 Market and Trends Report.

 

The 2022 Annual Review Report establishes auto insurance industry benchmarks used for reviewing insurance rates for private passenger and commercial vehicles. The AIRB bases its industry benchmarks on aggregated insurance industry data. We use the benchmarks when insurance companies do not have sufficient data to support the reasonableness of their rate filings.

 

The AIRB may adjust the Grid base premium on or before October 1 each year, following Schedule 3, section 3(1) of the Automobile Insurance Premiums Regulation, based on our analysis and considering the information received during the Annual Review.

 

For more information on updates to the industry benchmarks, refer to the Bulletin 05-2022, Bulletin 06-2022, the Industry Benchmarks webpage, and the 2022 Annual Review webpage.

 

For more information on the updates to the Grid rate change decision, refer to Bulletin 07-2022, Order 01-2022, and the Grid Guidance webpage.

 

For information about the 2022 Annual Review Report, refer to the 2022 Annual Review webpage.

 

For information about the 2022 Market and Trends Report, refer to the Market and Trends webpage.

AIRB Completes 2022 Semi-Annual Review

(March 25, 2022) The Automobile Insurance Rate Board (AIRB) has completed the 2022 Semi-Annual Review and approved the 2022 Semi-Annual Review private passenger vehicle (PPV) Industry Benchmarks Schedule.

The AIRB uses Industry Benchmarks as the basis of the review of PPV filings submitted on or after April 1, 2022. All PPV filings received on or after April 1, 2022, should incorporate the most current Industry Benchmarks to the extent their own data is not fully credible.

Find the 2022 Semi-Annual Review document and Industry Benchmark schedule below.

2022 Semi-Annual Review Consultations Started

(January 28, 2022) The Automobile Insurance Rate Board (AIRB) has starred consultation on its 2022 Semi-Annual Review for private passenger vehicles (PPV). This review analyzes industry loss experience as of June 2021 for PPV to establish Industry Benchmarks used when reviewing insurance companies’ rate filings for basic and additional coverage effective April 1, 2022.

As part of the Semi-Annual Review process, the AIRB invites stakeholders to review the AIRB consulting actuary’s Preliminary Review of Industry Experience posted on the 2022 Semi-Annual Review webpage, and those wishing to comment on the report may send written submissions by email to [email protected].

Important Dates
  1. January 28, 2022 – The AIRB posts the Preliminary Review of Industry Experience on the 2022 Semi-Annual Review webpage.
  2. February 18, 2022 – Deadline for written submissions.
  3. April 1, 2022 – The AIRB’s final Review of Industry Experience and rate filing benchmarks are posted on the 2022 Semi-Annual Review webpage.

For more information on the 2022 Semi-Annual Review, read Notice 01-2022 below.