(September 30, 2022) The AIRB is announcing the following:
- Updates to the industry benchmarks for private passenger and commercial vehicles, taking effect October 1, 2022;
- Updates to the Grid Rating Program (Grid) rate change decision, taking effect January 1, 2023;
- Publishing the 2022 Annual Review Report; and
- 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.